We're working with communities to meet
Whether it's preserving old or building new, we're committed to providing housing for all income levels and all household needs. By convening conversations with developers, municipalities and nonprofits, we've helped bring projects to fruition. Our projects include both multi-family and single-family residences.
Bridge Street Market
As anchor tenant of this mixed-income and mixed-use development on the city’s West Side, the Bridge Street Market serves a critical need in the neighborhood. This development – a partnership between Inner City Christian Federation and Rockford Construction – includes both market-rate and affordable housing. The Bridge Street Market offers easier access to fresh, local food and good-paying jobs to residents through its grocery store – the result of a commitment by the partners and Meijer to create a space and experience that’s representative of the neighborhood. We worked with the Michigan State Housing Development Authority and the Michigan Development Economic Corporation to invest in this project. This project highlights the strong collaboration and collective problem-solving for which West Michigan is known.
Grand Haven Charter Township
Our data showed the need for affordable in-town housing for single adults. We shared this information with the developer, which adjusted its construction plans to include studio apartments that were $200 a month less and only 200 square feet smaller than a one-bedroom unit. We also had conversations with city leaders about this need, which resulted in zoning adjustments. This development offers a total of 118 studio, one- and two-bedroom apartments and serves households that earn 70% of the area median income – or $41,000 a year. Leasing began in late 2020.
Black River Flats
Adjacent to an available truck stop off M-40, this 216-unit development is leveraging brownfield reimbursements to cap half the rents at 80% of the area median income, or AMI. It offers one- and two-bedroom apartments and serves households that earn between $41,000 and $59,000 a year. Leasing is expected to begin in late spring 2021. We worked with the developer and the City of Holland to put together a brownfield tax increment financing, or TIF, plan that reimburses the developer for costs related to infrastructure over 10 years for its commitment to maintain at least half of the apartment units at 80% AMI. Leveraging a tool generally used for contaminated brownfield sites that require a lot of cleanup was a creative way to make the financing work for the developer and keep units affordable.
As we work to facilitate housing at all price points, we couldn’t stand by and watch a developer that wanted to build middle-income housing walk away. That’s why we stepped in to help find the right location and negotiate the terms for what’s now a 118-unit development that serves households that earn 90% of the area median income – or between $52,000 and $82,000 a year. Leasing began in December 2020, with 25% of the project still under construction.
HŌM Flats at Felch St.
Leveraging the state’s Low-Income Housing Tax Credit in a way most other developers have not been successful and utilizing the city’s Payment in Lieu of Taxes, or PILOT, incentive, this 114-unit development serves households that earn between 40% and 100% of the area median income – or $23,000 to $59,000 a year. One of the lakeshore’s first PILOT projects in over a decade, it will offer one- and two-bedroom apartments. Construction is expected to begin in spring 2021. We’ve worked with HŌM Flats – a workforce housing development and property management company based in West Michigan – for the past few years to help identify sites, gauge market demand, pursue zoning approvals and obtain financing for various projects.