County funds over $29M in affordable housing projects across West Michigan

Ottawa County's Planning & Policy Committee meeting on May 13, 2025, spotlighted a significant achievement in affordable housing financing, with over $29 million in loans approved in the past year and a half. The committee revealed that $22.8 million of this funding came from the county's Investment Fund, successfully exceeding the targeted two-to-one leverage ratio. This strategic funding has catalyzed an impressive $146 million in total project investments, resulting in the development of over 500 housing units, 435 of which are designated as affordable.

Chris, a key presenter at the meeting, highlighted the collaborative efforts with various developers, including a notable project in Spring Lake with Samaritas, which features 53 energy-efficient units. Another highlighted initiative is the Home Flats project in Holland, led by Magnus Capital, which will incorporate an early childhood center within its housing development. This integration of community amenities is part of a broader strategy to enhance the living environment for residents.

The committee emphasized the importance of outreach to both nonprofit and for-profit developers to identify new projects. They aim to support any initiative that meets the criteria of providing housing for individuals at or below 20% of the Area Median Income (AMI). The committee's approach is to remain inclusive, encouraging developers to engage early in the process to navigate the often lengthy project timelines.

In response to questions about the selection process for funding, Chris explained that the county's Community Development Financial Institution (CDFI) is designed to fill gaps left by traditional lenders, particularly for smaller projects that may not meet conventional financing criteria. This flexibility allows for creative solutions in financing affordable housing, ensuring that more residents have access to safe and affordable living options.

As Ottawa County continues to expand its affordable housing initiatives, the committee's proactive measures and collaborative partnerships are set to make a lasting impact on the community's housing landscape.