property

Shared Equity Scheme Explained Step by Step

Grand Rapids first-time buyers can use the city's program to cut their initial costs by splitting ownership with a local housing fund.

By Grand Rapids Property Desk · Published July 8, 2026

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This article was written by AI from the linked sources and was not reviewed by a journalist before publishing. The Daily Grand Rapids is part of The Daily Network and follows our reasonable editorial care.

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First-time buyers in Grand Rapids now qualify for the Kent County Shared Equity Program, which lets them purchase a home with as little as 5 percent down by transferring a portion of ownership to the county housing fund.

Rising home prices and tighter mortgage rules have pushed many local residents out of the market this summer, with the program launched in March 2025 to address that gap amid steady demand for starter homes near downtown corridors.

The initiative operates through the Grand Rapids Housing Commission and pairs buyers with properties in Creston and along Wealthy Street in the Eastown district, where recent listings have drawn dozens of applications each month.

County records show the median sale price for single-family homes reached $378,000 in May 2026, up from $312,000 two years earlier, while the program caps its equity stake at 20 percent of the purchase price.

Step 1: Check eligibility and apply

Applicants must earn no more than 100 percent of the area median income, currently $72,000 for a single person, and complete a homebuyer education course through the Grand Rapids Housing Commission before submitting paperwork at its Division Avenue office.

Step 2: Select a home and secure financing

Once approved, buyers work with approved lenders to find a property under the program's price limit of $425,000, then sign an agreement that gives the county its equity share in exchange for the reduced down payment.

Participants repay the county's portion when they sell the home or refinance, with the amount adjusted by any increase in property value, and staff at the Housing Commission schedule follow-up reviews every three years to track compliance.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.

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