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
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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