Detroit Pistons star rallies public, private, and philanthropic partners to make home ownership more accessible for first-time buyers in Detroit
Shared-Appreciation Mortgage pilot offers up to 40 percent down payment assistance
DETROIT, Mich. – Recognizing Detroit’s urgent housing affordability crisis, Detroit Pistons forward Tobias Harris has brought together public, private, and philanthropic partners to launch a groundbreaking initiative to help working families overcome barriers to homeownership.
The Tobias Harris Homeownership Initiative (THHI), in partnership with the Michigan State Housing Development Authority (MSHDA), Guild Mortgage, and Homium, is piloting an innovative down payment assistance program to make owning a home in Detroit more attainable and sustainable.
The program will provide qualified borrowers in select Detroit neighborhoods with up to 40 percent of a home’s purchase price in down payment assistance (DPA) without any additional monthly payments. This enables borrowers to qualify for a smaller conforming first mortgage without the need for mortgage insurance, resulting in a lower monthly payment. In lieu of monthly interest payments, the borrower repays the same percentage of their home’s equity appreciation that they borrowed when they sell or refinance the home.
Initial funding for the program is being provided by MSHDA, as well as philanthropic grants by Harris, former Pistons teammate Jon Leuer, Pistons owner Tom Gores, made to the program’s nonprofit, impact investing partner, Realize Impact. Harris plans to continue seeking additional donations to expand the program.
“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 affordability remains one of Detroit’s biggest challenges. According to MSHDA, since 2013, Michigan’s median household income has risen by 36%, while housing prices have more than doubled, increasing by 101%. Nearly 60% of Detroit households spend over 30% of their income on rent, leaving many families locked out of homeownership opportunities.
The partners praised Harris, who worked with Homium and Guild to design the program and personally approached MSHDA about funding the pilot, and encouraged others to get involved.
“This new partnership will empower Detroiters who are currently locked out of homeownership with fair and affordable support, delivering housing stability,” said Amy Hovey, CEO and Executive Director of MSHDA. “We’re continuing to move quickly to identify new partners and programs, all to deliver lower costs and more opportunities for Michigan families.”
“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.”
Investing in Detroit, On and Off the Court
Harris’s connection to Detroit is both personal and profound. During his initial tenure with the Pistons from 2016 to 2018, he developed a deep appreciation for the city. He built relationships with local organizations and supported a range of youth and education initiatives. He also met his wife, a proud Detroit native.
“Detroit has always felt like home to me—not just because of basketball, but because of the people, the culture, and the spirit of the city,” explained Harris. Returning to the Pistons last season redoubled Harris’s drive to give back, and he expanded his philanthropic efforts with increased focus on empowering families and investing in the long-term success of Detroit neighborhoods.
In creating THHI, he also leveraged valuable experience he’s earned with affordable housing development. In August 2025, he secured $46.6 million in financing for a 189-unit affordable housing project in Los Angeles, with two additional developments in the pipeline.
“Every city faces unique challenges and we’ve tailored this program to meet the needs of working-class families and individuals in Detroit,” said Harris. “We are giving them a chance to buy in, with a sustainable way to build equity and stay rooted in their communities.”
For more information on the program, including a current list of neighborhoods eligible to participate in the program, visit thhidetroit.com.
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 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 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.
