The Michigan Affordable Housing Loan Program leverages funds for the creation and preservation of affordable housing in West Michigan.
The Michigan Affordable Housing Loan Program (MAHLP) is a visionary initiative managed and administered by IFF, in collaboration with Kent and Ottawa Counties, offering developers flexible financing for high-quality affordable housing in West Michigan.
Uniting private and public resources, MAHLP will leverage $64 million in private capital, along with $17.5 million from Kent County and $10 million from Ottawa County, creating a revolving fund of at least $91.5 million. IFF is committed to raising more money, to leverage the already committed dollars, ensuring the revolving fund can grow and support affordable housing in the region for years to come. Funds from Kent County and Ottawa County will be used exclusively for developers located in their respective county.
MAHLP is committed to investing in workforce and affordable housing for individuals who live, work, or have job offers in eligible West Michigan counties.
IFF closed a loan for $2.3 million to finance the construction of 53 units of affordable housing for The Landing at Spring Lake in Spring Lake, Michigan. The complex will include one-and two-bedroom apartments to house residents making between 30-80% of Area Median Income (AMI) including 8 apartments reserved for tribal members or descendants of the Little River Band of Ottawa Indians. The property will be the first affordable housing residence in Spring Lake and will benefit from Low Income Housing Tax Credits from the Michigan State Housing and Development Authority.
Read more about The Landing at Spring Lake
IFF closed two loans totaling $8.5 million for the construction of 42 single-family homes in Grand Rapids, MI, that will be affordable to buyers earning less than 80 percent of the Area Median Income (six homes) and buyers earning between 80 and 120 percent AMI (36 homes). Being developed by nonprofit Dwelling Place of Grand Rapids in collaboration with the Michigan Land Bank Authority, the three-bedroom homes will be built with five distinct designs and range in size from 1,268 square feet to 1,635 square feet.
Read more about Dwelling PlaceDevelopers interested in learning more about MAHLP, please fill out this form and a member of the team will be in touch.
MAHLP offers vast opportunities for investors to leverage funds for the creation and preservation of affordable housing in West Michigan. For more information, please contact Casey Rooney, Interim CFO.
Interested in other opportunities to invest in IFF? Visit iff.org/investors to learn more.
