The fund will initially focus on building more rental units in Kent, Ottawa and Allegan Counties.
Officials say new business development in the region is exacerbating housing shortages.
Chris Uhl is with the community development financial institution leading the fund—“I-F-F.” He says the state’s investment will help attract other housing dollars too.
“This potential investment would round out our initial $50 million raised of what we hope to be a $100 million-plus fund targeting both western and northern Michigan initially, but also hoping to take it statewide.”
A portion of the new housing units built will go toward households within 60 and 120-percent of the Area Median Income.
