Tag: GR

Driving Demand for Home Building in Grand Rapids, Michigan

Those surviving on low-income are driving the demand for home building in Grand Rapids, but indirectly. The MSHDA, Michigan State Housing Development Authority, comes in to give the businesses looking to expand a push in the right direction. Through a LIHTC, Low-Income Housing Tax Credit towards the property tax a business can make serving the demand profitable.

It’s not that Michiganders Are Lazy…

Low-income driving the demand for more, more-affordable, homes isn’t because too many people are sitting at home on their comfortable couch. Just in March 2016 the employment rate in Michigan dropped to a 4.8. That’s .2 below the National Average. That feels nice, but ‘averages’ when speaking to individuals sit with Diddy and Squat.  There’s Diddily, Squat and Average sitting on a couch..where is Tall? He’s working with you!

Meet the MSHDA:

There’s a movement around Grand Rapids to renovate old, unused spaces and create livable space. That’s a utopian dream, right. And it just so happens, there’s a high demand for low-income housing and there’s a benefit to the economy is people can live with expendable incomes. The MSHDA works on behalf of people earning too low an income to keep up, whether this is through single parent homes, disability, back-to-school (temporarily-under-employed) situation, temporary unemployment. Individually, Going the Mortgage route is one way. The MSHDA has stakes in another. Click here to read more about MSHDA. 

Meet the LIHTC:Money-Cycle-290x300

The fact that there is such a thing as market-rate rent and affordable rent is a sign, is it not? There’s a division in the market and the upper class has the money so claims the market-rent and the rest of the market can be subsidized somehow through government programs and legislation. It’s better than tearing down all the old buildings and putting up new, for only the wealthy-enough… actually even that will help. Those property taxes flow in and are turned into tax credits for OTHER businesses that will house at a rent-restricted rate. The symbiotic being of the government, business and people… amazing.

Places like Rockford Construction will come drive the Fulton stretch, Leonard St… and see an open space and throw up a new apartment complex…like the dozy going up across from adobe by GVSU and charge market-rate rent. Yeah these buildings will make it nicer, and then someone like Karl Chew with Brookstone Capital, LLC of Midland will come in and use the LIHTC to renovate an old building and have a 50-50 market-rate rent and affordable rent. Click here to learn more…

Click here to forget all that and buy a home…

 

Bridging the Gap Between Buyers and Builders in Grand Rapids, MI

If you are from the U.P. you call those residents under the bridge trolls.  If you are from Grand Rapids you know we don’t have real rapids, and we aren’t really trolls.  We have lots of bridges though: 6th street bridge, Gillette Bridge, the (rainbow) Blue Bridge, Fulton Street and the old railroad bridge with Punk Island, and maybe Gerald Ford’s S-Curve conglomeration counts?

There are lots of people considering the metaphorical bridges of Grand Rapids as well.  The Rapidian posted this article of one such group, the ADAPT theater company. Overall, the Grand Rapids landscape is broken into neighborhoods:

  • East Grand Rapids15551693870_6382dd2bc4_b
  • Easttown
  • Southtown
  • Cherry Hill
  • Heritage Hill
  • Southside
  • Heartside
  • Blackhills
  • Downtown
  • Westside
  • Fulton Heights
  • North side, etc.

Unfortunately and/or logically, the verdict is up to you on which, the neighborhood also correlates to race, a people-scape? This is highlighted by ADAPT in a play that performed in April 2016 at the Wealthy Street Theater called Lines: The Lived Experience of Race in Grand Rapids.  The play touched on many areas of life: religion, business, education but especially housing.

As a place grows in culture (shared ideas) and cultural diversity (different ethic groups) you are like a magnet for more culture and more immigration.  If you hit the 100,000 population the land becomes a city, and if you are in the city of Grand Rapids you have 188,040 as of the 2010 census.  Like every growing human endevour there are growing pains.  There is a tension between the newcomers and the ‘indigenous’ people. Familiar story right? There’s an awareness, an optimism in Grand Rapids that we don’t want to repeat the results of this historical story: The people with more money win and the indigenous people go on their new trail of tears.

Building Local Is The Next ‘Buy Local’

It would be pretty awesome if the new builders are the original homesteaders and outsiders came to their palace to enjoy the synecdoche (one part/you standing for the whole/Grand Rapids). Instead what we have is locals doing their small part to make Grand Rapids a great place on the whole and then outside investors want to come in and build new places for? Who? More outsiders?  This is Okay.  It’s not Grand Rapidian vs. everyone else. But what about the lower income population that did their part in giving Grand Rapids the reputation it has for that Big Wig’s profit?  There’s a gap.

South Division is a cool example, with a cool solution. The legend goes…Some low-income housing, especially for individuals with mental illness, was shut down in the late 1980’s. A big business moved in. The people had to go somewhere. The street Division in Heartside became the popular place.  Around the same time the LIHTC, Low-Income-Housing-Tax-Credit, became an option to give builders an incentive to keep part of their new buildings for a population who otherwise would be displaced.  The LIHTC helped a big business build in Heartside. Heartside grew and housed people, bridging that gap. The outside investors helps with urban decay, and the resident population is integrated into a thriving cultural life, with things like The Avenue and the Dwelling Place . Well, that’s the ideal.  Read more about LIHTC here.

Is a tax credit for investor the best way to ensure people with low-income don’t loose their place? No probably not. The builder can come in and promise that for 18 years 40ish% of his building will be stable affordable rent for those on disability, and get 9ish% of the project cost paid for the federal government.  That seems like a very convoluted way to help the poor…helping the rich get richer. Of course, the builder would be richer if it were 100% market-rate rent they were charging for 100% of a building. Does LIHTC help or hurt the Grand Rapids real estate market? Click here to read more. 

It definitely does something. The money from LIHTC, the $1.75 (adjusted for inflation)/resident, might be better spent donated to something like The Well House.

Click here…This can do something for you if you are in the real estate market. 

4 Reasons Why the Lower GR Property Tax Rate Will Cost Homeowners so Much More

In all fairness, Grand Rapids, MI, homeowners won’t be clawing at the walls for a way out of this, but it’s good to know that the GR property tax rate will indeed dip just a bit based on the proposed budget for the new fiscal year beginning this July. You’d think that would be a good thing — funny, that real estate can be fickle and unexpected at times, especially in our great city of Grand Rapids, but the fact is this:

Some landowners actually might have to pay more!

Why Will the Lower GR Property Tax Rate Do That?

The fact is there are some landowners out there that paid more in taxes due to the GR property tax rateGR property tax rate Euchre increasing from last year. Because of that, city property taxes for the everyday GR homeowner might go up by just over 9 bucks this year, and here’s why:

Yes, It Sounds Crazy — Like Euchre Does to a Southerner

Bowers this, bowers that. Crazy card game. Real estate, though, isn’t that much different, but with Grand Rapids Property Values helping you along the way, you just might master this strategy of strategic financial planning based on property values in Grand Rapids, Michigan.

Know what you could be facing down the road. And you’ll be better prepared for the future.

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Your GR Property Taxes Will Pay for More Than Just Your Own House

Let me rephrase — those GR property taxes you’ll be paying very soon here will contribute to a whole lot more than just your own city taxes for your own property. We’re talking about the entire concept of property taxes, so while the millage, as has been figured, may go down slightly, since values are going up everywhere, and tourism starts to increase here in Grand Rapids, Michigan, be prepared for your property taxes to go a much longer way than your front yard and sewer system in the neighborhood!GR property taxes library

Proposed City Budget Revenue for GR Property Taxes: $37.8MM

That’s a lot of money. Tax rates will include 2.857 mills for general operations. That can include all city services we may not even pay much attention to. Your taxes, however, will keep them going. 2.4533 of the mills you’ll be paying in taxes will go to the Grand Rapids Public Library, another 1.6 mills will go to your trash services, another 1.25 mills will go to capital improvements in the city, and another .98 mills will go to all the parks you take your kids to.

When you break it down like that, it seems worth it to pay those GR property taxes! So instead of paying $413.09 in city property tax, you’ll be paying $422.26. Just under ten bucks. Nothing much to scream about, but when you add it all up together — include every faithful Grand Rapids, MI, taxpayer — that’s a great deal of money to go into all sorts of advancements our city will need,

Just Bear That in Mind

Paying taxes doesn’t have to be bad! It’s actually a good thing. But it’s even better to just be prepared and stick with Grand Rapids Property Values and be in the know about what to expect when it comes to your home’s value as well as your property investments. Honestly looks pretty good, and we can only expect a bright future for Grand Rapids’ real estate economy.

 

The post Your GR Property Taxes Will Pay for More Than Just Your Own House appeared first on Grand Rapids Property Values.

5 Reasons Why Grand Rapids, MI, Real Estate Will Soar in 2016

We’re not simply talking about a trickle type growth in the Grand Rapids, MI, real estate market. Try national — at least that’s what Trulia states, a national real estate research firm, crunching the numbers in preparation for analysis of the 2016 housing market, and here’s the major scoop: Grand Rapids, MI, currently sits at the top of the list!

Why Is Grand Rapids, MI, Real Estate Getting so Much Positive Growth?

In all fairness, know this: it’s a cutthroat and somewhat difficult market with the low income, still sluggish job economy, and difficult conditions overall. But given the circumstances, the numbers don’t lie — western Michigan, specifically Grand Rapids, is looking quite promising as the economy continues to grow with that one secret weapon we’re tending to see nationwide: younger professionals. They’re the new home buyer of the century in this national market, and it apparently seems that a lot of them are looking at Grand Rapids, MI, as a hub for ideal properties.Grand Rapids MI real estate

Here are the top reasons why Grand Rapids, MI, real estate is making major waves in the industry:

We Have a Lot to Look Up to in Grand Rapids, MI

And it’s not a quick move, by any means. In fact, it’s better that this be gradual growth versus instant sprout, or else the economy might backfire, and we don’t want that. The fact is this: Grand Rapids, MI, doesn’t rank at the very top for each of these five reasons. But when you put it all together, that makes for a healthy prediction of a growing real estate economy.

Want to know how you can register to buy that home you’ve always wanted in Grand Rapids, MI? Click right here and get started!

4 Reasons Why You Shouldn’t Flip a House in Grand Rapids, MI

Not that house flipping is necessarily a bad thing; after all, it’s a natural lucrative phenomenon in the real estate industry all over. Check out Midvale, Utah, for starters, with the real estate funding and cash loans to flip a home and make some profit while stimulating the market. Plus real estate crowdfunding’s seeing a whole lot of gains in this industry largely due to property developments, and — yes, of course, flipping homes.

But in Grand Rapids, Michigan? You Don’t Flip a House at Allflipping homes-1

And why is that, actually? Why are we looking at Grand Rapids natives buying the homes and basically living in them for years and years versus buying them, renovating them, and then selling them off? Here’s why:

See for Yourself — Drive Around Grand Rapids and See How Many “We Buy Houses” Signs You Can Find

You won’t find many. This is a good sign that Grand Rapids real estate really is looking up. There’s no profit, per se, to be made in this industry. Only houses made into homes for many residents looking to grow a community in this cool town.