What is the Detroit Housing for the Future Fund?
The Detroit Housing for the Future Fund (DHFF) is a new fund comprised of private investment that will be invested into affordable housing development and preservation in Detroit. The DHFF is managed by Local Initiatives Support Corporation and was created in partnership with the City of Detroit as part of the Affordable Housing Leverage Fund initiative. The DHFF is designed to deploy private grant and low interest loan capital to compliment and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
Request For Qualifications for Capital Needs Assessment (CNA) & Green Capital Needs Assessment (GCNA)
To grow the pipeline of affordable housing preservation projects, LISC is administering a recoverable grant tool available to non-profit and for-profit developers that covers the cost of a “Capital Needs Assessment” (CNA) or a “Green Capital Needs Assessment (GCNA)”.
A CNA is a reporting tool that assesses current and projects future capital needs of multi-family properties. A CNA allows real estate investors to mitigate risk and to plan for large capital expenses over a reserve term. It also provides an analysis of architectural and building systems, recommendations for specific improvements, and funding estimates for long-term capital repair and replacement activities. Additionally, CNA's also identify safety hazards and code violations that pose liability concerns, deferred maintenance items and items beyond useful life that require replacement.
A Green CNA combines a conventional 20-year CNA with an energy audit to be used by property owners and underwriters. Green CNAs are integral to identifying ways to save an increased amount of energy and water as a property and capital improvements as cost efficiently as possible. In addition, it can be utilized to determine a Replacement Reserve analyses for both green and conventional measures.
Click here for the RFQ.
Our Funders
The DHFF would not be possible with funding from the following companies and organizations:
