Michigan Community Land Cooperative

“$1,121 for travel and transportation; $187 for meetings and other administrative costs; $55,000 for property purchases; $213,000 to purchase debt owed by Grand Rapids Alliance of Cooperative Communities to Allen Creek Grand Rapids LLC.”

“As allowed under Michigan law, we issued $225,000 worth of non-voting investment shares to provide funding for a property purchase that was still in progress at the end of the fiscal year and to provide funding for a major support activity (the purchase of debt referenced in the supplemental information for Line 16). The breakdown of the investment shares will be described in the information for Line 26. We also have $3,195 in accrued interest on the purchased debt. As noted previously, $55,000 of the year's expenses were to purchase land assets; this added $55,000 of assets.”

“In March 2025 we purchased $213,000 of debt owed by Grand Rapids Alliance of Cooperative Communities (one of the 501(c)(3) organizations we support) to Allen Creek Grand Rapids LLC. This purchased debt is expected to be repaid over the next 25 years. The first three months of interest, equaling $3,195, is also an asset. The last asset is $30,000 in prepaid expense for purchase in progress of a house to be used for our affordable housing program of work and for support of Grand Rapids Alliance of Cooperative Communities.”

“We still carry the $25,000 loan described last year; to that we added a liability for $1,255 in interest. As allowed under Michigan law, we issued $225,000 of non-voting investment shares in March 2025: $75,000 of five-year shares, $60,000 of seven-year shares, and $90,000 of ten-year shares. The shares pay simple interest computed annually, and they accrued $3,338 in interest liability this fiscal year.”

“We worked with Grand Rapids Alliance of Cooperative Communities to support their effort to refinance the mortgages on the one property they own (no direct cost to us). We worked with groups in Kalamazoo, MI and Ypsilanti, MI who are interested in creating affordable housing cooperatives (no direct cost to us).”