Huntington Community Impact Capital (CIC) provided $10.5 million in construction funding. In addition to the construction financing, Huntington Community Development Corporation (HCDC) invested $5 million of equity through its participation in a third-party multi-investor fund.
The affordable housing community is being developed by LINC UP Nonprofit Housing Corporation, Dwelling Place of Grand Rapids Nonprofit Housing Corporation, and MoTown Square Development Corporation. LINC UP, founded in 2000, is the primary developer and 70% owner of the project, and is responsible for its overall development and management. LINC UP has developed seven LIHTC properties containing 231 units and improved over 500 homes in the City of Grand Rapids. LINC UP also owns and operates 60 HOME- and NSP-funded rental units throughout Grand Rapids, Kentwood, and Wyoming, Michigan.
Dwelling Place is a community development corporation formed in February 1980. A local church, Westminster Presbyterian Church, helped to create the Center City Housing Task Force—the precursor to Dwelling Place—to address the anticipated displacement of lower-income people who lived in many of the older buildings and hotels in the area. Dwelling Place’s experience includes 27 LIHTC and/or government-assisted housing projects, with over 1,195 directly developed units, all of which are in Michigan.
MoTown Square Development is a newly-formed nonprofit entity serving as co-developer and 30% owner of the project. MoTown was formed in 2020 in Grand Rapids, and this is their first LIHTC development project. MoTown’s focus will be social and community programming for residents of the building.
Huntington is proud to partner with such impactful organizations on this new housing development serving senior members of the Grand Rapids community.