GRAND RAPIDS — Developers relied on low-income tax credits to add nearly 2,000 units of affordable housing in the city over the last five years. While the credits provide key gap financing to affordable housing developers, officials who administer the funding say the program is consistently “oversubscribed,” leading to delays for new projects.
Commercial real estate and city government stakeholders view a soon-to-be vacated riverfront site as an ideal laboratory for testing a more equitable model of development.
Stakeholders in West Michigan’s commercial real estate industry continue to express cautious optimism for the foreseeable future, despite the emergence of some headwinds.
The partners in a newly proposed grocery store in downtown Grand Rapids cite the growing number of residents and workers in the Heartside neighborhood as a sign that the city needs more food options.