Building Fund
No-interest capital for equitable residential development in Detroit.
The Building Fund application reopens April 1st.
Building Fund
No-interest capital for equitable residential development in Detroit. The Building Fund application reopens April 1st.
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8425 W. McNichols Rd, Detroit, MI 48221
Join our newsletter for updates on when the building fund application reopens.
Our Building Fund application is currently closed.
Join our newsletter for updates on when it reopens.
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Program Overview
The Building Fund provides no-interest construction and development loans to residential developers of African descent who are building in Detroit. Our goal is to support equitable development that strengthens communities and creates generational wealth.
This program recognizes that access to affordable capital is one of the biggest barriers to real estate development, especially for developers from underrepresented communities.
Developer Requirements
Developer must be of African descent
Project must be located in Detroit
Focus on residential development
Prior development experience or relevant certifications required
Program Overview
The Building Fund provides no-interest construction and development loans to residential developers of African descent who are building in Detroit. Our goal is to support equitable development that strengthens communities and creates generational wealth.
This program recognizes that access to affordable capital is one of the biggest barriers to real estate development, especially for developers from underrepresented communities.
Developer Requirements
Developer must be of African descent
Project must be located in Detroit
Focus on residential development
Prior development experience or relevant certifications required
Loan Terms
Interest Rate
0%
No interest, ever.
Interest Rate
5 years
Flexible repayment structure
Payment Structure
First payment due 3 months after closing
Partial payments during construction phase
Full monthly payments begin upon project completion or 1 year after closing, whichever comes first
Loan Terms
Interest Rate
0%
No interest, ever.
Interest Rate
5 years
Flexible repayment structure
Payment Structure
First payment due 3 months after closing
Partial payments during construction phase
Full monthly payments begin upon project completion or 1 year after closing, whichever comes first
Draw Process
Segment 1
33%
Initial disbursement at
loan closing
Segment 2
33%
After inspection and milestone completion
Segment 3
34%
Final disbursement upon
inspection
Draw Process
At Closing
33%
Initial disbursement at
loan closing
Segment 1
33%
After inspection and milestone completion
Segment 2
34%
Final disbursement upon
inspection
Developer Requirements
Personal and business credit reports
Collateral (investment property)
Detailed scope of work
Project pro forma
Construction schedule
Proof of funds beyond loan amount (personal investment required)
Required Documentation
Personal and business credit reports
Collateral (investment property)
Detailed scope of work
Project pro forma
Construction schedule
Proof of funds beyond loan amount (personal investment required)