Inner City Christian Federation securing affordable housing
Inner City Christian Federation has closed on the purchase of 177 properties with 150 of those single-family homes located in Greater Grand Rapids and Wyoming. As ICCF leadership explains the acquisition is one way to preserve affordable housing at a time when rents and home prices are quickly climbing.
“We are excited to be a part of preserving the affordability of housing in our community.”
Ryan VerWys is President and CEO of Inner City Christian Federation.
“We know right now that folks who are renting, who have low income, are experiencing some real pressure as it relates to their housing. Rents are going up. Home values are going up and the housing market has become really competitive. And our intent with these properties is to work collaboratively with other nonprofits in town to preserve the affordability of these homes, to provide affordable rental housing and then also provide homeownership opportunities for some of the residents who live in these rentals currently.”
VerWyse says 50 percent of the homes will be “sold to low and moderate income households within five to 10 years.” It will also spend $4.5 million improving properties.
ICCF paid $14.5 million to a Chicago area private equity group to purchase homes.
“The opportunity to secure this portfolio of homes which had been assembled by an outside investment group following the foreclosure crisis, we saw this as an opportunity to bring local ownership back to these homes. Again, we saw this as an opportunity for us to preserve affordable rental and provide opportunity for homeownership to folks who might otherwise not have access to generational wealth.”
VerWys adds ICC is interested in hiring local contractors employing residents of impacted neighborhoods.
Patrick Center, WGVU News.