Potential Incentives Available to New or Current Homeowners in Detroit

PROGRAM OVERVIEW ELIGIBILITY CONTACT

RESIDENTIAL LOANS AND ASSISTANCE PROGRAMS

0% Loans in amounts of $5,000 to $25,000 are available to cover Multiple Intake Centers
Detroit 0% Interest Home Repair Loan Primary residence, credit score > 560, low income or in priority area
home repair work. www.detroithomeloans.org

Mortgages large enough to cover the full cost of homes in

Detroit, including the cost of any necessary renovations, are Primary residence, credit score > 640, adequate down payment and Multiple Participating Banks
Detroit Home Mortgage
available with multiple banks through the Detroit Home income www.detroithomemortgage.org
Mortgage partnership.
Mortgages with no down payment, no closing costs or fees,
NACA Detroit
Detroit Neighborhood Initiative below market fixed rates, and that include renovation funding are Only residence, stable income, able to afford mortgage payment (no
(281)204-6222
available for up to 110% of a regular home’s or 150% of a Land income or credit score restrictions)
[email protected]
Bank purchased home’s loan-to-value ratio (up to $200,000).
MSHDA Homeownership
MSHDA’s MI Home Loan and MI Home Mortgages with down payment assistance loans up to $7,500 are Income limit, credit score > 640 for Home Loan and > 660 for Home
Division
Loan Flex available for both first time and repeat homebuyers. Loan Flex, house price < $224,500
(517) 373-6840

Todd Burk
Mortgage loans of at least $70k for borrowers that are over in
Southwest Solutions’ Portfolio Loans Only residence, employed, credit score >580 [email protected]
ratios but otherwise qualify for a traditional mortgage.
(313) 297-1368
Mortgages with interest only payments through
Liberty Bank’s Home Restoration and construction/renovations and down payment assistance up to Primary residence once renovated, follow Land Bank renovation Liberty Bank
Acquisition Program $15,000 are available for the purchase and renovation of Land rules, take homebuyer course (313) 818-0232
Bank auction homes and other homes in priority neighborhoods.
Loans up to $25,000 are available for home improvements MSHDA Homeownership
MSHDA’s Property Improvement
including major systems repairs, replacement and energy Income < $105,700, credit score > 620, equity in the home Division
Program (PIP)
efficiency updates in single-family, owner-occupied homes. (517) 373-6840

Grants/forgivable loans up to $10,000 are available for

Federal Home Loan Neighborhood Impact Primary residence for > 18 months, income < 80% AMI, not able to [email protected]
repair/replacement of several utility systems and energy
Program (NIP) sell for 60 months (800) 688-6697
conservation improvements of several external elements.

Primary residence, must have had an involuntary qualifying hardship Step Forward Michigan
Grants/forgivable loans up to $30,000 are available to assist with
Step Forward Michigan delinquent mortgage and property tax payments.
that caused delinquency (job loss, medical event, death, divorce, [email protected]
one-time critical housing repair) (866)946-7432
Reduced monthly payment for DTE bill based on income. Must have active residential utility account open in applicant’s name
THAW DTE Low-income Self- THAW
Eventual past due balance forgiveness. No future late fees and with a past due balance, household income must be at or below
sufficiency Program (LSP) protection from shutoff when enrolled. 150% of the Federal Poverty Line (800) 866-8429
 Potential Incentives Available to New or Current Homeowners in Detroit

PROGRAM OVERVIEW ELIGIBILITY CONTACT

Laws that limit increases in property taxes in a given year to the Only applies until property is sold or transferred, at which point taxes Assessor’s Office, CAYMC
Headlee Amendment and Proposal A
lesser of 5% or the rate of inflation. are reset to reflect current property value. Room 804 (313) 224-3011

Law protecting homeowners from increases in property tax

Applies to owner-occupied and investment properties, does not apply Assessor’s Office, CAYMC
Mathieu-Gast Home Improvement Act assessments as a result of normal repairs and maintenance on their
to structural additions. Room 804 (313) 224-3011
property.

Provides an 18-35 percent reduction in property taxes for 6-15 Home purchased after 1997, owner occupant, minimum investment of Assessor’s Office, CAYMC
Neighborhood Enterprise Zone (NEZ)
years for properties in an established NEZ. $500 in property in past three years Room 804 (313) 224-3011
PROPERTY TAX ASSISTANCE

Makes property exempt from a portion of local school operating Owner occupied as principal residence, address must show up on Assessor’s Office, CAYMC
Principal Residence Exemption (PRE)
taxes. driver’s license or voter registration card. Room 804 (313) 224-3011

Owner occupied with a PRE, claim must be filed on time each year
Poverty Exemption Makes Property exempt for all property taxes for a year but is not Assessor’s Office, CAYMC
exemption is sought, provide income tax returns for all occupants,
retroactive. Room 804 (313) 224-3011
must meet federal poverty income standards.
Owner occupied with a PRE, must be honorably discharged veteran or State-Tax-
Makes property exempt from all property taxes for a year but is not
Disabled Veteran’s Exemption non-remarried surviving spouse, must have been determined as totally [email protected]
retroactive.
disabled or individually unemployable. (517) 335-3429
Owner occupied for at least five years, over 65 or permanently
Senior Citizen or Permanently Defers payment of any special assessments on a property until the [email protected]
disabled, must meet income standard, must have special assessment of
Disabled Deferment property is sold or the owner passes away. (517) 335-4410
$300 or more.
Has potential to lower property’s State Equalized Value (SEV) Must file appeal with Property Assessment Board of Review during
Assessor’s Office, CAYMC
Appeal of Property Tax Assessment which can lead to lower property taxes if taxable value then period of February 1-15, if not satisfied with decision can appear
Room 804 (313) 224-3011
exceeds SEV. before Board and then contact Michigan Tax Tribunal

Distressed Owner Occupancy Removes property from foreclosure and gives owner until end of Owner occupied, undergoing hardship (loosely defined), cannot have [email protected]
Extension calendar year to pay most delinquent taxes delinquent taxes more than three years old. (313) 224-6106

Reduces Interest on delinquent taxes from 18% to 6% and sets up

Interest Reduction Special Payments Owner occupied with PRE, must stay current with future taxes and [email protected]
payment plan with 10% of base tax owed down and monthly
Agreement agreed payments to stay in long term payment plan (313) 224-6106
payments of around 3% of that same base tax.

This information was assembled by the City of Detroit’s Housing and Revitalization Department – if you see anything that needs to be updated please call (313) 224-6380