Guidebook · Michigan Land Bank Authority · 2022
Housing IS Economic Development: Community Housing Solutions
A 30-unit rental that earns an 8.72% cash-on-cash return at $1,800 a month drops to 2.00% at $1,450, the rent an 80% AMI household can afford. That gap is why middle-income housing rarely gets built. This guidebook walks you through the development process, eligible properties and costs under Act 381, the land bank 5/50 rule, and plan approval timelines. It closes with Robinson Landing in Grand Haven: 30 new for-sale homes, $8 million, with 16 priced from $139,000 to $179,000 in a community land trust.
Written by Jenifer Acosta with Jeff Hawkins and Susan Wenzlick. Funded by the Michigan Land Bank Authority, with an advisory group from MSHDA, Habitat for Humanity of Michigan, Housing Next, Housing North and others.
Field tools
Ten worksheets and checklists from the Redevelopment Guidebook. Print one per project.
Rehab Due Diligence Checklist A drive-by to closing checklist for 1 to 4 unit rehabs. Covers inspections, title, zoning, environmental, financing and insurance.
Common Rehab Mistakes Twenty mistakes that blow up rehab budgets, with cost ranges. A $250 to $500 sewer scope can prevent a $5,000 to $20,000 repair.
Weatherization & CDBG Pathway How small contractors qualify for Michigan Weatherization Assistance Program and CDBG / MI Neighborhood rehab work.
Contractor Vetting + Bid Comparison A vetting checklist and a side-by-side bid worksheet across 13 scope categories, with red flags to watch for.
Renovation Scope of Work Template Scope template with general provisions and a five-milestone payment schedule tied to lien waivers.
Permit & Inspection Sequence Twelve inspection touchpoints in order for a Michigan residential rehab, from demolition to final building.
Soft Cost Worksheet Nineteen soft cost line items with typical ranges. Plan for 8% to 15% of hard cost.
Comp Analysis for ARV A three-step worksheet to set a defensible after-repair value, with adjustment ranges and the 70% rule.
Rental Readiness & Habitability Michigan code requirements, pre-tenant inspection items and move-in documents in one checklist.
Project Closeout & Punch List Code, documentation, interior and exterior items to finish before you list or lease.
Articles
Housing Is Simple, Why Isn't It Easy?
LinkedIn · September 30, 2025 · Article
Water Street Lofts in Bay City took 18 months and more than seven funding sources to reach construction. This article shows why: the math, the gap, and 838 pages of paperwork behind one workforce housing project.
Related: Water Street Lofts · Housing IS Economic Development
Housing Is About People. Let's Build a Common Language.
LinkedIn · March 10, 2026 · Article
Half of every county's households earn below area median income. That half is where the housing shortage hits. This article puts faces on each tier of the AMI spectrum and gives elected officials a framework of ladders and safety nets.
Related: Glossary of Housing Terms
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Feasibility studies, gap financing strategy, owner’s representation, housing policy work, or training for your community or team. Start with a consultation.
Email jen@jeniferacosta.com
Midland, Michigan