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Kent County says $58.3 million revolving loan fund has supported more than 400 housing units
Summary
Administrator Al Vanderburgh reported Kent County’s $17.5 million ARPA investment matched by IFF to create a $58.3 million revolving loan fund has closed over $36 million in loans, helped develop more than 400 units, and leveraged $161 million in community investment; Amplify GR described how funds are used in the Boston Square neighborhood.
County Administrator Al Vanderburgh described a county partnership with IFF that created a revolving loan fund intended to incentivize affordable housing development.
Vanderburgh said Kent County invested $17,500,000 in ARPA funding and IFF matched with $40,800,000 to create a $58,300,000 loan fund. “To date, the fund has…
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