Borrowers' & Burners' Luncheon
April, 2006 |
Permalink
We like to play games with our borrowers. Literally.
For years, MITF honored new and repaid borrowers at
the Million Dollar Luncheon, capping off each event
with fun games like Concentration, the Newlywed Show,
and Survivor.
While the newly-dubbed “Borrowers’ & Burners’ Luncheon” puts a fresh name on a classic idea, this year’s event promises to be even more fun and exciting, since the game of choice this time around is nothing less than The Price Is Right! No, Bob Barker won’t be making a personal appearance, but, as always, there will be fun prizes for the winning table of attendees.
Following lunch at 12:30 p.m. at Michigan State University’s fabulous Kellogg Hotel & Conference Center in East Lansing, the MITF staff will take time to honor borrowers from the 2005 fiscal year. Afterwards, Wanda Wildermuth will lead repaid borrowers in the ceremonial “mortgage burning” as a thank-you for repaying a loan in full and on-time. Below you can view a list of this year’s burners and new loans.
To register for the event, please contact us at 517.372.6001, or register online at www.interfaithtrust.org/registration. We look forward to seeing you there!
Mortgage Burners
Christian Roux, Ltd.
The Community Development Corp. of Warren
Community Housing Alternatives, Inc.
Detroit Catholic Pastoral Alliance, Inc.
Great Lakes Community Nonprofit Housing
Habitat For Humanity Of Western Wayne
Helping Unite Mothers & Children
JEC Community Service Concepts, Inc.
Liberty Hill Housing Corporation
Mexicantown Community Development Corp.
Michigan Avenue Business Association
New Life Recovering Women, Inc.
New Life Opportunities & Outreach Center
Northern Homes Community Dev. Corp.
Northwest Michigan Human Services Agency
Rainbow Homes Nonprofit Housing Corp.
U-Snap-Bac Nonprofit Housing Corp.
New Affordable Housing Loans
CAP Nonprofit Housing Corp.
Fairway Glen Apartments LP
Fairway Meadows Apartments LP
Liberty Hill Housing Corp.
HomeStretch Nonprofit Housing Corp.
Lighthouse Communities, Inc.
Ruth Ellis Center
Sacred Heart / St. Elizabeth CDC
Springhill Housing
St. Ignatius Nonprofit Housing Corp.
Venture, Inc.
New Economic Development Loans
Architectural Salvage Warehouse of Detroit
Fit Family, Inc.
Harmony Face & Body Care
JEC Counseling Service Concepts
Twingo’s Deux, LLC
While the newly-dubbed “Borrowers’ & Burners’ Luncheon” puts a fresh name on a classic idea, this year’s event promises to be even more fun and exciting, since the game of choice this time around is nothing less than The Price Is Right! No, Bob Barker won’t be making a personal appearance, but, as always, there will be fun prizes for the winning table of attendees.
Following lunch at 12:30 p.m. at Michigan State University’s fabulous Kellogg Hotel & Conference Center in East Lansing, the MITF staff will take time to honor borrowers from the 2005 fiscal year. Afterwards, Wanda Wildermuth will lead repaid borrowers in the ceremonial “mortgage burning” as a thank-you for repaying a loan in full and on-time. Below you can view a list of this year’s burners and new loans.
To register for the event, please contact us at 517.372.6001, or register online at www.interfaithtrust.org/registration. We look forward to seeing you there!
Mortgage Burners
Christian Roux, Ltd.
The Community Development Corp. of Warren
Community Housing Alternatives, Inc.
Detroit Catholic Pastoral Alliance, Inc.
Great Lakes Community Nonprofit Housing
Habitat For Humanity Of Western Wayne
Helping Unite Mothers & Children
JEC Community Service Concepts, Inc.
Liberty Hill Housing Corporation
Mexicantown Community Development Corp.
Michigan Avenue Business Association
New Life Recovering Women, Inc.
New Life Opportunities & Outreach Center
Northern Homes Community Dev. Corp.
Northwest Michigan Human Services Agency
Rainbow Homes Nonprofit Housing Corp.
U-Snap-Bac Nonprofit Housing Corp.
New Affordable Housing Loans
CAP Nonprofit Housing Corp.
Fairway Glen Apartments LP
Fairway Meadows Apartments LP
Liberty Hill Housing Corp.
HomeStretch Nonprofit Housing Corp.
Lighthouse Communities, Inc.
Ruth Ellis Center
Sacred Heart / St. Elizabeth CDC
Springhill Housing
St. Ignatius Nonprofit Housing Corp.
Venture, Inc.
New Economic Development Loans
Architectural Salvage Warehouse of Detroit
Fit Family, Inc.
Harmony Face & Body Care
JEC Counseling Service Concepts
Twingo’s Deux, LLC
MITF Gets in the Game
April, 2006 |
Permalink
by Zack Pohl & Lorenzo Thurman
Detroit is in the midst of a remarkable comeback. After playing host to this year’s milestone Superbowl XL, the city showed the world that it still knows how to throw a party. In fact, for the first time in recent memory, it often felt like there was too much going on in Detroit during Superbowl week to keep it all straight. Of course, for a city that has experienced as much economic hardship as Detroit, that’s hardly anything to complain about.
Famous faces were popping up all over town during Superbowl week, and there were grand soirées happening every night. With all the excitement about town, everyone in Detroit came away from Superbowl week with a good story to share, and the Michigan Interfaith Trust Fund is no different.
In the middle of all the hubbub, MITF made a short-term loan to Agave, a concept restaurant specializing in the cuisine of Mexico and the U.S. Southwest, which has been serving delicious meals since 2001. During the week of Superbowl festivities, Agave co-hosted several large parties featuring many well-known entertainers, including actor/singer Ludacris.
While the MITF staff enjoys a good party as much as anyone, our primary interest was in the economic boon such events offered the City of Detroit. Aside from the financial assistance the funds from our Economic Development Loan Program offered a local business like Agave, MITF’s support also helped create approximately 25 new jobs for local citizens. While most of these positions were filled on a short term basis, the jobs offered great opportunites for young workers to get experience working at such a large event.
Agave restaurant is located at 3965 Woodward Avenue at the corner of Woodward and Alexandrine in downtown Detroit. MITF would like to thank Agave for their partnership, and wishes them luck in future endeavours.
Detroit is in the midst of a remarkable comeback. After playing host to this year’s milestone Superbowl XL, the city showed the world that it still knows how to throw a party. In fact, for the first time in recent memory, it often felt like there was too much going on in Detroit during Superbowl week to keep it all straight. Of course, for a city that has experienced as much economic hardship as Detroit, that’s hardly anything to complain about.
Famous faces were popping up all over town during Superbowl week, and there were grand soirées happening every night. With all the excitement about town, everyone in Detroit came away from Superbowl week with a good story to share, and the Michigan Interfaith Trust Fund is no different.
In the middle of all the hubbub, MITF made a short-term loan to Agave, a concept restaurant specializing in the cuisine of Mexico and the U.S. Southwest, which has been serving delicious meals since 2001. During the week of Superbowl festivities, Agave co-hosted several large parties featuring many well-known entertainers, including actor/singer Ludacris.
While the MITF staff enjoys a good party as much as anyone, our primary interest was in the economic boon such events offered the City of Detroit. Aside from the financial assistance the funds from our Economic Development Loan Program offered a local business like Agave, MITF’s support also helped create approximately 25 new jobs for local citizens. While most of these positions were filled on a short term basis, the jobs offered great opportunites for young workers to get experience working at such a large event.
Agave restaurant is located at 3965 Woodward Avenue at the corner of Woodward and Alexandrine in downtown Detroit. MITF would like to thank Agave for their partnership, and wishes them luck in future endeavours.
NW Michigan's Community Land Trust
April, 2006 |
Permalink
by Zack Pohl & Wendy Landes Hatem
Creating affordable housing isn’t just about helping individuals, it’s about building communities. Stable housing fosters stable communities, and vice versa. Community Land Trusts (CLTs) do both at the same time. In the four decades since the Institute for Community Economics developed the model, CLTs have been popping up all over America.
Community Land Trusts have a goal of establishing permanent stewardship of land that benefits the community, perpetuating the affordability of housing on that land. The model opens the door to homeownership for lower income individuals through long-term (usually 99-year), renewable ground leases. Essentially, the lessee leases the land but owns and holds the deed to their home.
On April 16, 2003, the HomeStretch Board of Directors—based in Traverse City—voted to become the first regional Community Land Trust in the State of Michigan. This pioneering step was taken as a way to make homes affordable at initial sale and to preserve affordability for future buyers.
The process is relatively straightforward. Once HomeStretch—or another partner organization, such as Benzie Housing Council—builds or acquires a home, it is appraised and sold to a qualified buyer, who leases the land from the CLT. The homeowner then receives ongoing post-purchase financial, maintenance, and community education, which helps cultivate a community of responsible homeownership. Later, when the homeowner is ready to sell, the property is re-appraised and sold with a share of the house’s increased value given to the homeowner. HomeStretch purchases the property to ensure future affordability, and then resells it to a low income family.
The homebuyer benefits of the CLT model include: low purchase price, low down payment (usually 1% of the purchase price), federal income tax deductions, 100% return on equity, shared return on appreciation, and it is transferable to heirs. Similarly, the community benefits because the CLT preserves public investment and permanent affordability, promotes homeownership, improves neighborhoods, ensures responsible use, and diversifies housing choices.
MITF and HomeStretch have a history of collaboration dating back five years or more, including eleven different loans. Since HomeStretch began pooling its resources into the CLT in 2003, all four MITF loans made in that time span have funded properties that were placed in the Community Land Trust, including new construction and re-purchases. We commend the work of HomeStretch and Executive Director Bill Merry, and wish them continued success.
Creating affordable housing isn’t just about helping individuals, it’s about building communities. Stable housing fosters stable communities, and vice versa. Community Land Trusts (CLTs) do both at the same time. In the four decades since the Institute for Community Economics developed the model, CLTs have been popping up all over America.
Community Land Trusts have a goal of establishing permanent stewardship of land that benefits the community, perpetuating the affordability of housing on that land. The model opens the door to homeownership for lower income individuals through long-term (usually 99-year), renewable ground leases. Essentially, the lessee leases the land but owns and holds the deed to their home.
On April 16, 2003, the HomeStretch Board of Directors—based in Traverse City—voted to become the first regional Community Land Trust in the State of Michigan. This pioneering step was taken as a way to make homes affordable at initial sale and to preserve affordability for future buyers.
The process is relatively straightforward. Once HomeStretch—or another partner organization, such as Benzie Housing Council—builds or acquires a home, it is appraised and sold to a qualified buyer, who leases the land from the CLT. The homeowner then receives ongoing post-purchase financial, maintenance, and community education, which helps cultivate a community of responsible homeownership. Later, when the homeowner is ready to sell, the property is re-appraised and sold with a share of the house’s increased value given to the homeowner. HomeStretch purchases the property to ensure future affordability, and then resells it to a low income family.
The homebuyer benefits of the CLT model include: low purchase price, low down payment (usually 1% of the purchase price), federal income tax deductions, 100% return on equity, shared return on appreciation, and it is transferable to heirs. Similarly, the community benefits because the CLT preserves public investment and permanent affordability, promotes homeownership, improves neighborhoods, ensures responsible use, and diversifies housing choices.
MITF and HomeStretch have a history of collaboration dating back five years or more, including eleven different loans. Since HomeStretch began pooling its resources into the CLT in 2003, all four MITF loans made in that time span have funded properties that were placed in the Community Land Trust, including new construction and re-purchases. We commend the work of HomeStretch and Executive Director Bill Merry, and wish them continued success.