GRAND RAPIDS, Mich. - The Frey Founded announced Wednesday that the Inner City Christian Federation (ICCF) as the recipient of its inaugural Housing Innovation Award.
The ICCF will receive $150,000 to create and preserve affordable homeownership and rental opportunities for families in Kent County. The Frey Foundation's Housing Innovation Award focuses on service Kent County's "asset limited, income constrained and employed" or ALICE population.
"We are honored to receive this award and are excited to expand affordable housing opportunities in our community," said Ryan VerWys, ICCF President & CEO. "We recognize the need for solutions to affordable housing that go beyond new construction. With the support of the Housing Innovation Award, we will leverage existing assets to bring affordability to both renters and homeowners."
ICCF plans on using the awarded money to create a Community Homes Land Trust model. Homes are sold at below-market prices to income-qualified households who cannot afford to buy on the open market.
Upon resale, any home in the Land Trust remains affordable by utilizing a portion of the appreciation to reduce the purchase price for the next owner, preserving affordability from generation to generation.
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