Nonprofit housing developers seeking to repair or demolish 16 tax foreclosed homes are getting a boost thanks to the city of Grand Rapids.
The city is offering the developers loans, of up to $13,600 per property, to pay for expenses such as demolition, lead and asbestos abatement and public infrastructure improvements. Once repaired, the homes are expected to be sold or rented to low-income residents.
Kara Wood, economic development director, said the loans will be repaid to the city over a 10-year period through property taxes generated by the redevelopment.
“As the resources decline and the availability of funds for affordable housing redevelopment get tighter and tighter, this is just one way that we can be of assistance,” she said.
The groups seeking the funds are: Inner City Christian Federation, Habitat for Humanity of Kent County, LINC UP, New Development Corporation, Westside Collaborative and Next Step of West Michigan.