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Council releases $51,000 escrow to Dwelling Place, endorses adjusted affordability band
Summary
Holland City Council approved disposition of $51,000 escrowed from a 2023 sale to Dwelling Place to support construction and sale of townhomes and apartments; council discussed shifting the buyer income band up to 120% AMI for for‑sale townhomes while rental units retain lower AMI limits.
HOLLAND, Mich. — Council approved a staff recommendation April 15 to release $51,000 held in escrow from a prior sale of city property to Dwelling Place and to allow flexibility on income bands for the project’s for‑sale townhomes.
Staff explained the background: in March 2023 the city sold property at 345 Collin Park Drive to Dwelling Place with a discounted sale price intended to support affordable housing. Market changes and regulatory conditions required the parties to place $51,000 in escrow pending later council action. At this meeting, Dwelling Place…
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