The nonprofit Inner City Christian Federation closed on a purchase earlier this month of 28 houses and duplexes in the Grand Rapids area.
The $2.6-million purchase, which includes 32 units of housing, was funded by grants and loans from Amplify GR, the Barnabas Foundation, the CDV5 Foundation and the Doug and Maria DeVos Foundation.
The purchase is in addition to the $14.5-million purchase of 177 properties, containing 213 units, in November 2017 from the same unnamed Chicago-based investment group.
The transaction transferred property ownership and management to ICCF, based at 920 Cherry St. SE in Grand Rapids.
The properties were purchased in an effort to preserve affordable rental rates and provide new homeownership opportunities for low- and moderate-income households in the Grand Rapids area, according to Ryan VerWys, the nonprofit’s CEO.
If these properties were sold on the private market, he said it’s almost certain prices would increase.