Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
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 closed on more than $36,000,000 in loans. Those dollars have helped drive the development of more than 400 housing units and leveraged over $161,000,000 in community investment,” Vanderburgh said.
A video presentation from John Eppel, executive director of Amplify GR, described local projects in Southeast Grand Rapids. Eppel said Amplify GR is working to build 270 mixed-income housing units that include family rentals, senior rentals and home-ownership opportunities, plus retail space, a park and a community center with a clinic and early learning center. He characterized the county’s revolving loan fund as a tool that circulates capital rather than a grant that is spent once.
Vanderburgh and Eppel framed the fund as a response to high interest rates and financing challenges for affordable housing. Vanderburgh said additional partners and investment will be needed if the fund is to continue to scale its impact. No new board action was announced at the event.
