- Nonprofit developers
- For-profit developers
- Municipalities and other public agencies
About the Program
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. Funds from Kent County and Ottawa County will be used exclusively for developers located in their respective county.
Program Details
Location: West Michigan, including Kent and Ottawa counties
Rental Housing: At least 20% of units restricted to households at or below 80% AMI
Owner-Occupied: At or below 100% and 120% AMI (location specific)
Affordability: A minimum affordability period of 10 years
Bridge Loans:
- Maximum loan amount of $1 million for unsecured debt
- Maximum loan amount of $6.5 million for secured debt
- Term: From 12 to 60 months
- Rates: At cost approach; option for interest-only
- Eligible Activities:
- Predevelopment
- Acquisition
- Rehabilitation
- Construction
Mezzanine Loans:
- Up to 25% of project costs
- Term: From 60 to 240 months
- Rates: At cost approach; option for interest-only
- Eligible Activities:
- Preservation
- Rehabilitation
- Construction
Acquisition, predevelopment, and permanent debt loans are also available.