MINDY MEYERS is executive director of the Dickinson Area Economic Development Alliance, or DAEDA, in Iron Mountain. (Courtesy photo)

IRON MOUNTAIN — With a lack of local housing, the Dickinson Area Economic Development Alliance and InvestUP are working to get word out about programs available to spur development.

“Organizationally, we believe it is the region’s top challenge,” said Marty Fittante, CEO of InvestUP. “Support for that proposition is found from reports that we hear routinely from businesses and community leaders with whom we meet and from polling we have done. One of the findings of that polling is that available and affordable housing dominates the list of challenges for the region among every age group and that concern has only become more pronounced.”

Fittante said it’s difficult to attract business and additional workers when housing is not available. Additionally, a constrained housing market drives up home prices, meaning individuals will have less disposable income to spend on local goods and services.

DAEDA Executive Director Mindy Meyers said Dickinson County needs a variety of housing, including single family, multifamily and apartment complexes.

“The Dickinson County area boasts a diverse economic base that is rarely seen in a rural community, with our larger businesses competing in national and global markets,” Meyers said. “This invites talent to thrive in a safe, small-town setting and that is why we invite developers to capitalize on the vast opportunities generated by our growing employer base here in the Dickinson area.”

The alliance has started an Infrastructure and Housing Strategy Task Force, a group of area volunteers whose goal is to improve access to infrastructure data and promote development.

Meyers encourages developers to take advantage of a grant program called MI Neighborhood through the Michigan State Housing Development Authority.

According to the MSHDA website, MI Neighborhood is a blend of up to $60 million in funding that became available in April and will run as long as funds remain.

Nonprofits, local governments and private developers are all eligible to apply for grant funding. New developers can be awarded up to $200,000 and the scale goes up for experienced developers, which could receive up to $2 million.

Another opportunity for funding comes from InvestUP via the Build U.P. fund. That program has $15 million in state funding available to advance Upper Peninsula housing opportunities.

Funds received from Build U.P. come in the form of loans with favorable interest rates for the borrower. Applications can come from any Upper Peninsula housing developer that has a qualified financial institution partner, a qualified financial institution on behalf of an eligible borrower or a local unit of government that seeks infrastructure improvements to support a housing project.

According to Fittante, Build U.P. will provide collateral assistance to de-risk the deal for lenders. Build U.P. will also provide funds to a local community for infrastructure needs, so that those expenses are not borne only by the developer.

Either program is looking for shovel-ready projects that have a high likelihood of materializing.

Questions can be directed to Meyers at https://daeda.org/. For more information on Build U.P., go to http://www.buildupmi.com.