The SOURCE Receives MSHDA Grant to Support Home Ownership

The SOURCE has been awarded a grant through the Michigan State Housing Development Authority’s (MSHDA) Employer-Assisted Housing Fund to support first-time home buyers. Two of The SOURCE’s employer partners—Cascade Engineering and Spectrum Industries—are participating in the program, which is expected to provide up to 27 individuals with down payment assistance toward the purchase of a home.

Both employers will offer down payment assistance benefits to eligible employees, including providing matching funds that will make homeownership more affordable for their employees. The SOURCE will oversee both programs and will support employees through the home purchase process, including providing financial coaching and assisting with realtor and lender engagements as needed.

“We are thrilled to offer this innovative program in partnership with Cascade Engineering and Spectrum Industries,” said Alison Freas, President and CEO of The SOURCE. “This funding will make the dream of homeownership a reality for more than two dozen households in our community and create a path to financial stability for the recipients. MSHDA should be applauded for developing a flexible funding model like the Employer-Assisted Housing Fund. We appreciate their support and celebrate our employer partners who are willing to provide unique benefits, including down payment assistance. These programs have the potential to change lives for generations to come.”

MSHDA’s $10 million Employer-Assisted Housing Fund pilot was announced in January 2025, and funds have been fully committed. The initiative supports employers seeking to invest in housing for local workers. Housing is among the top barriers for SOURCE clients every year. According to the State of Michigan Housing Data Portal, from 2015 to 2024, Michigan permitted approximately 208,000 new homes while adding 397,000 employed residents—equal to 525 new homes for every 1,000 jobs created. Nationally, that figure was 948 homes per 1,000 jobs over the same period.

According to Kenyatta Brame, Executive Vice President at Cascade Engineering, “Our down payment benefit has helped many Cascade employees since it was introduced in 2018. We turned to The SOURCE at that time to help us manage the program and we are confident in their ability to deliver for our staff. With support from MSHDA we are enhancing this benefit to create even more positive impact for our employees.”

“We are proud to be a founding member of The SOURCE and recognize the value they bring to our employees every day. This down payment assistance program is the latest in a long list of unique and impactful benefits they’ve helped us offer,” said Kevin Bassett, President and CEO of Spectrum Industries. “We are excited to see members of our Spectrum family achieve their homeownership goals through this program.”

The SOURCE expects to begin supporting employees of Cascade Engineering and Spectrum Industries with home purchases in the second quarter of 2026.

To learn more about The SOURCE, visit: www.grsource.org.

About The SOURCE

The SOURCE creates equitable access to opportunities for career growth and improved well-being by stabilizing households, strengthening employment retention, and advocating for changes in community policies to eliminate inequities and systemic barriers to employment. Since its founding in 2003, The SOURCE has partnered with employers, philanthropic organizations, and community-based organizations to improve economic well-being for everyone.

Media inquiries:

Joyce Rohrer

Senior Regional Director, West Michigan

The SOURCE

joyce@grsource.org