Homestretch Programs

30 Years | Over 150 Units Built | Over $25 million invested

  • A two-story residential building with a gray exterior, white trim, multiple windows, and a covered front porch, situated in a suburban neighborhood with green lawns and trees.

    Rental

    Homestretch has a variety of multi-family rental properties in the Grand Traverse region at below market lease rates.  Individuals and families must be income eligible and meet other requirements including:

    1. At or below 80% AMI per household

    2. Working or living in our 5 county service area (Grand Traverse, Benzie, Leelanau, Kalkaska, and Antrim)

    3. Have income of 3x the rental rate or be a housing voucher holder

    4. Have no violent criminal background

  • Image of a beige three-story residential building with multiple windows, a white balcony, and a parking area underneath. There are trees and a mailbox in the foreground, and another similar building visible in the background. The sky is clear and blue.

    Home Purchase

    Depending on location availability, Homestretch builds attractive, high quality, energy efficient single family homes in the Grand Traverse region. The homes are then sold to income eligible families and individuals meeting at least the following criteria:

    1. At or below 80% AMI per household

    2. Working or living in our 5 county service area (Grand Traverse, Benzie, Leelanau, Kalkaska, and Antrim)

    3. Have income of 3x mortgage payment

    4. Have no violent criminal background

    5. Qualify for financing

Apply Now

See If You Qualify

Homestretch Housing uses AMI (Area Median Income) per county to verify income. These rates are set annually by the Department of Housing and Urban Development as well as the Michigan State Housing Development Authority. Homestretch programs are restricted to individuals and families that make less than or equal to 80% AMI. To view the latest AMI schedule, please press button below.

Michigan AMI by County
Apply Now

FREQUENTLY ASKED QUESTIONS

What happens if I sell my home before the 15-year affordability period ends?

You do not repay the subsidy. The home must be sold to an income-qualified buyer (up to 120% AMI), and you receive 50% of any increase in market value. For example, if the home's value increases by $100,000, you would receive $50,000

Example: If the home's market value is appraised at $430,000 when you purchase it and later appraises at $530,000 when you sell, the increase in value is $100,000. You would receive $50,000, which is 50% of the appreciation.

Can I rent my home if my circumstances change?

No. Homes must be owner-occupied and cannot be rented. Immediate family members may be permitted to occupy the home under certain circumstances.

Can I sell my home to anyone?

During the 15-year affordability period, the home may only be sold to an income-qualified buyer. After the affordability restrictions expire, it may be sold to anyone at market value.

How is appreciation calculated?

Appreciation is based on the difference between the home's market value at the time of purchase and its market value at the time of resale, as determined by independent appraisals.

If the home's value increases during ownership, the homeowner receives 50% of the appreciation, helping build equity while preserving affordability for future buyers.

Is the listed purchase price the same as the home's market value?

Not necessarily. The advertised purchase price reflects the affordable purchase price made possible through housing assistance and affordability programs.

The actual market value may likely be higher and is typically established through an independent appraisal. For financed purchases, the appraisal obtained by the buyer's lender is generally used. For cash purchases, an independent third-party appraisal may be obtained.

Who qualifies to purchase a home with HomeStretch?

Buyers must meet program income requirements, which currently allow households earning up to 120% of the Area Median Income (AMI). Income limits vary based on household size and are subject to periodic updates.

Why are affordability restrictions included?

The affordability program helps make homeownership accessible to local working families who might otherwise be priced out of the housing market. These restrictions ensure the home remains affordable for future generations while still allowing homeowners to build equity through appreciation.

Have additional questions?

Our team is happy to help explain the program, affordability requirements, resale provisions, and homeownership opportunities. Please contact HomeStretch Housing for more information about available homes and eligibility requirements.