denali<span>.</span>
  • MiBiz
  • SECTIONS
      • Back
      • Breaking News
      • Economic Development
      • Finance
      • Food/Agribusiness
      • Health Care
      • Manufacturing
      • Nonprofits
      • Real Estate/Development
      • Small Business
      • Energy
      • Talent
      • Other
  • EVENTS
  • ADVERTISE
      • Back
      • Reader Demographics
      • Editorial Calendar
      • Request Rates
      • West Michigan Construction Tracker
      • Sponsored Content
  • SUBSCRIBE
      • Back
      • Subscription Questions
      • E-Newsletters
      • Newsstand Sales
      • Subscribe
  • CONTACT
      • Back
      • Staff
      • Locations
      • Careers
  • MiBiz
  • SECTIONS
      • Back
      • Breaking News
      • Economic Development
      • Finance
      • Food/Agribusiness
      • Health Care
      • Manufacturing
      • Nonprofits
      • Real Estate/Development
      • Small Business
      • Energy
      • Talent
      • Other
  • EVENTS
  • ADVERTISE
      • Back
      • Reader Demographics
      • Editorial Calendar
      • Request Rates
      • West Michigan Construction Tracker
      • Sponsored Content
  • SUBSCRIBE
      • Back
      • Subscription Questions
      • E-Newsletters
      • Newsstand Sales
      • Subscribe
  • CONTACT
      • Back
      • Staff
      • Locations
      • Careers

Published in Real Estate/Development
ICCF’s Eastern Elementary housing project gets state funding boost COURTESY PHOTO

ICCF’s Eastern Elementary housing project gets state funding boost

BY Sydney Smith Tuesday, October 01, 2019 08:50am

GRAND RAPIDS — An Inner City Christian Federation-led project to renovate a former Grand Rapids neighborhood school into affordable housing has received a funding boost from the state.

Eastern Elementary LDHA LP, a subsidiary of nonprofit Grand Rapids-based ICCF, was awarded more than $3.5 million by the Michigan Strategic Fund board last week to purchase  tax-exempt bonds from Michigan State Housing Development Authority and for a cash flow loan. 

The project will rehabilitate a 63,000-square-foot, four-story vacant school building in Grand Rapids’ Highland Park neighborhood. ICCF purchased the property at 815 Malta St. NE. in 2015 for $500,000, according to property records. The developer anticipates a total capital investment of more than $14 million for the project.

ICCF’s goal for the project is to fill housing needs at a variety of income levels, said Jan van der Woerd, vice president of real estate development and management at the nonprofit.

“We’ve heard from the community through advocacy groups and city commission meetings over and over about the lack of affordable housing stock, and the pressure of what was typically stable rental prices in our community that are now unapproachable cost-wise,” he told MiBiz. 

“The cost of construction doesn’t allow for affordable rent levels for families above (low income) levels, but who can’t afford new construction.”

ICCF is planning 50 units that will serve residents at making 40 percent to 120 percent of the area median income. Twenty-six of the units will be eligible for MSHDA’s low income housing tax credit (LIHTC), which van der Woerd hoped to finalize this fall. The building will have a mix of studio through three-bedroom apartments.


Rockford is a nationally recognized construction, real estate development and property management provider, serving West Michigan and beyond for more than 30 years. Licensed in 45 states and ranked by Engineering News-Record as one of the top-200 contractors in the nation, Rockford brings together diverse people and ideas to tackle challenges, changing the creativity, productivity and functionality of built spaces. Visit rockfordconstruction.com for information. This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.

Read 2287 times
Sydney Smith

Staff Writer, covers real estate and economic development
Twitter: @BizSyd
Email: [email protected]

Tagged under
  • real estate development
  • Inner City Christian Federation
  • Eastern Elementary LDHA LP
  • Michigan State Housing Development Authority
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >

Latest from Sydney Smith

  • Suburban Inns acquires CityFlats Hotel in Holland
  • Universities turn to public-private partnerships to fund projects, attract students
  • 5 notable construction projects from West Michigan
  • West Michigan construction industry finds optimism ahead for 2020
  • West Michigan sees continued demand to build senior housing

RELATED ARTICLES

  • Suburban Inns acquires CityFlats Hotel in Holland
  • Universities turn to public-private partnerships to fund projects, attract students
  • 5 notable construction projects from West Michigan
  • West Michigan construction industry finds optimism ahead for 2020
  • West Michigan sees continued demand to build senior housing
back to top

This page is available to subscribers. Click here to sign in or get access.

Breaking News

  • Suburban Inns acquires CityFlats Hotel in Holland
  • Toll roads in Michigan? Lawmakers and interest groups want a closer look
  • Partners form new association to serve small manufacturers
  • Michigan among leaders in clean energy jobs, but advocates push for more policy change
  • REPORTER'S NOTEBOOK: Spectrum-Lakeland deal only bolsters Priority Health inroads to SW Michigan market

West Michigan Construction Tracker

PAID CONTENT

powered by Project_presenter_logo_small@2x

SECTIONS
  • Breaking News
  • Economic Development
  • Finance
  • Food/Agribusiness
  • Health Care
  • Manufacturing
  • Nonprofits
  • Real Estate/Development
  • Small Business
  • Talent
  • Other
ADVERTISING
  • Reader Demographics
  • Editorial Calendar
  • Digital Ad Opportunities
  • Request Rates
EVENTS
  • M+A | Deals & Dealmakers Awards
ABOUT US
  • Contact Us
  • Staff Directory
  • Careers
SUBSCRIBE
  • Print Subscription Rates
  • Free E-newsletters
  • Subscription Questions
  • Newsstands
© 2019 MiBiz. | Contact Us | Privacy Policy | Terms of Use