Community foundation invests in Jubilee Ministries’ housing efforts

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Jubilee Ministries will use the PRI funding to support the acquisition of property for the construction of affordable housing units. Courtesy Jubilee Ministries

The Community Foundation of the Holland/Zeeland Area made a program-related investment in Jubilee Ministries to strengthen the area’s affordable housing options.

The foundation, known as CFHZ, said last week that it extended a five-year, $250,000 line of credit through its CFHZ Program Related Investment (PRI) fund to support the work of Jubilee Ministries, a nonprofit working to strengthen neighborhoods in the greater Holland area through the development of attainable housing options.

The PRI fund, part of the Community’s Endowment fund of CFHZ, holds $1 million to invest in opportunities that provide significant social impact and an ability to repay the loan.

Before (top) and after photos of a Jubilee Ministries housing project. Courtesy Jubilee Ministries

“In communities all over the country, including right here in the Holland/Zeeland area, we see the need to provide attainable housing and better support our ALICE (asset limited, income constrained, employed) populations,” said Mike Goorhouse, president and CEO of CFHZ. “The foundation has identified affordable housing as a key priority area for investment and is delighted to continue that support by issuing a (PRI) to Jubilee Ministries. They are a valued partner with a demonstrated track record of success and financial stewardship.”

Steve Grose, Jubilee Ministries’ executive director, said his organization believes addressing the affordable housing shortage “leads to multiple positive social returns, including economic growth, employment stability, academic success, improved health and overall neighborhood safety.”

“We are grateful to CFHZ for supporting our work through the (PRI) fund and recognizing that a fully thriving community includes providing individuals with access to attainable housing options,” Grose said.

Jubilee Ministries will use the PRI funding to support the acquisition of property for the construction of affordable housing units. The flexibility of the PRI funds will allow Jubilee to purchase and hold the land while community stakeholders develop a plan for the best possible use of the property.

The projects these dollars are used for will have at least two-thirds of the units accessible to households earning below 120% of the area median income. According to the most recent housing needs assessment, there is a gap of 791 housing units in southwest Ottawa County, and these are the renters and buyers Jubilee looks to serve.

Jubilee Ministries

Founded in 1997, Jubilee Ministries focuses on alleviating the housing shortage for those who wish to live in the greater Holland area by working with key partners to create new, quality housing and neighborhoods and supporting the preservation and renewal of existing housing and neighborhoods.

The nonprofit focuses its efforts on moderate-wage earners, as this segment of the population earns too much for housing support programs but too little to afford housing at current market prices.

Jubilee’s past projects include the restoration of the Midtown Center on W. 15th St. into a hub for nonprofit tenants and a revenue-generating event space; the renovation and resale of 50 previously distressed homes in collaboration with partners Homecor and Partners for Renewal; and Central Commons at 16th St. and Central Ave.

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