GRAND RAPIDS, Mich. (WOOD) — A new purchase deal by the Inner City Christian Federation is expected to bring more affordable housing to Grand Rapids.
The nonprofit organization announced Monday it had signed an agreement to purchase 177 properties throughout the greater Grand Rapids and Lansing areas. The ICCF plans to collaborate with other local housing nonprofits and churches to turn those properties into affordable homes for rent and ownership, serving low and moderate income residents.
During Monday’s announcement, ICCF CEO Ryan Verwys said the need for affordable housing is higher, as a strong housing market drives up rental and home prices “at alarming rates,” creating a housing crisis for those “living on the margins” who may have lived in the area for generations.
ICCF says the purchasing deal is with a Chicago investment firm. The organization will spend the next several weeks assessing the properties and making financial deals with supporting partners to create more affordable housing.