The Inner City Christian Federation is adding nearly 30 more Grand Rapids properties to its portfolio designed to preserve affordable housing in the area.
Nearly one year ago, the Inner City Christian Federation closed on the purchase of 177 Michigan properties with 150 of those single-family homes located in Greater Grand Rapids and Wyoming. ICCF paid $14.5 million to a Chicago area private equity group to purchase the homes.
Now, ICCF has purchased 28 properties which includes 32 units of housing.
Ryan VerWys, CEO of ICCF explains, “This purchase is one way that our community is coming together to stabilize the housing situation for families and individuals who might otherwise be forced to move or even become homeless.”
It comes at a time when rents and home prices continue to climb.
VerWyse says 50 percent of the homes will be “sold to low and moderate income households within five to 10 years.”
ICCF will raise additional funds for making improvement to the properties and increase energy efficiency. It spent $4.5 million improving the properties purchased last year.
Local contractors will be hired committed to employing residents of impacted neighborhoods.
Patrick Center, WGVU News.