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IFF updates commission on housing fund pipeline, leverage and outreach plans
Summary
David Develo of IFF briefed the commission on local pipeline projects (including a highlighted Samaritas passive‑house project), described financing mechanics (use of Federal Home Loan Bank advances, 2:1 leverage requirement, blended pricing plus ~200 bps overhead) and outlined outreach to corporate and foundation investors.
David Develo, senior lender with IFF, provided a detailed update on the agency’s Ottawa County housing‑fund pipeline and financing approach, citing Samaritas’ passive‑house project and several Magnus developments as local examples. He invited commissioners to tour sites and said the pipeline looks steady though uptake has been slower in Ottawa County than in neighboring Kent County.
Develo described how IFF manages capital flows: construction loans move to permanent debt and can be recycled; the organization can pledge assets to the Federal Home Loan Bank to access capital and is contractually…
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