Tuesday, the Grand Rapids City Commission established a fund to address racial and ethnic disparities in housing.
The Affordable Housing Fund was approved by the City and Grand Rapids Community Foundation (GRCF) as one of the foundation's non-endowed designated funds.
The Affordable Housing Fund will help to assist low and moderate income residents preserve existing affordable housing, offer gap-financing for new developments and make bridge loans for acquisition and pre-development costs with nonprofit developers.
The City’s fiscal year 2021 budget included an initial investment in the fund of $875,000, which will be transferred to the Affordable Housing Fund and these funds remain available for this purpose.
"Establishment of the housing fund is a major accomplishment that has been a priority for this Commission,” Mayor Rosalynn Bliss said. “This effort is essential as we work to ensure that Grand Rapids remains a desirable and equitable place to live for all. I am grateful for all of our partners, residents, commissioners and city employees who worked hard over the years to make this fund a reality.”
The Affordable Housing Fund board will consist of 11 members of the community with experience related to housing, finance, residential development, health and well-being, lived experience, social work, philanthropy and impact investing. Representative of the racial/ethnic makeup of the community. Members will consist of:
- Three members nominated by ward commissioners – one from each ward
- One member nominated by the mayor
- The city manager or their designee
- The executive director of the Grand Rapids Housing Commission
- Five members nominated from community through the Committee on Appointments
The Affordable Housing Fund board will make all spending and distribution decisions in the form of recommendations to the City Commission designed to make housing more accessible to residents of the city.
To learn more about the Grand Rapids Affordable Housing Fund, click here.
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