2010 Annual Luncheon
On June 2, 2010, the Michigan Interfaith Trust Fund held our annual “Borrowers and Burners” luncheon at the Kellogg Center on the beautiful Michigan State University Campus. This yearly event allows us to recognize community-based entrepreneurs and economic developers whose organizations borrowed dollars or repaid their loans with the Trust Fund during the past year.
After a great lunch, the guests played an exciting game of “Minute to Win It”. Each individual table played against each other in “Hanky Panky”, “Johnnie Applestack”, “Dizzy Mummy”,”Keep it Up” and “Penny Pantyhose”. The Trust Fund then honored the 2009 “Borrowers and Burners”
In 2009, the Michigan Interfaith Trust Fund lent $862,000; leveraging $871,848 to help borrowers create 63 units of affordable housing and nine jobs throughout the state of Michigan.
Avalon Nonprofit Housing Corporation
Central Detroit Christian Community Development Corporation
Liberty Hill Housing Corporation
Maurice and Jane Sugar Law Center for Economic and Social Justice
Michigan Suburbs Alliance
Eugene and Alicia Schlueter
Springwells Partners L.D.H.A.L.P
Warm Training Center
In 2009, the Michigan Interfaith Trust Fund Mortgage Burners repaid six loans in full. The original amount financed for these organizations totaled $1,451,585.
2009 Mortgage Burners
C.A.P. Nonprofit Housing, Inc.
Homestretch Nonprofit Housing Corporation
Maurice and Jane Sugar Law Center for Economic and Social Justice
Springhill Housing Corporation
Venture, Inc.
Washtenaw Affordable Housing Corporation
Click here for pictures and more information regarding our 2009 “Borrowers”.
MSHDA low-interest loans for home improvements!
Have you heard about MSHDA’s Property Improvement Program? This program offers low interest home improvement loans to single-family homeowners with low-to-moderate income (up to $65,000, or $74,750 in certain areas), and landlords (no income limit) renting to low-to-moderate income tenants. Eligible home improvements include but are not limited to the following:
- Heating and air conditioning, plumbing, and electrical
- Roof, doors and windows, siding, and insulation
- Kitchen and/or bath remodeling
- Garages, carports, driveways, walkways, and ramps
- Additions and attic or basement finishing
- Painting and lead-based paint remediation
- Water heater (including solar)
- Septic and sewer (including connection to system)
- Flooring (including wall to wall carpet)
- Deck installation (excluding hot tub and pool)
Homeowners can borrow up to $50,000 for a site-built home, less for manufactured homes. The interest rate for homeowners is 4%, 6%, or 8%, depending upon income. There is a minimum credit score of 620 (for homeowner loans over $25,000, the minimum credit score is 660)
Landlords can borrow up to $25,000 per unit, with a maximum outstanding limit of $100,000 per borrower. Eligible properties cannot have more than 11 units. The interest rate is fixed at 8%. The rental units must meet MSHDA rental limit guidelines. There is a minimum credit score of 620. For loans over $25,000 on single-family rentals or over $12,000 per unit on multi-family rentals, the minimum credit score is 660.
The loan terms are flexible – up to 20 years to repay the loan. There are no annual fees, no penalty for early payoff, and automatic payment is available. There is an origination fee of 2% ($100 minimum), and an underwriting / loan processing fee of $100 for loans under $7,500 and $200 on loans $7,500 and above. There is also a $100 inspection fee that can be paid out of pocket.
Loan applications are submitted to approved Participating Lenders or Community Agents.
If you are interested in more details, you can visit web site at www.michigan.gov/mshda, then click on the Home Improvement link.
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