The State of Michigan recently launched the $10 million Employer-Assisted Housing Fund to help address workforce housing shortages and improve employee retention across the state.
The pilot program, in partnership with the Michigan State Housing Development Authority, the Small Business Association of Michigan and the Grand Rapids Area Chamber of Commerce, provides funding for down payment or rental assistance, new housing development or property renovations. To ensure smaller employers can also benefit, $2 million is set aside specifically for businesses with 100 or fewer employees.
This initiative is particularly beneficial for hospitals facing challenges in recruiting and retaining staff due to a lack of affordable housing, especially in high-demand areas like Detroit and Grand Rapids. By encouraging collaboration with local developers, the program aims to ensure long-term affordability, requiring affordable housing to be maintained for five years for homeownership units and 10 years for rentals.
Building on its potential impact, the program could expand with an additional $25 million proposed in the state budget. State officials hope the initiative will strengthen workforce stability while supporting vibrant communities across Michigan.
Members with questions may contact Lauren LaPine at the MHA.