New Borrowers
Transcription
New Borrowers
Community Quarterly Issue No. 5 • April 2006 Borrowers’ & Burners’ Luncheon: New name, same fun event [Front Page] MITF Gets In The Game: MITF loan creates Superbowl employment [Page 2] NW Michigan’s Community Land Trust: Our work with HomeStretch CLT [Page 3] New Borrowers: See a list of the new borrowers to be honored at our May luncheon [Back Page] BORROWERS’ & BURNERS’ LUNCHEON W e 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. burners, and see new loans from 2005 listed on the back page. 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! While the newly-dubbed “Borrowers’ & M O RTGAG E B U R N E R S Burners’ Luncheon” puts a fresh name on Christian Roux, Ltd. a classic idea, this year’s event promises to be even more fun and exciting, since The Community Development Corp. of Warren Community Housing Alternatives, Inc. the game of choice this time around is nothing less than The Price Is Right! No, Detroit Catholic Pastoral Alliance, Inc. Bob Barker won’t be making a personal Great Lakes Community Nonprofit Housing appearance, but, as always, there will Habitat For Humanity Of Western Wayne be fun prizes for the winning table of Helping Unite Mothers & Children attendees. JEC Community Service Concepts, Inc. 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. To the right you can view a list of this year’s Liberty Hill Housing Corporation & 2006 BORROWERS’ BURNERS’ L U N C H E O N 10 Wednesday May 10, 2006 Mexicantown Community Development Corp. Michigan Avenue Business Association New Life Recovering Women, Inc. WHERE: Kellogg Center East Lansing, MI New Life Opportunities & Outreach Center REGISTRATION: Noon Northern Homes Community Dev. Corp. LUNCH: 12:30 Northwest Michigan Human Services Agency GAME: The Price Is Right Rainbow Homes Nonprofit Housing Corp. U-Snap-Bac Nonprofit Housing Corp. RSVP: April 28, 2006 MITF Gets In The Game by Zachary Pohl & Lorenzo Thurman D etroit 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. Left to right: Angie Nash (server), Gill Sanchez (General Manager), Marllan Smith (Head Chef ), Meagan Heinzman (server), Rashaun Brooks (cook), Steven Reynolds (cook), David Campbell (busser), George Mugianis (owner) 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. Agave co-hosted several large parties featuring many well-known entertainers, including actor/singer Ludacris. 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. 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, 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 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. Everyone in Detroit came away from Superbowl week with a good story to share, and MITF is no different MICHIGAN CONFERENCE ON AFFORDABLE HOUSING WHAT: Come see the MITF display booth in the Exhibition Hall • WHERE: Lansing Center ~ Lansing, MI • WHEN: June 5-7, 2006 NEW LOANS CLOSED SINCE JANUARY 1, 2006 Borrower Southwest Housing Partners II LDHALP AFB LLC, d/b/a Agave 2 Amount of Loan $561,000.00 $15,000.00 Community Quarterly • Issue No. 5 • April 2006 City Detroit Detroit # Units or Jobs 40 25 Activity Type Rental Housing Restaurant Northwest Michigan’s Community Land Trust By Zachary Pohl & Wendy Landes Hatem C reating 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. HomeStrech’s Kensington Park East Condominiums In the four decades since the Institute for Community Economics homeownership. Later, when the developed the model, CLTs have been homeowner is ready to sell, the property popping up all over America. is re-appraised and sold with a share of the house’s increased value given to the Community Land Trusts have a goal of homeowner. HomeStretch purchases the establishing permanent stewardship property to ensure future affordability, of land that benefits the community, and then resells it to a low income perpetuating the affordability of housing family. on that land. The model opens the door to homeownership for lower income The homebuyer benefits of the CLT model individuals through long-term (usually include: low purchase price, low down 99-year), renewable ground leases. payment (usually 1% of the purchase Essentially, the lessee leases the land but price), federal income tax deductions, 100% return on equity, shared return owns and holds the deed to their home. on appreciation, and it is transferable to On April 16, 2003, the HomeStretch heirs. Similarly, the community benefits Board of Directors—based in Traverse because the CLT preserves public City—voted to become the first regional investment and permanent affordability, Community Land Trust in the State of promotes homeownership, improves Michigan. This pioneering step was taken neighborhoods, ensures responsible use, as a way to make homes affordable at and diversifies housing choices. initial sale and to preserve affordability for future buyers. MITF and HomeStretch have a history of collaboration dating back five years or The process is relatively straightforward. more, including eleven different loans. Once HomeStretch—or another partner Since HomeStretch began pooling its organization, such as Benzie Housing resources into the CLT in 2003, all four Council—builds or acquires a home, it is MITF loans made in that time span have appraised and sold to a qualified buyer, funded properties that were placed in who leases the land from the CLT. The the Community Land Trust, including homeowner then receives ongoing post- new construction and re-purchases. We purchase financial, maintenance, and commend the work of HomeStretch and community education, which helps Executive Director Bill Merry, and wish cultivate a community of responsible them continued success. MITF STAFF President Christine A. Coady Executive Assistant Melodie Balzer Sanford Director, Investor Relations Jane E. Carpenter Director of Lending Wendy Landes Hatem PR Design Zachary E. Pohl Loan Officer, Southeast MI Kim Y. Thompson Loan Officer, Econ. Dev. Lorenzo D. Thurman Administrative Assistant Kim Tyler Portfolio Manager Wanda L. Wildermuth CONTACT US Lansing Office 1000 S. Washington Avenue Lansing, MI 48910 Ph 517.372.6001 Fx 517.372.6004 Detroit Office 2727 Second Avenue, Suite 301 Detroit, MI 48201 Ph 313.964.7300 Fx 313.964.7313 For letters to the editor, newsletter submissions, or additions/deletions from the mailing list, contact designer Zack Pohl by phone at 517.372.6001 or by email: [email protected] inter faithtrust.org 3 PRSRT STD U.S. POSTAGE PAID LANSING, MI PERMIT NO. 46 1000 South Washington Avenue, Suite 100 Lansing, MI 48910-1647 i nter f a i t ht r u s t. o rg N E W L OA N S I N 20 0 5 AFFORDABLE HOUSING 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. ECONOMIC DEVELOPMENT Architectural Salvage Warehouse of Detroit Fit Family, Inc. Harmony Face & Body Care JEC Counseling Service Concepts Twingo’s Deux, LLC
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