A new line of credit will open up investment possibilities for Jubilee Ministries.
The Community Foundation of the Holland/Zeeland Area has extended a five-year, $250,000 line of credit to Jubilee Ministries.
The nonprofit working to strengthen neighborhoods in the greater Holland area through the development of attainable housing options will use the first $150,000 of the loan to purchase property for a joint project with Habitat for Humanity on 36th Street in Holland. The rest of the money will be disbursed on a project-by-project basis, Jubilee Executive Director Steve Grose says.
“We believe addressing the shortage of affordable housing leads to multiple positive social returns including economic growth, employment stability, academic success, improved health, and overall neighborhood safety,” Grose says.
The Jubilee-Habitat pocket neighborhood on West 36th Street will have upwards of 42 homes, a mix of single-family houses and two- and three-unit townhomes for residents earning between 50% to 120% of the area median income.
The Program Related Investment fund, part of the Community’s Endowment, holds $1 million to invest in opportunities that provide both significant social impact and an ability to repay the loan. The Community Foundation has done only a handful of these lines of credit in the program’s first several years, President Mike Goorhouse says.
The CFHZA helps donors achieve their charitable goals and supports high-impact charitable projects with its Community’s Endowment.
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 to support the preservation and renewal of existing housing and neighborhoods.
Jubilee Ministries created a small home pocket neighborhood at the corner of 16th Street and Central Avenue.
Jubilee focuses its efforts on moderate wage earners — a segment of the population that 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 West 15th Street 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, small homes on the corner of 16th Street and Central Avenue in Holland’s core city.Jubilee Ministries restored a block of townhomes at the intersection of 14th Street and Maple Avenue in Holland.
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.
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, a gap of 791 housing units exists in southwest Ottawa County. These are the renters and buyers Jubilee looks to serve.
“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,” Goorhouse says. “The Foundation has identified affordable housing as a key priority area for investment.”
Jubilee Ministries, Goorhouse says, is a key partner in that effort.