Grand Rapids Business Journal
Courtesy First National Bank of Michigan
First National Bank of Michigan is making a $1 million investment to support affordable housing development in partnership with Cinnaire and the Michigan Bankers Association Service Corporation.
The investments, announced last week, are part of First National Bank of Michigan’s (FNBM) commitment to expanding access to high-quality affordable housing, a key driver of economic mobility and family stability, the bank said.
“FNBM has partnered with Cinnaire over the past 14 years in several of these investments supporting the communities we serve,” said Dan Bitzer, the bank’s CEO.
As the Business Journal reported Dec. 7, 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, including at least eight affordable apartment communities, including Brentwood Apartments in Belding (50 units), Cliffview Apartments in Rochester Hills (126 senior units), Greenbriar Apartments in Greenville (40 units), Lake Superior Village in Marquette (116 units), Meadow Ridge Apartments in Marlette (24 senior units), Scottish Pines in Alma (24 senior units), Village at LaFranier Woods in Traverse City/Garfield Township (115 senior units) and Mt. Vernon Apartments in Lansing (140 units).