Overview of our Loan Programs
Affordable Housing Loans – The Trust Fund makes loans throughout Michigan for the development, acquisition, and preservation of affordable housing for low income people. Borrowers are primarily nonprofit organizations and eligible activities include single family homeownership, rental housing, and transitional housing. Loan funds can be used for predevelopment costs, acquisition, construction, or short-term permanent financing.
Economic Development Loans – The Trust Fund also makes loans throughout Michigan for economic development activities including small business start-ups or expansions, nonprofit facilities, or micro-enterprise loan funds. Borrowers can be individuals, corporations, partnerships, or nonprofit organizations. Funds can be used for predevelopment costs, construction, operating cash flow, purchase inventory, or to provide loans to micro-enterprises.
Community Foundation of Southeast Michigan Woodward Corridor Loan Fund – The Community Foundation of Southeast Michigan provided the funds for an economic development loan fund that gives loans to projects that reinvest in the lower Woodward Avenue corridor (between I-75 and I-94) in the City of Detroit. Loans from this fund are made primarily to small businesses and nonprofit organizations that are located in the lower Woodward Avenue corridor and are providing much needed products and services to this neighborhood.
Michigan State Housing Development Authority Cities of Promise Loan Fund – This loan program was capitalized through a grant from the Michigan State Housing Development Authority to provide economic development loans in the eight Cities of Promise, which include Detroit, Pontiac, Highland Park, Hamtramck, Flint, Saginaw, Benton Harbor, and Muskegon Heights.
Naimark Fund – Established in memory of a Trust Fund founder and long-time board member, Norm Naimark, this loan fund provides loans to businesses and nonprofit organizations throughout the State of Michigan for both housing and economic development activities.
Consumer Tax Assistance Loan Fund (CTALF) – Created through a generous contribution from Comerica Bank and J. P. Morgan Chase, the Tax Assistance Loan Fund provides loans to residents of the City of Detroit facing foreclosure due to unpaid property taxes on their personal residence.
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