The Michigan Affordable Housing Loan Program leverages funds for the creation and preservation of affordable housing in West Michigan.

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

Who can participate?
  • Nonprofit developers
  • For-profit developers
  • Municipalities and other public agencies
What are the eligibility criteria?

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

What are the terms and rates?

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.

Interested in investing in MAHLP? Click here to learn more.
Client Spotlight · Affordable Housing

Samaritas of Spring Lake

IFF closed a loan for $2.3 million to finance the construction of 53 units of affordable housing for Samaritas of 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 Story
Client Spotlight · Affordable Housing

Dwelling Place

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 Story

Contact Us

Developers interested in learning more about MAHLP, please fill out this form and a member of the team will be in touch.

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    For Investors

    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 Richard Figueroa, Vice President of Impact Capital Catalyst.

    Click here to download the investor term sheet.

    Interested in other opportunities to invest in IFF? Visit iff.org/investors to learn more.

    Richard Figueroa

    Richard Figueroa

    Vice President, Impact Capital Catalyst
    Email Richard

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