The Mechanics Behind the Funding of Low Income Housing in Kalamazoo, Michigan : An Analysis of the "HOP" Loan Program
Hopkins, Anthony J.
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The author describes the goals and history of the Kalamazoo Neighborhood Housing Services. An overview of the history of the program shows that the Home Ownership Program has evolved rather rapidly over its lifetime. Beginning in 1989, seven different financial entities made a combined contribution of just over $1 million to the loan pool. In 1989, however, the program was restricted to only two neighborhoods in Kalamazoo the Edison and Vine neighborhoods. The notable success of the program quickly caused an additional inflow of money into the loan pool. After the first year, the initial $1 million had been put to use and a second loan pool was necessary to further finance the attempt to revitalize Kalamazoo's central districts. And, subsequently, the program spread to the seven central-city Kalamazoo neighborhoods that it presently services. HOP lending partners and participants were convinced that this was a strong and effective tool for increasing homeownership, improving the housing stock and providing affordable mortgage financing to residents with lower incomes.