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Michigan Land Bank Redevelopment Loan Program seeing positive results two months after launch
March 13, 2019
FOR IMMEDIATE RELEASE: Wednesday, March 13, 2019
MEDIA CONTACT: Erica Quealy, 517-582-2961
LANSING, Mich. – Three Grand Rapids families are closing on homes this month thanks to the Michigan Land Bank Fast Track Authority’s Redevelopment Loan Program in collaboration with the Kent County Land Bank’s InnovaHomes project.
“Grand Rapids is currently facing a shortage of affordable housing, and projects like this help create more opportunities for Michiganders,” Michigan Land Bank Director Josh Burgett said. “The sale of these three properties is great news and we’re eager to see more local land banks, both urban and rural, participate in this loan program.”
The new loan program, announced in early February, assists local land banks with the redevelopment of publicly owned properties and supports growth in communities of all sizes. These short-term loans provide land banks with the capital to conduct redevelopment projects with the intention to sell the property after development. Redevelopment loans are awarded to land bank authorities within the state and all land banks are eligible to participate in this new program.
The three, single-family homes are part of a project by the Kent County Land Bank to provide affordable housing for working-class families in the area. The first home closed on March 6, and the remaining two homes are slated to close by the end of the month.
“We absolutely love our new home. We are so proud to be a part of the growth in this community with a newly built house on this block,” new homeowner Nathanial Edmond said.
Any land bank in Michigan is eligible to apply for the loan program.
To learn more about their efforts to improve communities across the state, and review the Loan Application, visit www.michigan.gov/LandBank.