GRAND RAPIDS, MI, October 2018 – Inner City Christian Federation (ICCF) has finalized its purchase of 28 properties throughout the greater Grand Rapids area. The purchase, which includes 32 units of housing, will preserve affordable rental rates and provide new homeownership opportunities for low and moderate income families and individuals. The homes will be added to ICCF’s Community Homes Initiative which began with the successful purchase of 177 properties from an out-of-state investment group in November of 2017.
“The growing demand and limited supply of housing in our city’s core neighborhoods has led to rapidly escalating rents and home prices over the last several years, and we’re concerned about the displacement of longtime residents,” said Ryan VerWys, CEO of ICCF. “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.”
ICCF’s key goals and objectives for this portfolio:
- Sell 50 percent of the homes to low and moderate income households within 10 years. Provide current tenants who desire to purchase their home the opportunity to do so.
- Raise additional funds to make improvements to the properties paying special attention to increasing the energy efficiency and environmental stability of the homes.
- Hire local contractors who are committed to employing low income residents of the neighborhoods in which the homes are located.
“We are thrilled to support this expansion of ICCF’s Community Homes Initiative through the Neighborhood Strong campaign, which has already funded critical repairs for 30 homeowners in the neighborhoods surrounding Boston Square and Cottage Grove,” shared Jon Ippel, Executive Director of Amplify GR. “Neighborhood Strong is the result of resident-driven solutions that have led to substantial investment, ensuring that all residents have real opportunities to live where they choose. We’re particularly excited to help preserve affordable rents and increase homeownership opportunities for residents.”
This purchase would not have been possible without equity and financing support from The Barnabas Foundation, Amplify GR, CDV5 Foundation, and the Doug and Maria DeVos Foundation.