ChoiceOne Financial Services, Inc., and ChoiceOne Bank (NASDAQ: COFS) (“ChoiceOne”) are pleased to announce a $1 million investment to support affordable housing development in partnership with Cinnaire and the MBA Service Corporation (MBASC) 2025 Michigan Community Fund. Of the investment, $500,000 will support Beacon Place in Oakland County and $500,000 will support Setters Pointe in Ottawa County. These developments are part of ChoiceOne’s commitment to expand access to high-quality affordable housing in the communities it serves.
“ChoiceOne has always been an advocate for investing in our communities, a key driver of economic mobility and family stability in Michigan,” said ChoiceOne 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 and townhomes will offer more opportunities for individuals and families to live and work in our communities, keeping neighborhoods varied and vibrant.”
Cinnaire and MBASC recently announced the closing of the partnership’s eleventh affordable housing investment fund, generating $67 million to support the development and rehabilitation of multiple apartment communities across Michigan. These developments will provide more than 495 units of affordable housing to local communities. ChoiceOne has invested $1 million in 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.
Beacon Place in Pontiac is undergoing a transformative 40-unit acquisition rehab, revitalizing Boston Square Apartments and Beacon Townhomes. This project will provide safe, affordable housing for families and the chronically homeless, with 24 subsidized units supported by Section 8 vouchers. The developer, Lighthouse, and Community Housing Network will offer Permanent Supportive Housing (PSH) services, including low-barrier admissions and voluntary supportive services to help stabilize residents. A dedicated full-time case manager will be on-site to coordinate services, ensuring long-term housing stability.
Settlers Pointe in Coopersville is undergoing a major acquisition and rehabilitation, preserving 96 townhome-style units, including 86 affordable homes for families. With 90% of units dedicated to households at 30% to 60% Area Medium Income (AMI), this project ensures long-term affordability in a high-demand market. Residents will benefit from in-unit washers and dryers, patios, a playground, and enhanced security. Led by Ginosko Development Company, a trusted Low-Income Housing Tax Credit Program (LIHTC) developer, this transformation will provide quality, sustainable housing for years to come.
“The MBASC is proud that Michigan Bankers Association member ChoiceOne has invested $1 million in the 2025 Midwest Community Fund,” stated MBA Service Corporation Senior Vice President Jill Verscheure. “Banks are an integral part of the Michigan communities they serve by creating long-term positive changes for individuals and businesses. We are grateful for ChoiceOne’s passion for creating and improving affordable housing for people in their communities.”
“Cinnaire Equity Partners, Cinnaire Senior Vice President Pam Hetz concluded, “Our synergistic partnership with the MBASC has supported thousands of affordable homes 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 ChoiceOne to ensure Michigan residents have access to safe, affordable housing.”
About Cinnaire
Cinnaire is a nonprofit financial partner that supports community and economic revitalization initiatives through creative investments, loans and development services. Since 1993, Cinnaire has invested $6.3 billion to develop 1107 housing communities in 10 states, providing 69,279 affordable apartment homes for more than 149,000 individuals and families and has provided community development loans to support the creation/retention 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 98,000 jobs and leverage $11.7 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.michigan.bank
About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, with assets over $4 billion, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 56 offices in West, Central and Southeast Michigan. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol “COFS.” For more information, please visit Investor Relations at ChoiceOne’s website choiceone.bank.