The Michigan State Housing Development Authority Board approved the first Employer-Assisted Housing Fund grants for six Michigan businesses. Cascade Township-based Cascade Engineering and Wyoming-based Spectrum Enterprise are jointly pledging $100,000 to create a down payment assistance program supporting homeownership for up to 27 employees.
The two companies are part of the first round of EAH Funds totaling almost $5.4 million.
First announced by MSHDA in February, the EAH Fund is a $10 million pilot program providing a dollar-for-dollar match for businesses increasing housing in Michigan. Employers’ contributions specify cash investments, land donations, or below-market interest loans.
Grand Rapids-based Sun Title will donate land valued at $3.1 million for the development of a new mixed-use building featuring 171 residential units, 37 reserved as EAH units. The site has yet to be determined.
Businesses can only receive the funds once. It’s geared toward households earning 120% or less of the area median income, and that affordability level must be maintained five years for homeownership units and 10 years for rental units.
