Property Improvement Program (PIP)
Make a good home better!

With a low interest rate Property Improvement Program Loan, it’s up to you to decide what kind of repairs are necessary to maintain or improve your home or rental property!

Depending on local building codes, you may be able to do some of the work yourself financing only the cost of materials (not your own labor). If a contractor is required or preferred, the individual or company must be state licensed.

The PIP is a program of the Michigan State Housing Development Authority (MSHDA) in partnership with the Neighborhood Investment Corporation and local lenders.

MSHDA, homeowners and landlords can work together to improve housing throughout the State of Michigan!

The PIP offers loans of up to $50,000* for most home improvements:
  Install Insulation
  New furnaces or boilers
  New Siding
  New Roof
  New Windows
  Remodel Kitchen or Bathroom
  Upgrade Electrical
  Even add new rooms or a garage

* Owner-occupied single unit home loan limit is $50,000. Single unit rental property maximum is $25,000. Two unit property maximum is $50,000. Three unit property maximum is $75,000. Rental properties from 4-24 units have maximum loan amount of $100,000.

Borrowers for owner-occupied properties must have a total household income of less than $69,800. (delete other line about upper income limit)

Loans may be available if:

• The 1-24 unit property is owner in your name (no corporate ownership, “DBA” partnerships, trusts, etc.)

• You are a reasonable credit risk, demonstrate an ability to repay the loan and meet MSHDA’s underwriting criteria.

Lack of equity (the value of the property beyond the amount it is mortgaged for) is not a factor.

Contact us for a Credit Application.