Detroit Housing for the Future Fund (DHFF)
The Detroit Housing for the Future Fund (DHFF) is a fund comprised of private investment that will be invested into affordable housing development and preservation in Detroit. The DHFF is managed by Local Initiatives Support Corporation and was created in partnership with the City of Detroit as part of the Affordable Housing Leverage Fund initiative (AHLF).
The DHFF is designed to deploy private grant and low interest loan capital to compliment and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
Sources
Last updated: Nov. 8, 2024
Program details
City: Detroit-Warren-Dearborn, MI Metro Area
Program geography: LISC Defined Targeted Multifamily Housing Area, Targeted
Entities involved: City Government, Community Development Financial Institution (CDFI)
Market Category: Low Cost Market Resources
Tool Category: Support for-profit Owners - Buy Rehab and Operate Existing Buildings
Tool Description: Grant, Low Cost Financing
Year started: 2020
Target tenants: 60% Area Median Income (with consideration of households up to 80% AMI for for-sale projects), emphasis on below 50% and 30% of AMI as well as permanent supportive housing
Affordability restrictions: Yes. Dependent on the use of funds
Funding description: The Detroit Housing for the Future Fund is derived from corporate and philanthropic investment in the form of grant investment and low-cost lending. As of September 2020, a substantial pool of financial resources has been committed to this portion of the fund from nine corporate partners.
Funding sources: Corporate Investment, Philanthropic/Foundation