IFF leaders unveil $10M revolving loan fund for affordable housing in Ottawa County

The Ottawa County Planning & Policy Committee convened on May 13, 2025, to discuss various initiatives, with a significant focus on the Arbor Partners Revolving Loan Fund. Chris Ewell, representing the IFF (a community development financial institution), presented an overview of the fund's operations and its impact on affordable housing in the region.

Ewell introduced himself and his colleague, David De Velder, emphasizing their commitment to community development in West Michigan. He outlined the history and growth of IFF, which has evolved from a $2 million seed capital organization to managing over $1 billion in assets across the Midwest. The organization has been active in Michigan for over a decade, investing nearly a quarter of a billion dollars in various projects, particularly in affordable housing.

The discussion highlighted the establishment of the affordable housing fund, seeded by a $10 million loan from Ottawa County. Ewell clarified that this funding is structured as a loan rather than a grant, with a 20-year repayment plan. He addressed some community concerns regarding the nature of the funding, explaining that loans allow for capital to be recycled and leveraged for further investments, unlike grants which are one-time allocations.

Ewell noted that for every dollar contributed by Ottawa County, IFF is required to match it with at least two dollars from its own resources, effectively increasing the fund's capacity to support housing projects. He elaborated on the mechanics of the revolving loan fund, which includes construction loans, bridge loans, and permanent debt financing, all designed to ensure that capital remains within the community.

To date, the fund has financed several projects, including a 53-unit housing development in Spring Lake. Ewell expressed a desire to expand investments throughout Ottawa County and encouraged collaboration with local representatives to identify and support additional housing initiatives.

The meeting concluded with a commitment to continue fostering partnerships and exploring further opportunities for community development through the revolving loan fund, reinforcing Ottawa County's role as a key investor in local affordable housing solutions.