News Summary
Three major housing developments in the Grand Rapids area have been granted a total of $78.9 million in loans by the Michigan State Housing Development Authority. These projects aim to create or preserve 442 housing units, addressing the urgent demand for affordable housing in Kentwood, Grand Rapids, and Wyoming. Key projects include HoM Flats in Wyoming, Weston Apartments in Grand Rapids, and Countryside Townhouses in Kentwood, crucially supporting the need for affordable living spaces.
Grand Rapids – Three significant housing developments in the Grand Rapids area have recently been awarded a total of $78.9 million in state-backed loans by the Michigan State Housing Development Authority (MSHDA). These projects aim to create or preserve a total of 442 housing units in communities across Kentwood, Grand Rapids, and Wyoming, addressing the growing need for affordable housing in the region.
The largest component of this funding, amounting to $39 million, has been allocated for the third phase of the HoM Flats at 28 West project in Wyoming, developed by Magnus Capital Partners LLC. This phase will introduce 200 housing units to the area, with 162 units specifically designated for households earning between 40% and 80% of the area median income (AMI). Magnus Capital Partners had successfully completed the first two phases of HoM Flats in 2020 and 2021.
In preparation for phase three, Magnus Capital Partners acquired additional land for $2.05 million in 2024 from the Wyoming Brownfield Redevelopment Authority. Kentwood-based Rohde Construction has been appointed as the general contractor for the HoM Flats project, with Grand Rapids-based Hooker DeJong Inc. serving as the designer.
In addition, the nonprofit developer Dwelling Place received a financing package totaling $21.4 million for the rehabilitation of the Weston Apartments in Grand Rapids, which were originally built in 1982. This renovation will include enhancements such as community spaces, gardens, new building infrastructure, and various types of residential units. The contractor for this project is Pioneer Construction, while Hooker DeJong is also the architect involved.
Vitus Development, a development company based in Seattle, has secured an $18.5 million construction loan to acquire and rehabilitate the Countryside Townhouses in Kentwood. This project is targeted primarily at households earning at or below 60% of AMI and will produce 146 housing units.
These developments come at a critical time for the Grand Rapids area, which is facing a substantial housing crisis. A recent report indicates the need for 14,106 new housing units by 2027 to accommodate the growing population and demand for affordable living spaces.
Additionally, Well House is opening a new affordable multi-family housing development located at 32 Pleasant Street SE, which will primarily serve residents making around 30% AMI. Currently, Well House manages 17 homes for approximately 70 low-income tenants and aims to address the city’s need for an extra 2,000 affordable apartments.
ICCF Community Homes is also contributing to the affordable housing efforts by repurposing a former post office building into 15 new affordable apartments, with plans for completion by 2026. This project will mainly target residents earning between 30% and 120% AMI and will prioritize those already living in the neighborhood.
A 2022 housing needs assessment demonstrates the urgency of the situation, indicating that Kent County requires a total of 35,000 housing units by 2027. The newly funded projects are crucial steps toward meeting this escalating demand and ensuring that affordable housing remains accessible to increasingly diverse populations in the Grand Rapids area.
Deeper Dive: News & Info About This Topic
HERE Resources
Challenges in Homeownership for Black Families in Grand Rapids and Detroit
CWD Real Estate to Transform Fifth Third Bank Building into Apartments
Grand Rapids to Transform Vacant Grocery Store into Apartment Complex
Michigan Renters Face Escalating Housing Crisis
Kent County Approves $80 Million for Housing Projects
Mercantile Bank Reports Strong Q2 Earnings and Plans Acquisition
Grand Valley State University Receives $1.6 Million for Startups
Grand Rapids Community Services Set for Expansion
New Housing Developments in Grand Rapids and Gaines Township
Federal Tax Credits Boost Affordable Housing in West Michigan
Additional Resources
- MLive: Grand Rapids Area Housing Projects Receive $78.9 Million in State Assistance
- Wikipedia: Affordable Housing
- Crain’s Grand Rapids: 3 Grand Rapids Housing Projects Land $78.9M in State-Backed Financing
- Google Search: Grand Rapids Housing Crisis
- Fox 17: Grand Rapids’ Newest Affordable Housing Project is Complete
- Google Scholar: Affordable Housing Grand Rapids
- Wood TV: $4.2M Grand Rapids Project Will Add Housing in Mostly Vacant USPS Building
- Encyclopedia Britannica: Housing
