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MARQUETTE -- Build U.P. has now committed the full $15 million housing fund entrusted to InvestUP to help address one of the Upper Peninsula's most pressing economic challenges and biggest barriers to growth.
Launched in 2023 with support from the state of Michigan, the fund was designed to fast-track high impact shovel-ready housing projects and help close financing gaps that were holding back development. The fund has now supported 24 projects in ten U.P. counties, representing 325 housing units built or underway.
Build U.P. was created in response to a pressing regional need as housing remains one of the biggest barriers to workforce attraction, business growth, and population stability across the Upper Peninsula. By helping developers, lenders, municipalities, and local partners move projects forward, Build U.P. has turned a $15 million state investment into more than $82.5 million of actual housing activity across the region.
Future Build U.P. funding is expected to become available in 2027 as the money invested into these projects returns to the fund, as each investment is actually a term-friendly loan.