The Local Element West Michigan
Real Estate Agency in Grand Rapids, Michigan.
4 Local Non-Profits Doing Affordable Housing Right Now
Finding affordable housing can be a challenge, but several non-profits in the Grand Rapids Metro area are working tirelessly to provide opportunities for low to moderate income families. In this post, we highlight four organizations offering homes for sale, two of which use a Community Land Trust (CLT) program to ensure long-term affordability.
If you’re looking for assistance in purchasing a home, our office is here to help you navigate these opportunities.
Dwelling Place working to transform the Garfield Park neighborhood with newly constructed, single-family homes. Located at 2080 Union, this project includes 42 homes, two new city streets, and a resident courtyard and greenspace.
By buying a CLT home through Dwelling Place, you can access homeownership at below-market prices. In exchange, homeowners agree to resale price restrictions to maintain affordability for future buyers. When selling, homeowners retain 25% of the equity plus their principal payments, while the remainder stays with the trust to keep the home affordable for future owners.
ICCF Community Homes offers both multi-family and single-family homes through their Community Land Trust Model. Established in 2019, the Community Homes Land Trust (CHLT) ensures that homes sold through this program remain affordable forever. Homebuyers purchase the home and pay a ground lease of $60/month.
Eligibility includes being at least 18 years old, a first-time homebuyer, meeting income guidelines, having a conventional loan pre-approval, and completing a HUD Certified homebuyer education course. The CHLT aims to provide healthy, affordable homes while preserving these opportunities for future buyers.
LincUP is expanding access to affordable housing through a traditional home sale model. Primarily building and rehabbing homes on the SE Side, LincUP is currently offering new construction homes for sale at prices up to $245,000. They’ve also identified downpayment assistance programs to help buyers with closing costs and loan reduction.
In their 25th year, New Development Corporation focuses on rehabbing and building new homes on the North Side of our City. Sold with a traditional home sale model, their next new construction home will be listed in the Creston neighborhood this summer.
To purchase a home from New Development Corporation, buyers must be first-time homebuyers, mortgage-ready with a participating lender, meet income eligibility, contribute at least 1% of the sales price, and complete an approved Homebuyer Education course. They’ve identified up to $42,000 in downpayment assistance to help with closing costs and loans.
These four local non-profits are creating pathways to homeownership for families in the Grand Rapids area.
If you’re interested in exploring these opportunities, reach out to our office today through the form below to start your journey to affordable homeownership!
We’re here to guide you through the process and help you find a home that fits your needs and budget.
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