Jubilee Ministries, a nonprofit working to strengthen neighborhoods in the greater Holland area through the development of attainable housing options, was recently extended a five-year, $250,000 line of credit through the Community Foundation’s Program Related Investment (PRI) Fund to support their work. This line of credit will support Jubilee Ministries as it pursues property acquisition for the construction of affordable housing properties. The PRI 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.
“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,” said Steve Grose, Jubilee Ministries Executive Director. “We are grateful to CFHZ for supporting our work through the Program Related Investment Fund and recognizing that a fully thriving community includes providing individuals with access to attainable housing options.”
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. They focus their 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 (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 (16th St. and Central Ave).
Jubilee Ministries will utilize the PRI Funds provided by CFHZ to support the acquisition of property for 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. Using innovative design, building techniques, and partnerships, in conjunction with cutting edge site design, Jubilee seeks to create desirable places to live and to enhance the surrounding neighborhoods. The projects these dollars are used for will have at least two thirds of the units accessible to households earning below 120% AMI (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. “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 CFHZ President/CEO Mike Goorhouse. “The Foundation has identified affordable housing as a key priority area for investment and is delighted to continue that support by issuing a Program Related Investment to Jubilee Ministries. They are a valued partner with a
demonstrated track record of success and financial stewardship.”
“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.”
– STEVE GROSE, JUBILEE MINISTRIES EXECUTIVE DIRECTOR
This article appeared in the CFHZ Spring 2021 Newsletter.