Macatawa Bank Announces Partnership with Cinnaire and MBA Service Corporation to Invest in Affordable Housing for Communities Across Michigan
HOLLAND, Mich. December 1, 2022 – Macatawa Bank has announced a $2 million investment to support affordable housing development through Cinnaire and MBA Service Corporation (MBASC) 2022 Midwest Community Fund, a Low Income Housing Tax Credit (LIHTC) equity fund. The investments reinforce Macatawa’s commitment to expanding access to high-quality affordable housing, a key driver of economic mobility and family stability.
“Serving the communities where we live and work is a core value at Macatawa Bank. We are pleased to participate in this program that is making a real difference in helping the communities we serve thrive,” said Ronald L. Haan, Macatawa Bank President and CEO.
The 2022 Midwest Community Fund will support multi-family developments in Michigan, Indiana, Wisconsin, Illinois, and Minnesota including West Belding in Belding, MI. Phase four of the multi-phase revitalization project includes the revitalization of an aging 48-unit affordable housing community serving families. Overall, the $211 million fund will create 1,900 units equating to 3,055 bedrooms serving more than 3,800 individuals including 662 units for seniors or individuals and families with special needs.
“We recognize that safe, affordable housing has never been more meaningful, serving as a school, workplace, health center, and even church in recent years,” said Mark McDaniel, Cinnaire President and CEO. “As demand for affordable housing continues to skyrocket, our team has leaned into our commitment to building strong, equitable communities across our footprint. We are grateful to Macatawa Bank along with our investors and developer partners that join Cinnaire in our mission to create healthy communities and provide more individuals and families with a place to call home.”
“The MBASC is proud that Michigan Bankers Association member Macatawa Bank has invested $2 million in to the 2022 Midwest Community Fund,” stated Jill Verscheure, Senior Vice President, of MBA Service Corporation. “ Banks are an integral part of the communities that they are in by creating long-term positive changes for individuals and businesses. We are grateful to be a part of the economic development of Macatawa Bank’s thriving community.”
The 2022 Midwest Community Fund is the largest single equity fund in Cinnaire’s 29-year history and will infuse capital investments into 25 affordable housing properties to create or preserve more than 1,900 homes in five states. Cinnaire’s LIHTC equity funds provide a tax advantaged investment and return to investors, positive Community Reinvestment Act consideration from bank regulators, and support Environmental, Social and Governance (ESG) investment strategies.
About Macatawa Bank
Headquartered in Holland, Michigan Macatawa Bank offers a full range of banking, retail and commercial lending, wealth management, and eCommerce services to individuals, businesses and governmental entities. Macatawa has a network of 26 full-service branches located throughout communities in Kent, Ottawa, and northern Allegan counties. The bank is recognized for its local management team and decision making, along with providing customers excellent service, a rewarding experience, and superior financial products. Macatawa Bank has been recognized for the past nine consecutive years as West Michigan's Best and Brightest Companies to Work For®.
About Cinnaire
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families and has provided community development loans to support the creation/retention of more than 4.7 million square feet of commercial, mixed-use, and community space. Cinnaire is a cooperate owner in CPC Mortgage Company, a national mortgage lending company specializing in Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) finance products. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 80,000 jobs and spur $9.3 billion in economic impact. https://cinnaire.com
About MBA Service Corporation
The Michigan Bankers Association Service Corporation (MBASC) is a subsidiary of the Michigan Bankers Association (MBA). The MBASC seeks ways to help MBA members retain business, offer first rate service, and increase revenue. As part of these activities, MBASC offers a wide variety of products and services for member banks in the areas of compliance, human resources, management, marketing, and financial literacy, among others.
For additional information contact:
Marcia Kerber, Digital Marketing Manager Sr,
Macatawa Bank, 10753 Macatawa Drive; Holland MI 49424
P: 877.820.2265 E: marketing@macatawabank.com
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