GRAND RAPIDS, MICH. - More than 175 residential properties are set to return to local ownership and geared toward lower-income families.
The Inner City Christian Federation (ICCF) announced a deal late last month that the nonprofit is buying 177 properties representing 213 living units in the greater Grand Rapids and Lansing areas from Chicago-based investment firm Residential Dynamics Group.
ICCF CEO Ryan VerWys declined to talk about the specific details of the deal until it closes. He also declined to put a time frame on the closure of the deal.
Aside from being intentional with keeping the properties available as affordable homes and partnering with other organizations to make the goal feasible, VerWys said it is too early to tell what might happen with the properties.
The entire portfolio has 213 housing units, with 153 in Grand Rapids and Wyoming and 60 in Lansing and Eaton Rapids. Of the 177 properties, there are 151 single-family homes, 22 duplexes, and four multi-family buildings, including an eight-unit building.
The homes in Grand Rapids are spread throughout the four quadrants of the city and northern neighborhoods of Wyoming, “predominantly in those areas traditionally considered to be the area’s most affordable neighborhoods.”
Since the recovery of the Great Recession, West Michigan’s housing market has been on a tear, which has resulted in homes rising well above the pricing peak prior to the recession. The median home price in the Grand Rapids-Wyoming area is 22.78 percent above the pre-recession peak, according to HSH.com, a mortgage information website.
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