The Detroit Pistons forward is staying active and engaged in his community
Now in his second go-around with the Pistons, forward Tobias Harris is not only merely aware of the problems that exist within his community– he’s actively engaged in helping solve or at least mitigate those issues.
On Tuesday, Harris announced that he was starting a new program that is acutely aimed at allowing more Detroit citizens to own their own home under reasonable, sustainable guidelines amid a real estate market that is rapidly increasing.
According to Crain’s Detroit Business, Harris is a pivotal partner in the venture designed to make home ownership a more realistic goal for thousands of individuals. In doing so, Harris has partnered with a few powerful organizations that are aligned with his ideals and hope to make a tangible difference in the Detroit community.
“Harris, an NBA veteran playing his second stint with the Pistons, this week launched the Tobias Harris Homeownership Initiative in partnership with the Michigan State Housing Development Authority, national mortgage lender Guild Mortgage and Homium, a New York City-based homeownership financing company," Nick Manes wrote for Crain's.
“With nearly $4 million in financial commitments and the expectation of more, the initiative will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance, structured essentially as fractional ownership. Recipients can expect to save on monthly payments.”
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“The loans will offer shared appreciation, meaning that when an owner sells or refinances their loan, a portion of the appreciation would go back to the lender. Should the home depreciate in value, however, a borrower would only pay the original principal, according to the fact sheet.”
With those guidelines laid out, Harris is hoping that this program can help change the lives of many Detroit citizens who have found the possibility of home ownership part of the distant future or out of reach entirely.
“There is a housing crisis that is impacting a lot of people in this city,” Harris said. “Being here, being an athlete and somebody who has a platform that can make an impact, I wanted to combine all those things and figure out a way to do something meaningful, impactful and that can really change the trajectory of an individual’s life.”
During his time as a in the Motor City, Tobias Harris has received a great deal of support from the Detroit fanbase, and this program is one way that he can repay his gratitude to the loyal legion of supporters surrounding the Pistons.
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