KALAMAZOO (WKZO AM/FM) — A national pilot program to rebuild neighborhoods by investing in housing and local businesses will be getting a try-out in Kalamazoo, and it comes with a big pot of money.
Kalamazoo City Commissioners signed off on $3.5-million dollars from the Foundation for Excellence and their general fund, and the Local Initiatives Support Corporation will match that money 2 to 1.
It will be spent building and renovating homes and providing low interest loans and grants to new local businesses.
City Planner Laura Lam says it will provide more affordable housing and more jobs.
Chuck Viliek with LISC says it’s the most ambitious thing they have done in Kalamazoo, in all the years they have been working to improve shared prosperity in the city.
Commissioners unanimously approved a Memorandum of Understanding that will get the pilot project rolling, last night.
