Commitment to Action

Detroit Home Mortgage: Bringing Lending Back to Detroit

Commitment by

Community Reinvestment Fund

In 2015, Community Reinvestment Fund, along with local, state and national partners committed to launch the Detroit Home Mortgage to provide $40 million in second mortgages to fund necessary repair and rehab activities for 1,000 homebuyers in Detroit over the next three year. At the initial launch, six regional banks committed to originate the Detroit Home Mortgage alongside a traditional first mortgage product. An estimated $75 million in first mortgages will be unlocked in Detroit as a result of this commitment. To help secure the investments in the Fund, the Michigan State Housing Development Authority has committed up to $6 million in affordability enhancements, and the Kresge Foundation has also committed a $6 million Program Related Investment to support guarantees and credit support. Through this Commitment, homebuyers will also receive essential borrower and home rehab education programming, provided by six local technical assistant providers.

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Overview
Summary

Commitment

Detroit Home Mortgage: Bringing Lending Back to Detroit

Launched

2015

Est. Duration

4 years

Estimated Total Value

$52,935,000

Region

Northern America

Countries

United States

Commitment by

Community Reinvestment Fund

Partner(s) of the Commitment Maker(s)

Talmer Bank and Trust, The Family Tree Agency, Liberty Bank and Trust Company, Wayne Metropolitan Community Action Agency, City of Detroit, U-SNAP-BAC, The White House, Southwest Solutions, The Ford Foundation, Huntington Bank, Central Detroit Christian Community Development Corporation, Fifth Third Bancorp, National Faith Homebuyers, FirstMerit Corporation, Kresge Foundation, Detroit Land Bank Authority, State Of Michigan