This series, Block by Block, is supported by FHLBank Indianapolis and CEDAM, and follows emerging and diverse developers building affordable housing in Michigan.
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.
As part of the Region I Regional Housing Partnership, the Capital Area Housing Partnership and the Tri-County Regional Planning Commission are tasked with developing local action plans to address the housing crisis. City and state government, neighborhood developers including Forsberg Real Estate, and area nonprofits are working together to address homelessness in greater Lansing and to attract residents to Eaton Rapids.
Although headquartered in Indiana, the FHLBank of Indianapolis provides access to grant programs and resources for small businesses throughout Michigan. The Elevate Grant aims to generate more economic opportunity for all, and helps small businesses like Mushroom House Tours in Charlevoix and The Poke Bowl in Flint to level up.
Michigan has a huge housing shortage. To address this need, many communities are utilizing community land trusts, like ICCF, to ensure affordable homeownership for generations to come.
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