About
The Affordable Housing Leverage Fund (AHLF) is a partnership between the City of Detroit Housing & Revitalization Department (HRD), Local Initiatives Support Corporation (LISC), and the Michigan State Housing Development Authority (MSHDA) to provide affordable housing developers and owners with streamlined access to financial tools that are specifically designed to address housing challenges in Detroit neighborhoods.
The Detroit Housing for the Future Fund (DHFF) is a new fund comprised of private investment that will be invested into affordable housing development and preservation in Detroit. The DHFF is managed by Local Initiatives Support Corporation and was created in partnership with the City of Detroit as part of the Affordable Housing Leverage Fund initiative. The DHFF is designed to deploy private grant and low interest loan capital to compliment and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
Our Funders
DHFF is made possible by the generous support from the following donors:
Citizens Bank
Blue Cross Blue Shield of Michigan
The Kresge Foundation
Flagstar Bank
Ford Motor Company Fund
Huntington Bank
First Independence Bank
Penske Corporation
TCF (formerly known as Chemical Bank)
Fifth Third Foundation
JP Morgan Chase
CIBC
HOW DETROIT AHLF WORKS
The Detroit Affordable Housing Leverage Fund is an umbrella for three coordinated funds that are deployed together through a common application and review process.
The City of Detroit will manage the award and underwriting of Federal and local sources of soft debt.
Detroit LISC manages the application and preliminary underwriting processes on behalf of the DHFF partnership and will manage the award and underwriting of philanthropic funds and low cost debt to encourage deep affordability.
MSHDA will manage the award and underwriting of low-interest tax-exempt bond loans and gap financing.
The Partners
Detroit Local Initiatives Support Corporation (LISC)
LISC, the Local Initiatives Support Corp , is a national nonprofit organization that works to strengthen neighborhoods through affordable housing, better education, health, safety and economic growth. LISC has more than 27 years of experience working as a catalyst for community reinvestment in Detroit. It helps resident-led, community-based development organizations transform distressed neighborhoods into healthy places to live, work, worship, do business and raise families.
Since 1990, LISC Detroit has invested over $245 million which has leveraged over $1.2 billion in revitalization efforts in Detroit, financing the creation of over 6,200 units of affordable housing and the development of over 2.9 million square feet of commercial, retail and community space.
City of Detroit Housing & Revitalization Department (HRD)
The Housing and Revitalization Department’s mission is to finance, underwrite, and administer housing and community investments that enhance the quality of life for the citizens of Detroit and ensure that every Detroiter has access to safe, decent, and affordable housing.
Michigan State Housing Development Authority (MSHDA)
The Michigan State Housing Development Authority serves the people of Michigan by partnering to provide quality housing that is affordable, a cornerstone of diverse, thriving communities. Its vision is to make Michigan a place where all people have quality affordable housing as a foundation to reach their full potential.