- 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. 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.
Program Details
Who can participate?
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. Annual reporting will be required.
What are the terms and rates?
Specifics vary based on the type of loan (short term bridge loans or construction to permanent loans) and may include:
- Maximum loan amount of $1 million for unsecured debt
- Maximum loan amount of $6.5 million for secured debt
- Term: From 12 to 240 months depending on the type of loan
- Rates: To be determined based on project location and blended funding from IFF and the specific county
- Eligible Activities include predevelopment, acquisition, rehabilitation, construction, and preservation
What is the process and timing to receive funding from MAHLP?
Once all requested application materials are received, the evaluation process will take on average 30-60 days, at which point the loan request will appear before a committee for approval. Once approved, loans will close no sooner than 90 days from the approval date.
How can I apply?
If you are seeking financing for an upcoming project, please fill out the contact form below and someone will be in touch to go over the various ways IFF could be of assistance.
