michigan minority contractors association october 2, 2015

Michigan Minority Contractors Association

October 2, 2015

Investment Areas

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Preservation of Current Affordable Housing Stock

Trends in Development

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Challenges to Development

Greater need & fewer resources

Changes in delivery systems for neighborhood development

Displacement

Year # of Applicants # of Awardees Total Applied Total Awarded

2010 25 10 $26,616,113 $9,249,610

2011 26 9 $25,934,413 $9,759,000

2012 15 5 $12,858,106 $4,038,543

2013 15 7 $12,690,645 $6,329,595

2014 15 2 $16,806,303 $2,467,344

2015 16 4 $12,237,849 $1,778,942

Total 112 37 $220,143,429 $29,588,529

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Opportunities in Development

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Housing is a City Priority (Market & Affordable)

Greater collaboration among lenders

Programs aimed at revitalizing housing stock & market

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0% Interest Home Repair Loan Program

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Eligibility - Target Areas

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District# of

Applications Submitted

# of Applications

Approved

Total Amount

Approved

1 188 19 $402,500

2 159 17 $299,914

3 137 18 $338,183

4 197 26 $595,384

5 154 17 $393,758

6 97 22 $487,942

7 160 26 $526,396

Total 1,092 145 $3,044,077

District 1188 applications submitted19 approved for $402,500

District 2159 applications submitted17 approved for $299,914

District 3 137 applications

submitted18 approved for $338,183 District 4

197 applications submitted26 approved for $595,384

District 5154 applications submitted17 approved for $393,758

District 697 applications submitted22 approved for $487,942

District 7160 applications submitted26 approved for $526,396

0% Interest Home Repair Loan Program Applications by District Update

How Much Can I Borrow?

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0% interest home repair loans from $5,000 to $25,000 are available to qualified Detroit homeowners who can afford a loan.

0% interest means homeowners can invest in their home and neighborhood while paying back only what they borrow.

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Who Can Apply?

This program is intended to reach as many Detroit homeowners as possible. Below are the minimum qualifications: Homeowners must own and occupy their home for at least six months prior to applying.

Low-income homeowners can apply no matter where they live. Low-income is defined as $37,950 for a family of one or $54,150 for a family of four.

Regardless of income, homeowners in designated areas in each city council district can still apply.

The minimum credit score is 560.Homeowner’s insurance and taxes must be current.The homeowner must be able to afford the loan payments.

Eligible Costs

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If the home has health and safety hazards, those issues must be addressed first before other repairs can be made. The follow are sample projects:

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ANNOUNCEMENT OF APPLICATIONS ACCEPTANCECERTIFIED GENERAL CONTRACTOR HOUSING REHABILITATION CONSTRUCTION SERVICES

The City of Detroit Housing And Revitalization Department is accepting applications from qualified general construction contractors interested in providing construction repairs on homes under the City’s home repair grant and loan programs. Contractors that are selected will be placed on an Approved Contractors List to provide bids

for contracted repair services on residential owner-occupied and rental properties (1 to 4 units) for approved applicants who receive housing rehabilitation assistance through our Community Development Block Grant and Lead Hazard

Control Demonstration Grant funded programs.

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Tahirih Ziegler, Executive DirectorDetroit LISC

LOCAL INITIATIVES SUPPORT CORPORATION (LISC)660 Woodward Avenue, Suite 1600Detroit, MI 48226Phone: 313-265-2829 Website: www.detroit-lisc.org

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