MARQUETTE — InvestUP announces the launch of Build U.P. to address the Upper Peninsula’s immediate need for housing and provide the region with a long-term, sustainable fund to solve future housing challenges.

Awards from the fund, which will total up to $15 million, are available now. The priority of Build U.P. is to expedite the construction of shovel-ready housing projects in the Upper Peninsula. Developers and U.P. lenders can learn more about the fund on the InvestUP website, https://www.investupmi.com.

The fund was created in response to several regional economic polls and surveys that consistently identified the Upper Peninsula’s current lack of professional and workforce housing as the biggest economic obstacle facing the region, InvestUP stated in a news release.

The studies provided evidence for a request to state policymakers that awarded InvestUP up to $15 million to manage the sustainable fund.

Over the past year, InvestUP reached out to developers, lenders, municipalities and subject matter experts to better understand the barriers that stood in the way of development. Two consistent challenges emerged: collateral shortfalls by borrowers and the cost of public infrastructure.

InvestUP has created two programs to address these issues:

— The Cash Collateral Program, to provide cash collateral to enhance U.P. lending institution funding. Recipients must partner with a local lending institution to access funds. Funds may cover all or a portion of a calculated shortfall, as described by the lending institution.

— The Residential Infrastructure Loan Program offers financial assistance to Upper Peninsula cities, villages, counties and townships for infrastructure extensions to new residential or rehabilitated housing, such as water, sewer and road improvements. Build U.P. will loan the local unit of government funds by purchasing their bonds more favorable interest rates.

InvestUP is managing Build U.P. as a long-term, sustainable fund. This approach received strong support from the Michigan legislature and administration. Instead of one-time grants that would rapidly deplete the fund, Build U.P. investments will pay a modest return that will sustain the fund over time while still incentivizing development.

Applications requests can be made at manager@buildupmi.com.