New housing fund to support workforce housing efforts in Petoskey, Traverse City, and Wyoming

What’s happening: A state-funded pilot program has awarded its first round of grants in an ongoing effort to better connect the workforce with workforce housing. Six companies located at various points throughout the state have been selected for the inaugural cohort of the Employer-Assisted Housing Fund, including companies in Petoskey, Traverse City, and Wyoming.

What it is: The $10 million state-backed Employer-Assisted Housing Fund (EAH) was launched by the Michigan State Housing Development Authority (MSHDA) earlier this year as the state agency attempts to address Michigan’s housing shortage. Grants are offered to employers who are then required to contribute matching funds by way of cash investments, land donation, below-market interest loans, or a combination thereof, resulting in new housing solutions for employees otherwise struggling to find housing near their jobs.

Where it’s going: Almost $5.4 million in EAH grants have been awarded to six companies in this first round, including those found in the rural communities of Petoskey, Traverse City, and Wyoming. Companies in Flint, Grand Rapids, and Royal Oak round out the list in this first cohort.

In Petoskey, Manthei, Inc. contributes $490,000 and receives an EAH matching grant to create a down payment assistance program for income-eligible households. The program could make homeownership possible for 14 of their employees.

In Traverse City, Munson Healthcare contributes $500,000 and receives an EAH matching grant to create a housing stipend for employees committed to a 24-month employment contract. A total of 42 employees could receive up to $1,000 per month for housing costs.

And in Wyoming, Cascade Engineering and Spectrum Enterprise have jointly contributed $100,000 as they share an EAH matching grant to create a down payment assistance program that makes homeownership more accessible for as many as 27 employees.

Why it’s important: “The Employer-Assisted Housing Fund is another great tool in our toolbox to address the housing shortage in Michigan,” says Amy Hovey, MSHDA CEO and Executive Director. “These grants are more than an investment in housing; we’re investing in our workforce, our economic stability, and our future.”