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Corktown only gets better when our existing housing
stock is well-maintained. To this end, we work to find
various funding sources to help home-owners fix up their
homes. There is a form that anyone interested in
applying for a grant or loan towards the repair of their
home will need to fill out. Please call Matt Kuper
@ (313) 965-5853 ext. 23 for further
details.
GRANTS:
Grants usually have an upper income limit that is
allowable, i.e., no higher than 50% of median income or
no higher than 80% of median income. The median income
is adjusted from year to year by the government. Once we
receive your form, we will be able to determine which,
if any, program that your home qualifies for.
There are several
Home Repair programs with the City of Detroit and other
organizations for which certain moderate to low-income
residents may qualify. Greater Corktown
Development is invested in helping homeowners apply and
obtain financial assistance through these programs.
The money for repairs generally come in the form
of low-interest loans, forgivable loans and even
grants to assist homeowners with their properties.
The criteria that
most programs commonly require are:
- Proof of
property ownership (Warranty Deed)
- Proof of
Occupancy of the property (copy of) water, gas, electric
bill
- Source
and amount of income
- Proof of
current property taxes paid -to-date
- Proof of
current homeowner's Insurance
LOANS:
The Michigan State Housing Authority (MSHDA)
provides a low-cost Property Improvement Loan (PIP) with
income limits related to the median income indicators.
The current guidelines are:
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Household income cannot exceed $56,650 in urban
counties.
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Loans above $7,499 are secured by a mortgage on the
property.
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Proof of ownership such as a quit claim deed, must
be traced to a recorded warranty deed
Loan interest rates are based on household income as
follows:
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$0-$16,699 |
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4% |
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$16,999 - $29,999 |
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6% |
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$30,000 - $44,000/$56,650 |
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8% |
The
loan is for permanent general improvements and may be
available if:
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The 1-11 unit property is owned in your name.
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You are a reasonable credit risk, demonstrate an
ability to repay the loan, and meet MSHDA’s
underwriting criteria.
Depending
upon your financial ability and the amount borrowed, you
may take up to 20 years to repay the loan.
Lack
of equity (the value of the property beyond the amount
owed) is not a factor.
Non-owner Occupied Rental Properties have somewhat
different criteria.
Resident Testimonial
 I
moved to Corktown four years ago. What attracted me here
is the diversity of the people and the quiet
neighborhoods. The people here are very friendly. When I
moved here there were only a few new homes and a small
amount of older homes were being fixed up. Now there are
lots of new homes, refurbished homes, condos, and
apartments. Corktown is on its way to becoming one of
the most beautiful neighborhoods in Detroit.
Markita Thompson 1759 Wabash
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