Build U.P. – Providing Funds For Housing Projects In The UP.

InvestUP has announced a new housing fund called Build U.P. They aim to tackle the huge pressing issue of available housing in the Upper Peninsula. The priority of the fund is to support shovel-ready housing projects.

The fund is designed to be sustainable long-term with the agreement the recipients of the fund will pay back the amount that was awarded, and the funds that are returned to Build UP will then be put towards other projects. Michigan policymakers awarded $15 million to the fund. After research, InvestUP identified two main challenges behind developing infrastructure in the UP, and developed programs to combat the challenges.

The first is a cash collateral program, which addresses the issue of collateral shortfalls by borrowers by providing cash collateral to enhance U.P. lending institution funding. The recipients must partner with a local lending institution to access funds, and the funds may cover all or a portion of a calculated shortfall. The second program is the Residential Infrastructure Loan Program, which addresses the issue of the cost of public infrastructure. It provides financial assistance to Upper Peninsula cities, villages, counties, and townships to facilitate infrastructure extensions to new residential or rehabilitated housing; such as water, sewer, and road improvements.

Find applications and more information here.