Loans Repaid in 2011
Springhill Housing Corporation, a subsidiary of Community Housing Network
This loan was made in 2005 and the original loan amount was $18,000. The loan was used to acquire a condominium in Shelby Township that the borrower rents to two adults with disabilities. The loan was repaid on time.
The tenants are a brother and sister and are both developmentally disabled. Years ago their family situation was not good and these two siblings, along with several other children (also with disabilities), were put up for adoption but were ultimately not treated very well in the adoptive situation either.
The adoptive father passed away and the ARC Services of Macomb became their guardian. The brother likes to make lists and is very nurturing and concerned about others. His sister is lower functioning and needs encouragement with answers to questions, although she is verbal. They both love to go camping and are very involved in their church.
Lighthouse Communities, Inc.
This loan was made in 2005 and the original loan amount was $500,000. With this loan Lighthouse rehabilitated seven homes in the Madison Square and Baxter neighborhoods in Grand Rapids and sold the houses to low-income families.
Loans Repaid in 2010
H.O.M.E. of Mackinac County
H.O.M.E. of Mackinac County repaid their construction loan in full in May, 2010 after selling the remaining home. The original loan was for $314,000 and it was used to build five new homes in St. Ignace that were sold to low-income families.
Two of the homes were partially constructed by the Building Trades Program at the local high school. They built the exterior of the home and then moved it to the site where a contractor completed the foundation and interior of the home. Of the 5 homes that were sold, two were purchased by single women, one was purchased by a single man, one was purchased by two adults, and one was purchased by a family with one child. The average income for the buyers was 66% of the area median income for that county.
Grandmont Rosedale Development Corporation
Grandmont Rosedale Development Corporation repaid a construction loan with an original principal balance of $187,670 in February, 2010. The loan was used to build 3 new homes in the North Rosedale Park neighborhood of northwest Detroit.
The homes were sold to three low-income single women with no children. The sales price of the homes ranged from $73,000 to $110,000. Each home is two stories with three bedrooms and an attached one-car garage.
Northern Living Nonprofit Housing Corporation
This loan was made in 2001 and the original loan amount was $60,000. With these funds the organization provided affordable rental housing to 8 adults with disabilities in Mancelona, in Antrim County. Our loan leveraged another $256,000 from others sources to complete the project.
Detroit Midtown Micro-Enterprise Fund
In 2007 this organization borrowed $25,000 as seed money for their micro-loan program. Since that time, they have made 27 micro-loans and provided business counseling to 500 clients.
Williamston Theatre
In 2007 the Williamston Theatre borrowed $10,000 from the Fund as a working capital line of credit. The Theatre had completed one season at the time and found that in the months leading up to their second season they had more expenses than income because ticket sales had not yet begun. Since that time the Theatre has increased ticket sales and revenue each year. They have also developed a successful annual fundraising campaign, led by volunteers, that has also seen increases each year. In addition the Theatre has been a real boost to the economy of downtown Williamston.