Mercantile Bank Corporation subsidiary marks major milestone in supporting affordable housing development through tax credit equity investments.

Key Takeaways

• Mercantile Community Partners (MCP) has surpassed 500 affordable housing units financed across Michigan through Low-Income Housing Tax Credit equity investments since its founding in 2023.
• The milestone was reached through MCP's investment in Flats on Bridge, a 24-unit affordable housing development in Elk Rapids.
• In just three years, MCP has committed more than $131 million in equity investments supporting affordable housing and community development projects across 24 Michigan counties.

GRAND RAPIDS, Mich. , July 14, 2026 /PRNewswire/ -- Mercantile Community Partners (MCP), a wholly owned subsidiary of Mercantile Bank Corporation, has reached a significant milestone in its mission to strengthen communities across Michigan, surpassing 500 affordable housing units financed through Low-Income Housing Tax Credit (LIHTC) equity investments since the organization's founding in 2023.

The milestone was achieved through MCP's investment in Flats on Bridge, a new affordable housing development in Elk Rapids, Michigan. The project will create 24 affordable housing units and represents a $6.6 million investment by MCP, along with $5.7 million in construction financing from Mercantile Bank. Mercantile Bank also sponsored the project's Federal Home Loan Bank of Indianapolis Affordable Housing Program award application.

In just three years, MCP has committed more than $131 million in equity investments supporting affordable housing and community development projects across 24 Michigan counties.

"As communities across Michigan continue to face housing challenges, reaching 500 affordable housing units financed is a meaningful milestone for our team," said Emily Cauzillo, Director of Mercantile Community Partners. "Every project represents individuals and families who need access to quality, attainable housing, and we're honored to work alongside developers, investors and community partners to help bring these developments to life. The Flats on Bridge project is a great example of how collaboration can create lasting impact for a community."

Established in 2023, MCP was created to expand investment in affordable housing and economic development projects throughout Michigan. The organization specializes in equity investments through Low-Income Housing Tax Credits and Historic Tax Credits, offering both direct and proprietary fund investment options. MCP's team works with developers and investor partners to structure financing solutions that leverage a variety of tools and incentives, providing a streamlined and customized approach to community development investment.

The Flats on Bridge development was undertaken by Homestretch Nonprofit Housing Corporation and IDE Development, organizations dedicated to creating quality affordable housing opportunities in Michigan communities.

"Affordable housing is essential to the long-term vitality of our communities, supporting workforce stability, economic growth and quality of life," Cauzillo said. "We're energized by the momentum we've built and remain committed to supporting projects that strengthen communities throughout Michigan."

About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank and Eastern Michigan Bank. Mercantile Bank and Eastern Michigan Bank provide financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities they serve, Mercantile Bank and Eastern Michigan Bank, as combined, comprise one of the largest Michigan-based banking organizations, with total combined assets of approximately $6.8 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."  For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

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SOURCE Mercantile Bank Corporation