Tobias Harris Launches Initiative To Assist New Home Owners
The Michigan State Housing Development Authority (MSHDA) connects with Tobias Harris for his initiative to make homeownership more accessible
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In a bid to enhance ownership among Detroit residents, the Michigan State Housing Development Authority (MSHDA) has teamed up with Detroit Pistons player Tobias Harris for his initiative to make homeownership more accessible to people who reside in the Michigan city.
The MSHDA has announced its collective effort with the Tobias Harris Homeownership Initiative (THHI) to have more Detroiters gain home ownership with a new shared-appreciation mortgage pilot with Guild Mortgage and Homium. With this new program, more Detroiters will gain through a partnership between private capital and the state government.
“Homeownership is one of the most powerful ways to build stability and generational wealth,” said Harris in a written statement. “With this initiative, I’m focused on expanding access to homeownership so Detroiters can plant roots and build equity in the city they call home. This is just the start, and I look forward to working with others throughout Detroit’s business and philanthropic community to grow and sustain this important program.”
MSHDA will provide the initial funding for the pilot, along with grants from Harris, his former Pistons teammate Jon Leuer, Pistons owner Tom Gores, made through the program’s nonprofit partner, Realize Impact.
Through this initiative, people who are qualified will gain access to the mortgage product, with up to 40% of a home’s purchase price in down payment assistance (DPA) without adding any monthly debt. This allows new owners to forgo mortgage insurance, which will result in a lower monthly payment.
“This new partnership will help make the dream of homeownership a reality for more Detroiters, offering the kind of affordable support that leads to long-term housing stability,” said Amy Hovey, CEO and Executive Director of MSHDA. “We’re moving quickly to identify new partners and programs that can help lower costs and unlock opportunities for Michigan families.”
This program will be offered to qualified first-time homebuyers in select areas of Detroit.
For people interested in the program, the information can be found on the Tobias Harris Homeownership Initiative website.