Detroit Pistons’ Tobias Harris Teams Up on $40 Million Housing Program With State Agency

A fresh mortgage aid plan kicked off in Detroit. Pistons star Tobias Harris joined forces with state officials to cover up to 40% of down payments for new buyers.

The plan links state housing officials, Harris's initiative, and two mortgage firms in a unique setup. Buyers won't face monthly fees: they'll split any rise in their home's worth when they move or get a new loan.

"This new partnership will help make the dream of homeownership a reality for more Detroiters, offering the kind of affordable support that leads to long-term housing stability," said Amy Hovey, CEO and Executive Director of MSHDA, per The Alpena News.

Money flowed in from several backers. Harris put cash on the table, with ex-Piston Jon Leuer and team boss Tom Gores pitching in too. Their funds went straight to Realize Impact, which runs the nonprofit side.

"Homeownership is one of the most powerful ways to build stability and generational wealth," said Harris. "With this initiative, I'm focused on expanding access to homeownership so Detroiters can plant roots and build equity in the city they call home."

Michigan's housing market shows stark trends. While earnings climbed 36% since 2013, house costs doubled. Now, even folks making well above average can't buy typical homes.

The city faces tough housing issues. Almost 60% of Detroit households spend over a third of their income on rent. This new plan aims to cut monthly costs for buyers.

The setup helps qualified buyers skip mortgage insurance and keeps monthly bills low. When it's time to sell or refinance, they share some profit with the program: a fair trade for the initial boost they got.