Sparta, Mich.-based ChoiceOne Financial Services and subsidiary ChoiceOne Bank announced a $1 million investment to help develop local affordable housing.
ChoiceOne is partnering with nonprofit community development organization Cinnaire and the Michigan Bankers Association Service Corp. 2023 Michigan Community Fund. Of the investment, half will support Union Suites 4 apartments in Kent County, Mich., with the other $500,000 supporting Lawrence Park apartments in Macomb County, Mich.
“ChoiceOne has been an advocate for our communities for over 125 years,” said CEO Kelly Potes. “As the local community bank, we are pleased to partner with Cinnaire and the MBA Service Corporation to provide more low-income housing in the communities we serve. These apartments will offer more opportunities for individuals and families to live and work in our
communities keeping neighborhoods diverse and vibrant.”
Cinnaire and the Michigan Bankers Association Service Corp. recently closed the partnership’s 10th affordable housing investment fund, which has generated $74 million to help develop and rehabilitate multiple apartment communities across the state.
The $2.6 billion ChoiceOne has invested in six Michigan Community Funds for a total of $3.5 million.