GRAND RAPIDS, Mich. (WOOD) — A new fund in West Michigan will help bring more housing to Allegan, Ottawa and Kent Counties.

The Michigan Strategic Fund Board on Tuesday approved a $10 million loan award to the IFF, which will use it to administer a Workforce Housing Loan Fund, the Michigan Economic Development Corporation said.

The area is seeing growth and there’s a need for around 50,000 housing units between Ottawa County and Kent County by 2027. Sarah Rainero, the managing director for Region 4 with the MEDC Regional Prosperity Team, said the fund follows the approach of regional leaders, as both Ottawa and Kent counties recently approved similar funds. Kent County’s Affordable Housing Loan Fund, approved earlier this month, will total $58.3 million.

Rainero said the MEDC started looking for a way to help with housing in the area in reaction to several business development deals that are bringing high job numbers to the area. According to the MEDC, limited housing supply has pushed many people away from employment centers.

The Workforce Housing Loan Fund will be focused on residents with incomes that are between 60% and 120% area median income.