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September 16, 2025
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State Housing Authority Invests in Tobias Harris Homeownership Initiative, a Shared-Appreciation Mortgage Pilot with up to 40% Down Payment Assistance for Detroiters
Pilot in partnership with Guild Mortgage, Homium, Detroit Piston Tobias Harris
DETROIT, Mich. – The Michigan State Housing Development Authority (MSHDA) is teaming up with the Tobias Harris Homeownership Initiative (THHI) on a new shared-appreciation mortgage pilot with Guild Mortgage and Homium, making homeownership more accessible to Detroiters through a partnership between private capital and state government. The program is being championed by Detroit Pistons basketball veteran Tobias Harris.
The mortgage product will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance (DPA) without adding any monthly debt. This structure allows borrowers to secure a conforming first mortgage without the need for mortgage insurance, resulting in a lower monthly payment. Instead of a monthly repayment, upon sale or refinance, the borrower repays the initial down payment assistance plus a share of the market appreciation.
“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. “We’re moving quickly to identify new partners and programs that can help lower costs and unlock opportunities for Michigan families.”
Initial funding for the pilot is being provided by MSHDA, as well as philanthropic grants from Harris, former Pistons teammate Jon Leuer, Pistons owner Tom Gores, made to the program’s nonprofit partner, Realize Impact.
“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. This is just the start, and I look forward to working with others throughout Detroit’s business and philanthropic community to grow and sustain this important program.”
Housing data underscores the need for the pilot. Since 2013, the median household income in Michigan increased by 36%, while the housing sales price index increased by 101%. That disparity means the average two-person household in the state with an income of 120% of the area median cannot afford to purchase the median priced home.
In Detroit, 59.5% of households spend more than 30% of their income on rent, making an increased homeownership rate an especially impactful tool to stabilize monthly costs and provide household stability.
“We are proud of this partnership and excited to offer Guild customers another opportunity to overcome financial obstacles to homeownership,” said David Battany, Executive Vice President of Capital Markets at Guild Mortgage. “This is another example of how innovation in mortgage lending can bring owning a home within reach to more first-time homebuyers.”
“The people of Detroit deserve a fair shot at building middle-class economic and housing security for their families,” said Homium CEO Marcus Martin. “Programs like the Tobias Harris Homeownership Initiative and partners like Guild are what make it possible for fair and transparent products like Homium to enter the market, and we’re just getting started.”
This new pilot is initially offered to qualified first-time homebuyers in select areas of Detroit. Leaders at each of the partner organizations will evaluate the effectiveness of the pilot and, if successful, explore opportunities to expand into additional markets.
Additional information can be found at the website for the Tobias Harris Homeownership Initiative.
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About MSHDA
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
About Tobias Harris
Tobias Harris is a 14-year NBA veteran currently with the Detroit Pistons. A three-time recipient of the NBA’s Bob Lanier Community Assist Award, Harris is recognized for his leadership in philanthropy and community engagement. Through the Tobias Harris Homeownership Initiative, Harris is expanding access to affordable housing in underserved communities. Harris also leads the Tobias Harris Family Foundation, which supports educational equity worldwide by investing in literacy programs, school supplies and professional development for teachers. In addition to his work on and off the court, Harris is an active entrepreneur and investor, with business ventures spanning affordable housing development, restaurants, technology and media.
About Homium
Homium bridges the homeownership affordability gap through shared appreciation financing that requires no monthly payments or interest, making homeownership more affordable and sustainable. Homium's financing is fair, simple, and transparent, enabling HFAs, municipalities, employers, and mission-driven orgs to invest in homeownership and create housing stability and generational wealth in communities across the United States. For more information, please visit https://www.homium.io.
About Guild Mortgage
Guild Mortgage Company, a wholly owned subsidiary of Guild Holdings Company (NYSE: GHLD), was founded in 1960 and is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild employs a relationship-based loan sourcing strategy to execute on its mission of delivering the promise of home ownership in neighborhoods and communities across 49 states and the District of Columbia. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. For more information visit GuildMortgage.com.