CRYSTAL FALLS, MI (October 8, 2024) — Sixty-eight new housing units are coming to Crystal Falls with financial backing from Build U.P., which is a housing development fund managed by InvestUP. The city will add a significant inventory of desperately needed new multi-family housing units. This development will go a long way in helping alleviate the area’s housing shortage, adding 7% more housing to a community that only has, according to the U.S. Census Bureau, 920 current homes.
This collaborative effort to expand housing options in Crystal Falls is the first Build U.P. project to utilize the Residential Infrastructure Loan Program, which provides financial assistance to Upper Peninsula municipalities to facilitate infrastructure extensions to new residential or rehabilitated housing; such as water, sewer, and road improvements.
The investment from Build U.P. will fund approximately 1,500 feet of new city streets, sidewalks, and infrastructure that are necessary for this housing development to proceed. These improvements will serve a city-owned property, which Crystal Falls will then, as part of a development agreement, transfer to S.C. Swiderski, who will construct the homes, which are designed for medium-income residents. The first units are expected to be available December 2026.
The CEO of Build U.P., Marty Fittante, credited the city and the Iron County Economic Chamber Alliance (ICECA) for taking a leadership position on the issue of new housing. “Crystal Falls and the ICECA sought out a quality developer and utilized their assets to an extremely positive outcome. We congratulate these community leaders and hope their approach will motivate other communities in the U.P. to follow their lead and look at what they are doing and how they got it done.”
The additional housing capacity comes at a crucial time for Crystal Falls, which has a population of less than 1,600 people. By increasing the city’s housing stock, the project aims to attract new residents, support workforce expansion, and stimulate economic growth.
Crystal Falls City Clerk/Treasurer Tara Peltoma praised Build U.P. for its innovative support of a project that is destined to be impactful to the community’s future success. According to Peltoma, “this is a sizable development for a community of our size, and it will have a transformative impact on Crystal Falls. Not only will it help address the housing shortage we’ve been facing, but it will also attract new families and professionals, contributing to the economic growth and vibrancy of our city.”
State legislators have also praised the initiative as well. State Senator Ed McBroom said, “this is exactly how we envisioned InvestUP putting this money to work when my colleagues and I entrusted them with the funding opportunity. Housing is one of the greater needs in the region, and this collaboration between Crystal Falls, the ICECA and Build U.P. not only goes a long way in addressing that need in the area but will provide meaningful opportunity.”
Representative Greg Markkanen added, “this significant development reflects the way we do things in the UP – finding an innovative solution to a challenging issue through local partners working together. I am grateful to Build U.P. and the leaders in Crystal Falls and with the ICECA for their SISU spirit in getting 68 new homes to the area.”
The importance of collaboration was a point that Zach Hautala, Executive Director of the Iron County Economic Chamber Alliance, stressed in saying, “It’s a project that truly highlights the potential of our community and the positive outcomes we can achieve through collaboration and dedication. The city and ICECA are so grateful to Build U.P. for its partnership and its timely, transparent, and attentive approach.”
This collaboration between local officials and public-private partnerships is part of a broader strategy to address housing shortages across the Upper Peninsula, setting an example for other cities to follow. According to Fittante, “while this is a really important project for Crystal Falls and for the region, as importantly it shows what can happen when dedicated local leaders seek public-private partnerships to solve housing shortages.”
For more information on the Build U.P. Residential Infrastructure Program, and other Build U.P. programming, visit: http://www.buildupmi.com
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About InvestUP
InvestUP is the regional economic development organization for the Upper Peninsula, working to advance prosperity across all fifteen counties of the U.P. Leveraging the region’s strengths, assets and stakeholders, it works in partnership with the private sector, municipal and non-profit leadership and institutions to drive the Upper Peninsula’s economy by seizing near-term opportunity and addressing long-term strategic objectives that center on the potential around people, projects, place, and promotion. Investupmi.com
About Build U.P.
InvestUP is managing Build U.P. as a long-term, sustainable fund to provide impact in addressing the UP-wide lack of housing. This innovative approach received strong support from the Michigan legislature and administration. Instead of one-time grants that would rapidly deplete the fund, Build U.P. investments will pay a modest return that will sustain the fund over time while still incentivizing development. Buildupmi.com
Media Inquiries
Jamie Van Buren, InvestUP Operations Manager
jvanburen@investupmi.com