Dwelling Place of Grand Rapids Nonprofit Housing Corporationimproves the lives of over 1,300 households annually in Michigan’s greater Grand Rapids area, providing affordable housing and support services. Nearly 400 of these affordable housing units are targeted as permanent supportive housing to ensure that residents have access to and can maintain permanent housing after facing homelessness, mental illness, and other challenges.
At one of its buildings, Ferguson Apartments, Dwelling Place offers a mix of affordable housing and offices for other nonprofits. Dwelling Place is converting some of the commercial space at Ferguson into 18 apartments for homeless people with disabilities. Each resident will receive rental assistance through Kent County’s SRA Rent Assistance Program and benefit from having on-site supportive service providers.
At another building, the historic Herkimer Apartments (picture above), Dwelling Place completed renovation on seven live/work spaces. IFF loan proceeds will assist in completing two of these spaces, allowing Dwelling Place to preserve cash reserves. These completed spaces will help Dwelling Place to meet the final milestone requirement to secure a capital grant from the Michigan Economic Development Corporation.
This work to improve properties owned and managed by Dwelling Place is being made possible through an $850,000 loan from IFF. Dwelling Place is the second nonprofit in Grand Rapids to receive financing from IFF.
Tags: : Capital Solutions, Housing