Samaritas lands $1M in grants for senior living projects

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The $12 million Muskegon property will be a MSHDA tax credit community for seniors 55 years and older who meet income guidelines. Rendering courtesy Samaritas

Mercantile Bank of Michigan helped Samaritas Affordable Living secure grants totaling almost $1 million for a pair of senior living projects in the state.

The Grand Rapids-based bank recently said it partnered with Samaritas Affordable Living to obtain Affordable Housing Program (AHP) grants from the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) totaling $960,000 that will provide housing to seniors 55 and older in Muskegon, as well as renovations to Samaritas Affordable Living of Alpena, a community serving residents 62 and older.

Additionally, the bank committed $33,000 in donations to help Samaritas secure the grants.

Sonali Allen. Courtesy Mercantile Bank of Michigan

“We recognize the significant need for affordable housing in our communities and are pleased to partner with Samaritas and (FHLBank Indianapolis) to provide safe, affordable housing options to seniors,” said Sonali Allen, chief compliance and community development officer at Mercantile Bank. “These two projects will allow many seniors to move into a new home for the first time. Mercantile is committed to ensuring that housing is accessible and affordable to all in our communities and strives to accomplish this through partnerships with organizations like Samaritas.”

FHLBank Indianapolis — a regional cooperative bank of which Mercantile Bank is a member — awarded Samaritas Affordable Living of Muskegon a $460,000 AHP grant for its project that is currently under construction and will bring 53 new units of affordable senior housing to 785 Spring St. in downtown Muskegon.

The second AHP grant from FHLBank Indianapolis, in the amount of $500,000, will be used in the $750,000 renovation of Samaritas Affordable Living of Alpena. The Alpena project will update kitchens and bathrooms in 65 apartments, along with making improvements to common areas. Mercantile Bank added a $10,000 grant to the Alpena project and is providing the construction loan financing.

MaryBeth Wott, community investment officer at FHLBank Indianapolis, said it is gratified by the partnership with Samaritas and Mercantile Bank.

“We are proud to award an AHP grant to Samaritas Affordable Living,” she said. “Projects like this demonstrate the benefit of partnerships between FHLBank Indianapolis, member institutions and community, nonprofits and organizations, and we appreciate the opportunity to jointly serve the Muskegon and Alpena communities with Mercantile Bank.”

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