New Annual Report Highlights Kent County’s Commitment to Affordable Housing Through Revolving Loan Fund
GRAND RAPIDS, Mich. (December 18, 2025) – Kent County has released its Annual Report detailing the progress and impact of their Revolving Loan Fund, a key tool aimed at addressing the region’s urgent need for affordable housing and community-focused development across West Michigan.
Launched in response to the 2022 Housing Needs Assessment, which identified a shortfall of nearly 35,000 housing units by 2027, the Revolving Loan Fund provides flexible, low-cost financing to support the creation and preservation of affordable rental and home ownership opportunities. Through a partnership with IFF, a mission-driven Community Development Financial Institution (CDFI), we have significantly expanded the reach of public investment, leveraging every County dollar to maximize community impact.
“Housing is foundational to a thriving community. Across West Michigan, the housing crisis is being felt by families, workers, seniors, and young people alike, putting pressure on household budgets, limiting opportunity, and affecting overall well-being,” said Josh Spencer, Kent County Strategic Impact Director. “This revolving loan fund is designed to support developers as they move projects forward, while allowing public dollars to be repaid and reinvested into future housing efforts - creating a sustainable, revolving resource that strengthens our communities over time.”
As of September 30, 2025, the fund has closed 16 loans totaling more than $42.3 million, leveraging an additional $114 million in capital. These investments have supported the creation or preservation of 503 housing units, including 428 affordable units, across Grand Rapids, Wyoming, and surrounding communities. Projects supported by the fund serve households earning between 30% and 120% of the Area Median Income (AMI) and include developments for seniors, working families, and first-time home buyers.
The partnership with IFF has been instrumental in scaling the program. IFF’s 2.33:1 match added $40.8 million to the fund, bringing the total investment capacity to $58.3 million. Together with IFF, we have supported mixed-use developments, neighborhood revitalization, and long-term affordability through requirements that ensure affordability is maintained for at least 10 years or the life of the loan.
Funded projects highlighted in the report range from single-family home ownership developments and senior housing renovations to large-scale workforce housing communities with on-site childcare, retail space, and community amenities. Collectively, these projects are strengthening neighborhoods, supporting local economies, and expanding housing choices for residents.
With strong demand and a growing pipeline of projects, we anticipate fully deploying the Revolving Loan Fund by mid-2026 which is well ahead of the original three-year goal. From there, it will begin to recycle and reinvest funds later that year.
View the full Kent County Revolving Loan Fund Annual Report here or online at kentcountymi.gov. The document provides detailed project profiles, financial outcomes, and a look ahead at upcoming developments.
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