Apply Now
To inquire about applying, please contact Brandon Ivory via email (bivory@lisc.org) or phone (313.265.2890).
Please note the following timeframes during which applications will be accepted. All timeframes close at 11:59pm on the ending date:
7/4/22 thru 7/17/22
8/1/22 thru 8/14/22
9/5/22 thru 9/18/22
10/3/22 thru 10/16/22
11/7/22 thru 11/20/22
12/5/22 thru 12/19/22
How to Apply
These applications are for preview only.
To apply to any program, please contact Brandon Ivory via email (bivory@lisc.org) or phone (313.265.2890).
RELEASE AND PERMISSION TO SHARE DEVELOPER CONTACT & PROJECT DETAILS
Applicant gives permission for Detroit Housing for the Future Fund (DHFF) and LISC Fund Management (LFM) to share applicant contact information and project details with investors and partners of DHFF. This excludes publication and/or marketing use of such details.
Application Resources
Proforma & Budget Template
REO For Sale Template
REO For Rent Template
Full Application Attachment Checklist
Our Offerings
Recoverable Grants & Grants
Capital Needs Assessment Recoverable Grant Program
Developers of Color (DOC) Matching Grant Award
Loans
Low Interest Subordinate Mini-Perm Loan
Low Interest Preservation Acquisition Mini-Perm Loan
Disclaimer: Projects funded through DHFF are utilizing private capital and not federal funds.
Capital Needs Assessment & Green Capital Needs Assessment Recoverable Grant Program
Description:
This grant
cover costs of a 3rd party Capital Needs Assessment.
is for owners of regulated affordable housing or Naturally Occurring Affordable Housing (NOAH) projects in Detroit that need to understand the capital needs of their projects.
Eligibility:
Owners or purchasers of existing regulated or Naturally Occurring Affordable Housing projects willing to preserve unit affordability.
Developers of Color (DOC) Matching Grant Award
Description:
This is a grant program that offers up to $100,000 in matching funds to cover a portion of a project’s predevelopment expenses and soft costs for developers of color. The Developer of Color (DOC) program will provide predevelopment capital to affordable housing projects over five years.
Eligible Grantees:
Non-profit (Organization lead is of color, majority of board is of color)
For-profit developers of color
Less experienced developers of color working with an experienced consultant
Project Eligibility:
Development projects must be in the City of Detroit
Applicants must demonstrate ownership or have site control in process
Evidence of property insurance
Projects must be intended to substantially serve as affordable housing, either
restricted or naturally occurring affordable housing (NOAH)
Projects must be on schedule to close on permanent financing within two years
Low Interest Subordinate Mini-Perm Loan
Description:
This loan
Allows for refinancing of existing debt up to $2 million
Is intended for multifamily buildings of 75 units or less, but not exclusively.
Covers renovation costs projected at moderate level per unit .
Affordability requirements:
At least 50% of units must be at 80% AMI or below
Remaining 50% of units at 120% AMI or below
Low Interest Preservation Acquisition Mini-Perm Loan
Description:
This loan
allows for refinancing of existing debt up to $5 million
is intended for multifamily buildings of 75 units or less, but not exclusively.
covers renovation costs projected at moderate level per unit.
Affordability requirements:
At least 50% of units must be at 80% AMI or below
Remaining 50% of units at 120% AMI or below
Preferred Equity Product
Description:
This investment
is up to $2M
provides equity investment into a project ownership entity .
is intended for multifamily buildings of 75 units or less, but not exclusively.
can be used for new construction or renovation/acquisition of existing properties.
Affordability requirements:
5% of units at 50% AMI or below
15% of units at 60% AMI or below
Overall, at least 50% of units must be at 80% AMI or below