NBA forward Tobias Harris is making a different kind of impact in Detroit—this time, off the court.
The Tobias Harris Homeownership Initiative (THHI), powered by Homium, is growing fast. It recently secured a major investment from the Michigan State Housing Development Authority (MSHDA).
This new funding allows the program to offer up to 40% in down payment assistance to more Detroiters. The tool? An innovative shared appreciation mortgage.
How the Program Works
THHI started in 2024. The initiative runs with Homium, a fintech company that focuses on shared appreciation mortgages and equity-based home financing.
With state support, the program can scale up. It now targets working families and first-time buyers.
The focus is on Wayne County residents earning at least $45,000 per year—people who have struggled to save for a home.
For Harris, support from the state changes everything. “Now, with MSHDA’s investment, we can break down those barriers for even more families. This is about making sure Detroiters have a real shot at building equity and putting down roots in the city they love,” he said. From day one, his goal was to help families overcome the biggest barrier: high upfront costs.
THHI offers something different from a typical loan. Qualified buyers receive a “silent partner” second mortgage covering up to 40% of the home’s price.
There are no monthly payments, interest, or fees on this portion. When the homeowner sells or refinances, they share a fixed percentage of the home’s appreciation with the program. These funds are then recycled to help more future buyers.
David Bateman, CEO of Homium, explained, “Shared appreciation mortgages are a proven way to empower families without piling on more debt. The state’s support will help us scale this self-sustaining model and reach the Detroiters who need it most.”
Who Qualifies?
THHI prioritizes buyers who have Detroit roots. That means people who live, work, or once lived in Wayne County. Eligible neighborhoods include East Village, Indian Village, Regent Park, Franklin, Mapleridge, Dexter-Linwood, Woodbridge, Core City, and others.
THHI brings together Harris, Homium, MSHDA, former Pistons teammate Jon Leuer, and team owner Tom Gores.
With new state funding, THHI is doubling down on transparency. The program tracks homes financed, homeowners served, and equity built.
As buyers repay shared appreciation, those funds help new families, making the program sustainable for the long term.
Amy Hovey, Executive Director of MSHDA, said, “Our investment will help expand access to homeownership, build equity, and strengthen neighborhoods across the city. This is a new era for Detroit—and a new model for how states can invest in their communities.”
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