Detroit Pistons Tobias Harris Launches $4 Million Homeownership Initiative for Detroit Families

September 17, 2025

NBA player Tobias Harris has launched a $4 million homeownership initiative in Detroit to address the city's affordable housing crisis. The program will provide up to 40% down payment assistance for first-time homebuyers in nine working-class neighborhoods, using a shared appreciation model designed to make homeownership more accessible than renting. Targeting individuals earning up to 140% of the area median income, the initiative aims to help 100-130 Detroiters become homeowners while addressing historical inequities in mortgage lending that have disproportionately affected Black communities.

Who is affected

First-time homebuyers in nine Detroit neighborhoods (including Bagley, Grandmont, Core City, Rosedale, and Eastern Market)
Working-class residents earning up to 140% of area median income ($113,120 for two people in Wayne County)
Professionals like nurses, teachers, and city employees who support Detroit but struggle to afford homes
Black residents who have historically faced higher mortgage denial rates and housing discrimination
Renters paying high costs without building equity

What action is being taken

The Tobias Harris Homeownership Initiative is providing up to 40% of a home's purchase price in down payment assistance
The Michigan State Housing Development Authority has contributed $3 million to the program
Pistons owner Tom Gores and former player Jon Leuer are providing additional funding through Realize Impact
The initiative is implementing a shared appreciation model where future appreciation is split between homeowner and lender
The program is specifically targeting nine stable, working-class neighborhoods aligned with other city revitalization efforts

Why it matters

Detroit has a long history of housing inequity through redlining, foreclosures, and speculative investment
Home prices are rising (median recently surpassing $100,000) while incomes remain flat
The down payment remains the biggest barrier to homeownership for many Detroit families
Homeownership creates wealth-building opportunities and financial stability compared to renting
The initiative could help stabilize entire neighborhoods by creating consistent homeownership
The program addresses the disproportionately high mortgage denial rates for Black applicants

What's next

Harris aims to grow the initiative to $10 million in commitments to help more families
The current $4 million is expected to help 100-130 Detroiters become first-time homeowners in the near term

Read full article from source: Michigan Chronicle