Michigan Bankers Association has partnered with Cinnaire to create the Michigan Community Fund (MCF). Historically, financial institutions that didn’t have the means to invest a minimum of $1 million in a multi-investor tax credit had no option to invest in affordable housing. MCF has been created to benefit banks with the MBASC’s goal of ‘the Power of the Group” by bringing together a number of banks into one fund thus allowing investments as low a $500,000.
This program will enable your bank to reduce your federal tax liability through Low-Income Housing Tax Credit investments. With a superior track record of no foreclosures, a competitive rate of return to the bank through tax credits and losses, and the social and economic impact of investing in Michigan real estate, this fund provides multiple benefits to the Member Banks. For more information, contact MBA Products Division at (517) 485-3600. Download flyer for more information.
In 2009, the Michigan Bankers Association, through its for-profit subsidiary MBA Service Corporation, endorsed and partnered with CRA Partners. CRA Partners is a highly successful conduit for banks to earn risk-free CRA loans and investment credit, while achieving above market yields and helping to resolve a problem that plagues society – the exploitation and abuse of nursing home residents. Loans and investments made by banks enable CRA Partners to provide the nationally acclaimed Senior Crimestoppers program at no cost to low and moderate income senior housing facilities.
For more information,contact the MBASC
at (517) 485-3600.