Authored by Caitlin Lancelot, Director, Public Finance Authority
As part of this year’s National League of Cities’ Summer of Savings and Solutions, Public Finance Authority (PFA) is highlighting how we help communities and nonprofit organizations access cost-effective financing for projects that strengthen the quality of life in communities throughout the country.
One recent example is Brio Living Services, a Michigan-based nonprofit senior living organization, which secured $115 million in financing through PFA to expand and upgrade its Porter Hills Village campus in West Michigan. Refinancing will allow Brio Living Services to build a replacement building that includes 72 assisted living units, 36 memory care units and 39 skilled nursing units, strengthening the nonprofit’s ability to deliver high-quality, innovative care across Michigan. It will also have 57 independent living units and community amenities.
“By supporting the expansion of quality senior living options in Grand Rapids, we’re helping ensure Michigan seniors have access to the full continuum of care they need to age well with dignity.”
– John West, PFA Board Chair
Brio Living Services was formed when United Methodist Retirement Communities, Inc. and Porter Hills Presbyterian Village, Inc. merged in 2019. It serves over 1,500 residents and has retirement communities across the state, including Grand Rapids, Chelsea, St. Joseph, Sparta, Ypsilanti, Dexter and Detroit.
The communities offer a wide range of care options, like independent living, assisted living, memory support, skilled nursing, rehabilitation, home health and hospice services.
Projects like Porter Hills Village demonstrate how innovative financing can help communities invest in essential services and strengthen their community while making the most of available resources — a key focus of NLC’s Summer of Savings and Solutions campaign.
Bring Savings and Solutions to Your Municipality
The Public Finance Authority is a tax-exempt bond issuing authority that was created by local governments, for local governments, with the goal of increasing and streamlining economic development projects. Explore the benefits to NLC member cities, towns and villages and get in touch to bring savings and solutions to your community.
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