Redevelopment Fund Loan Program

In partnership with the Blandin Foundation, GREDA has established a $1,000,000 Redevelopment Loan Fund for the purpose of providing short-term bridge financing, or gap financing in conjunction with private lending to lending to developers for projects that will result in the redevelopment of blighted or substandard buildings and the creation of new or improved commercial or residential development.

Used in conjunction with private lending as a subordinate second mortgage, loans may be amortized over a 20-year term, with a five-year balloon payment. Interest rates charged to the Redevelopment Fund loans will range between 0% and 0.25% over Prime Rate, subject to GREDA and Foundation approval, depending upon project specifics.

© 2014 City of Grand Rapids Ecomomomic Development Authority. All rights reserved.