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Home Program for Vulnerable Populations

Metro Community Development

  • Program Flint Area
  • Program Area Restoring Community Vitality
  • Grant Amount $100,000
  • Grant Period March 1, 2006–December 31, 2014
  • Location Flint, MI, United States
  • Geographic Focus Flint

About this grant

Many owner-occupied homes that provide stability for neighborhoods are owned by senior citizens with fixed incomes. To ensure that they retain home ownership and unlock the value of their asset, the Federal Housing Administration and Fannie Mae have created the Reverse Mortgage Program. This program enables senior citizens to borrow against the equity of their homes and remain in them for the rest of their lives. Lenders recover their principal, plus interest, when the home is sold.Since many fixed-income senior citizens in the City of Flint fall short of the federal eligibility requirements, this grant will enable Metro Housing Partnership to help them gain eligibility for the Reverse Mortgage Program through a short-term loan fund. In turn, this fund will allow more senior citizens to access the benefits of the Reverse Mortgage program. The repayment of the short-term loan will be a fraction of the payment that would be owed on a conventional second mortgage.The mission of Metro Housing Partnership, founded in 1992, is “to serve as a leader and catalyst to expand and enhance quality housing initiatives in Flint and Genesee County.”