Housing Development Fund

The Housing Development Fund provides loans to construct and preserve quality, affordable, housing. Given the significant need for affordable housing, Housing Development Fund loans are intended as gap financing to assist with leveraging local, state, and federal resources to the greatest extent possible.  

The 2022 budget includes financial gap funding for multi-family housing projects or mixed-use projects that will have at least four units for people or families earning less than 60% area median income (AMI). 

The Housing Development Fund helps to achieve the vision of Imagine Kalamazoo, which identifies the need for more safe, affordable housing units, a desire for a better mix of housing types, and concerns about gentrification and changes in property values. Housing has continued to emerge as a priority in other plans too, like the Shared Prosperity Plan, the U.S. Department of Housing and Urban Development Consolidated Plan, and several neighborhood plans. 

The Housing Development Fund is funded by the Foundation for Excellence.