Innovative Venture Evolved from Clinton Global Initiative and the Obama Administration’s Detroit Federal Working Group

CHICAGO, Ill. (February 18, 2016) - Perkins Coie served as general counsel to Community Reinvestment Fund, USA (CRF), a national non-profit community development financial institution and a leader in bringing capital to underserved areas, in the development of Detroit Home Mortgage, an innovative new program introduced today to make Detroit home buying easier. Detroit Home Mortgage Fund is a $42 million funded mortgage program to help solve Detroit’s appraisal gap problem. Banks will now be able to lend qualified homebuyers the full amount needed to purchase a renovated home, or to buy and rehabilitate homes anywhere in the city of Detroit.

Detroit Home Mortgage was developed in collaboration with Detroit Mayor Mike Duggan, the Obama Administration’s Detroit Federal Working Group, the Clinton Global Initiative, local banks, foundations and nonprofits. Additional grants to CRF in support for the program include $6 million from The Kresge Foundation, $6 million from the Michigan State Housing Development Authority and operating support from the Ford Foundation and The Kresge Foundation. CRF is the sole owner/manager of the Detroit Home Mortgage Fund which evolved out of the Clinton Global Initiative (CGI) meeting in the summer of 2015 and announced as a new CGI Commitment to Action.

Perkins Coie served as general counsel to CRF in connection with all aspects of the Detroit Home Mortgage Program, including the formation of the Fund and all program implementation documents. The Perkins Coie team was led by Chicago partner Bruce Bonjour and included Chicago partners Ed Wicks and Richard Peterson; Dallas partner Craig Lackey and Washington, D.C. partner Jesse Kanach.

Click here to read the CRF press release.

Click here to learn more about Detroit Home Mortgage.

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