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IFF briefs commission on housing pipeline, recycling loans and investor strategy
Summary
IFF senior lender David Develo walked the commission through current and upcoming Ottawa County projects (including Samaritas and Magnus sites), explained how construction loans recycle into permanent debt, described a $2-for-$1 leverage obligation tied to county funds, and outlined investor pricing and fundraising plans.
David Develo, senior lender with IFF, presented the commission with a detailed overview of the housing fund pipeline and financing mechanics the nonprofit lender is using to support projects in Ottawa County.
Develo highlighted several projects either under way or nearing completion: Samaritas (a passive-house project the presenter described as nationally notable), Magnus developments that are adding childcare space, a Collin Park/ Hope Church campus pair of sites, Community Land Trust townhomes and a potential Grand Haven downtown site. He gave unit counts…
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