Macatawa Bank Announces Investment in Fund to Develop Affordable Housing in Michigan Communities
For Immediate Release
HOLLAND, Mich. (December 4, 2020) Macatawa Bank has announced a $2 million investment to support affordable housing development in partnership with Cinnaire and the Michigan Bankers Association Service Corporation (MBASC). The investments are part of Macatawa Bank’s commitment to expanding access to high-quality affordable housing, a key driver of economic mobility and family stability.
“We are pleased to participate in this program that is making a real difference for the communities we serve,” said Ronald L. Haan, Macatawa Bank President and CEO. “In these challenging times,” Haan added, “we look for ways to provide much needed support for those in need.”
Cinnaire and MBASC recently announced the closing of the partnership’s sixth affordable housing investment fund - the largest fund in its joint history - generating $16 million to support the development and rehabilitation of nine apartment communities across Michigan. These developments will provide more than 915 units of affordable housing to local communities. Since 2010, Cinnaire and MBASC have partnered to create five previous Low Income Housing Tax Credit (LIHTC) equity funds raising more than $58 million. Macatawa Bank has invested in two different equity funds sponsored by Cinnaire and MBASC as part of the company’s overall commitment to investing in the people and the communities they serve.
“Tax credit investing allows banks to do well by doing good,” said Tom Edmiston, Cinnaire Senior Vice President, Business Development. “Our partnership with the MBASC has supported thousands of affordable housing units across Michigan, creating positive impact for hundreds of families, seniors and people with special needs. At a time when one in four households struggle to pay rent, preserving and developing affordable housing is more important than ever. We look forward to working with Macatawa Bank to ensure Michigan residents have access to safe, affordable housing.”
Over the past 10 years, Cinnaire and the MBASC have raised $74 million from 27 community banks, helping to finance the new construction or rehabilitation of 52 apartment communities creating nearly 4,000 affordable housing units in 41 cities and small towns across Michigan. These investments resulted in more than $700 million in economic impact, including the creation and retention of 3,700 jobs.
“Making a difference in Michigan communities is what our community bankers do with passion everyday” stated Jill Verscheure, MBASC Vice President. “This year, Michigan banks, including Macatawa Bank stepped up in an even larger way during the financial hardships of the pandemic exemplifying their unwavering compassion for Michigan’s residents in need. Thank you, Macatawa Bank, for improving the lives of so many through the generous equity investments.”
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 community and economic revitalization initiatives through creative investments, loans and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com
About the Michigan Bankers Association Service Corporation
The MBA Service Corporation (MBASC) is a wholly owned subsidiary of MBA. The mission of MBASC is to develop, maintain, and provide access to quality products and services that will benefit MBA member banks and improve their competitive position and increase their profitability. https://www.mibankers.com
For additional information contact:
Jodi Sevigny, Senior Vice President, Chief Marketing Officer
Macatawa Bank, 10753 Macatawa Drive; Holland MI 49424
P: 877.820.2265 E: jsevigny@macatawabank.com
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