This series, Block by Block, is supported by FHLBank Indianapolis and CEDAM, and follows emerging and diverse developers building affordable housing in Michigan.
The Community Economic Development Association of Michigan hosted a rural real estate development boot camp in Gaylord last month, bringing together emerging developers, city officials, nonprofit housing developers, financers, and other community stakeholders. The goal is to drive affordable housing development.
Projects in Cadillac and Onaway show how community lenders and local partners can help finance housing, business expansion and jobs
Rural communities often experience a lack of capital access due to bank mergers, or community banks leaving their areas. CDFIs step in to bridge the gap by providing crucial capital, workshops, and referrals to rural communities — funding affordable housing, high-quality education, and community development with small business growth.
CEDAM has released a new housing TIF guide to help Michigan communities understand and apply tax increment financing as a tool to support local housing development and affordability goals.
Sometimes nonprofits need help to fulfill their mission of helping others within their communities. For Volunteers of America Michigan, when costly necessary roof repairs and upgraded lighting arose, they found a supportive partner in IFF. The community development financial institution that has provided millions of dollars of loans to five of the VOA Michigan thrift stores.
Michigan’s first-ever Statewide Housing Plan was released in June 2022, almost three years ago. A little over the halfway point of the comprehensive five-year plan, stakeholders and collaborative partners look at just how critical regional housing partnerships are in their own communities — moving the needle forward across the entire state.
IFF, a community development financial institution based in Illinois, has invested and shown a commitment to uplifting communities by providing financial support all over the state, including Grand Rapids neighborhoods. Part of IFF’s investment in Grand Rapids has been focused on the 49507 zip code, centered in a collection of neighborhoods southeast of downtown Grand Rapids. They're working with local nonprofits including Amplify GR and LINC UP and neighborhood residents to help propel development.
FHLBank Indianapolis HomeBoost program offered up to $15,000 in down payment and closing and counseling costs assistance in its pilot year. For the program's return, those who qualify can receive up to $25,000.
Traverse City's Commongrounds is a mixed-use building, offering affordable housing, co-working space, a coffee shop, child education center, and performance venue. It's the first real estate cooperative in northern Michigan.
Quality child care is necessary, but not always available or affordable. The MiLEAP Caring for MI Future: Facilities Improvement Fund has launched a $59 million fund to provide new and expanding home-based and center-based facilities across the state.
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