Financing Tools
Resources
Learn about the tools for housing financing including Community Development Finance Institutions, Leveraging bonds, and using Tax Incremental Financing through the Brownfield Redevelopment Authorities to help fill the gap in workforce housing, Community Land Trusts, and more.
Community Development Finance Institutions
Community Development Finance Institution
(CDFIs) are private financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.
Small business focus:
Tax Incremental Financing or TIF
This tool can now be used for 'Assistance for Sale' projects that help fill a housing gap. This is a partnership with a developer, local unit of government and the land bank authority, and brownfield redevelopment authority.
Partnerships with Municipalities
Units of Government and Municipalities can partner in housing projects in a variety of ways.
Using the County Land Bank Authority or State Land Bank Authority to invest in housing
Here is a link to a recent project in Grand Haven!
Using city, county or township owned property to invest in housing in your community
Using unrestricted funds to invest in housing and ensure affordability. Example here in Mackinac Island.
Nonprofit Developers
HomeStretch
Cover all counties that touch Grand Traverse County.
Northern Homes Community Development Corporation
A Community Land Trust that covers Antrim, Charlevoix, and Emmet Counties.
Peninsula Housing
A Community Land Trust that covers Leelanau County.