The Frey Foundation is pleased to announce Inner City Christian Federation (ICCF) as the recipient of its inaugural Housing Innovation Award. ICCF will use the $150,000 award to create a Community Homes Land Trust and support structures designed to create and preserve affordable homeownership and rental opportunities for ALICE (Asset Limited, Income Constrained, Employed) families in Kent County.
“We are honored to receive this award and are excited to expand affordable housing opportunities in our community,” said Ryan VerWys, ICCF President & CEO. “We recognize the need for solutions to affordable housing that go beyond new construction. With the support of the Housing Innovation Award, we will leverage existing assets to bring affordability to both renters and homeowners.”
In the planned Community Homes Land Trust model, homes are sold at below-market prices to income-qualified households who cannot afford to buy on the open market. Upon resale, any home in the Land Trust remains affordable by utilizing a portion of the appreciation to reduce the purchase price for the next owner, preserving affordability from generation to generation.
“A diverse, cross-sector Selection Committee unanimously recommended ICCF’s Housing Innovation proposal for its potential for impact, scale, and ICCF’s intent to share the Community Homes Land Trust framework with other housing organizations whose beneficiaries could be served by this tool. Their proposal included well-vetted ideas designed to preserve affordability and access over the long-term,” said Lynne Ferrell, Frey Foundation Program Director.
“Our trustees are committed to being at the table and playing a meaningful role in moving the needle on housing insecurity on behalf of ALICE families in West and Northern Michigan,” said Ellie Frey Zagel, third generation Free Foundation trustee and chair of th initiative. “This work can’t be done by one funder or in silos. we are committed to learning and listening for emerging opportunities, and are willing to try new approaches to make an impact on those we seek to serve.”
This is the foundation’s first venture into “prize philanthropy,” a grant making tool designed to spark innovation and engagement for community impact.
The Frey Foundation issued an open call for innovative ideas to accelerate access to sustainable, quality housing opportunities in Kent County in late September. The deadline for applications was October 29, 2018. A range of ideas were submitted by several local non-profit organizations. Submissions were evaluated by an external, diverse and multi-sector Selection Committee of seven coordinated by Executive Director John Weiss and the staff at Grand Valley Metro Council (GVMC)
“We designed a process to give community stakeholders license and incentive to get in a room and think creatively and collaboratively. We see this process having broader learning implications for the foundation and others involved with intrinsic benefits that will continue to unfold,” said Frey Foundation President Holly Johnson.
While the Frey Foundation serves the broader West and Northern Michigan regions, the Housing Innovation Award opportunity focused on serving Kent County’s ALICE population.
About the Frey Foundation
Edward and Frances Frey established the Frey Foundation in 1974 out of a deep love of community and their commitment to philanthropy. Since that time, two generations of the Frey family have come along to continue their legacy, working to enhance the lives of children and families, protect natural resources, promote the arts, and build community. Learn more about the foundation and its grant making at www.freyfdn.org.
About ICCF
ICCF is the oldest non-profit affordable housing provider in the state of Michigan. Active in the Grand rapids area since 1974, ICCF serves more than 2,200 households a year through its programs and services. Program offerings include Family Have emergency shelter, 439 units of affordable rental housing, newly constructed homes for purchase, homeownership education and financial counseling. Visit www.iccf.org for more information.
