HomeStretch NonProfit Housing

What HomeStretch NonProfit Housing does

HomeStretch NonProfit Housing is a Traverse City, Michigan-based nonprofit Community Housing Development Organization (CHDO) founded in 1996 to address a chronic shortage of affordable rental and for-sale housing in the five-county Grand Traverse region (Grand Traverse, Benzie, Leelanau, Kalkaska, and Antrim). It operates two core programs — a multi-family Rental Program and a Home Purchase Program — serving households at or below 80% of Area Median Income (AMI), with a 5-person staff plus 12-member Board of Directors led by Executive Director Jonathan Stimson. Over 30 years the organization has developed more than 150 below-market units and deployed over $25 million in affordable housing stock, with a current active/completed portfolio of roughly 134 units and a forward pipeline of approximately 184 units scheduled to open between 2025 and 2027.

Technically, HomeStretch builds using standard affordable-housing construction methods augmented with energy-efficiency innovations, including Structural Insulated Panels (SIPs) deployed at Vineyard View Apartments in Suttons Bay and a fully electric building system planned for the Lot O Lofts mixed-use development in Traverse City. These techniques are positioned as utility-cost mitigants for low-income tenants rather than as proprietary technology differentiators. The firm is also the co-developer with the Traverse City Downtown Development Authority and Tamarack Holdings of the Cherry Capital City Market, a commercial component embedded within the Lot O Lofts project.

Revenue mechanics are those of a nonprofit CHDO rather than a conventional business: below-market recurring rental income from income-eligible tenants, episodic below-market home sales to qualifying buyers, $35 non-refundable application fees, and a mix of public and private grants (notably an $800,000 Federal Home Loan Bank of Indianapolis grant via Mercantile Bank for the Flats on Bridge project in Elk Rapids) plus individual donations accepted through a PayPal link on the homepage. The firm has no app, no third-party distribution partners, no franchise model, and operates on a direct-to-consumer application process managed in-house at its single Traverse City headquarters.

Name

HomeStretch NonProfit Housing

Legal name

Homestretch Nonprofit Housing

Website

https://homestretchhousing.org

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

HomeStretch NonProfit Housing is a Traverse City, Michigan-based Community Housing Development Organization (CHDO) that develops, owns, and operates below-market affordable rental and for-sale housing for households at or below 80% of Area Median Income across a five-county region in northwest Lower Michigan.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Other Community Housing Services (624229), Lessors of Residential Buildings and Dwellings (53111)

SIC

Services-Social Services (8300), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO)

akta.pro secondary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing development
• Community housing development
• Low-income rental housing
• Affordable home ownership
• Nonprofit housing services

Headquarters

HQ city

Traverse City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Below-market rental income: Recurring rental revenue from multi-family rental properties leased to income-eligible households at below-market lease rates. Tenants must be at or below 80% AMI and have income of 3x the rental rate (or hold a housing voucher).
2. Below-market home sales: One-time sale revenue from newly built, high-quality, energy-efficient single family homes sold to income-eligible families in the Grand Traverse region. Buyers must qualify for financing with income at 3x mortgage payment.
3. Grants and donations: Funding from public and private grant sources (e.g., $800,000 FHLBI grant via Mercantile Bank for Flats on Bridge) and individual donations accepted via PayPal on the homepage.
4. Application fees: One-time $35 non-refundable application fee per applicant for rental and home purchase programs.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

HomeStretch NonProfit Housing is a Community Housing Development Organization (CHDO) that develops, owns, and manages affordable rental properties and builds below-market-rate single-family homes for sale to income-eligible households at or below 80% of Area Median Income. It serves a five-county service area in northwest Michigan (Grand Traverse, Benzie, Leelanau, Kalkaska, and Antrim counties), having developed over 150 housing units and invested more than $25 million since 1996. The organization supplements rental and home sale income with grants from public and private sources, including an $800,000 FHLBI grant via Mercantile Bank.

Differentiator

Problem solved

Functional benefit

Products and services

• Rental Program
• Home Purchase Program

Quantifiable outcome

• Over 150 units built and over $25 million invested since 1996
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• BRIDGE Housing Corporation: West Coast-based nonprofit affordable housing developer, owner, and operator with a 40+ year track record. Comparable nonprofit developer model with mixed-income and 100% affordable rental developments.
• LISC (Local Initiatives Support Corporation): National nonprofit CDFI that finances affordable housing and community development. Comparable role in channeling capital (HOME, FHLB, foundations) into local affordable housing developers, including rural markets.
• Mercy Housing: One of the largest national nonprofit affordable housing developers and operators in the U.S. Comparable mission (developing, owning, and operating affordable rental housing) but at a vastly larger, multi-state scale.
• Habitat for Humanity International: Global nonprofit affordable home ownership organization with local affiliates (including one in NW Michigan). Operates at vastly larger scale but shares the same core mission of building affordable homes for low-income families.
• Enterprise Community Partners: National nonprofit that develops affordable housing and provides capital/advocacy for community development. Operates in a comparable space (affordable housing development + financing) as a funder, partner, and developer.

Regional players

• Benzie County Housing Commission: Local public housing authority within HomeStretch's 5-county service area. Provides affordable rental housing in Benzie County (where Frankfort Apartments is located), offering an overlapping but jurisdiction-specific alternative.

Direct peers

• Northern Homes Community Development Corporation: Michigan-based nonprofit affordable housing developer that builds and rehabs homes for low-income households across northern Lower Michigan. Comparable nonprofit CHDO-style developer model serving rural/small-metro markets.
• Community Housing Network: Michigan-based nonprofit affordable housing developer and property manager serving low-income households. Comparable nonprofit model developing and operating affordable rental housing, though at a larger scale in southeast Michigan.
• Habitat for Humanity of Northwest Michigan: Regional Habitat for Humanity affiliate serving the same NW Michigan geography, building and selling affordable homes to low-income families. Directly comparable mission (affordable home ownership for low-income households) and operating footprint.
• Grand Traverse County Housing Commission: Public housing authority operating within the same 5-county Grand Traverse region, providing affordable rental housing and housing vouchers. Closest direct provider of affordable rental units in the same service area.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/HomeStretchHousing
• LinkedInlinkedin.com/company/homestretch-nonprofit-housing-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HomeStretch NonProfit Housing