DETROIT – In 2017, the median sale price for Detroit homes was $30,000.

Today, it is around $82,000, according to Zillow.

When Tobias Harris signed with the Detroit Pistons before last season, his second stint with the franchise, he realized efforts to make housing a little more affordable would be one way to help the city where he met his wife.

“Coming here was a big thing for me to figure out how to make an impact here, and affordable housing across the globe is something that’s needed in today’s society,” Harris said recently after a Pistons practice.

Harris recently announced the public-private Tobias Harris Homeownership Initiative (THHI), a new shared appreciation mortgage program for first-time homebuyers. In partnership with the Michigan State Housing Development Authority, Guild Mortgage and Homium, the program aims to make homeownership more accessible for Detroiters.

Initial funding for the pilot is being provided by philanthropic grants from Platinum Equity Chairman and CEO Tom Gores and former Pistons teammate Jon Leuer. MSHDA is also providing funding.

Harris said: “To come together with like-minded people with the same mission of improving and helping the city and improve lives all around is the key factor here. I was happy and excited for their support and the city’s as well.”

Gores, who also owns the Pistons, wrote on social media: “Proud of the great work Tobias is doing … both for our team and in the community. His commitment is making homeownership more accessible and expanding economic opportunity for people in Detroit. We are proud of all of our players and their genuine presence in the community, and Tobias continues to lead by example through this initiative.”

The program will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance without adding any monthly debt. This allows borrowers to secure a first mortgage without the need for mortgage insurance, which should result in a lower monthly payment. Instead of a monthly repayment, upon sale or refinance, the borrower repays the initial down payment assistance plus a share of the market appreciation.

“A lot of people haven’t been able to purchase that first home and what I love about the program is that what someone could be paying for rent right now could be a higher price point than a monthly home payment,” Harris said. “There are tons of hardworking individuals who want to start a family, but with the cost of living today, it’s very hard to do that so this program can help.”

Homium and Guild Mortgage helped design the program and have started identifying potential homebuyers in Detroit.

“Tobias is really passionate about homeownership and making it available in Detroit,” Guild Mortgage Senior Vice President Nora Guerra said. “The conversations with him have always been about community impact and we couldn’t be better partners for the program that cares about the community in the city of Detroit.”

Harris has developed a deep passion for the city. He has volunteered for non-profit organizations and worked with a number of local groups.

“This city means a lot to me; I met my wife here and we had our first child here,” Harris said. “The city has shown me a lot of love, and I was able to jumpstart my career here so I will always have extreme love for the city, the people and the organizations that have given me a platform and pushed me to do more so I wanted to do something special, bring innovation to change the scope of things.”

For more information on the program visit thhidetroit.com.