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The Community Foundation has approved an impact investment commitment of up to $1 million to InvestMitt Cooperative, a nonprofit working to develop community investment opportunities and support attainable housing solutions in Northern Michigan.
The commitment is structured as a dollar-for-dollar match of investments secured by InvestMitt, up to $1 million. As InvestMitt gains commitments from individuals and other community supporters, the Community Foundation will match them, helping increase the amount of capital available for community-focused projects while encouraging broader participation.
Unlike grants, impact investments are expected to be repaid, allowing the same dollars to be reinvested in future community opportunities over time. And, in addition to seeking responsible financial performance, impact investments are made with the goal of strengthening the communities they serve.
"Impact investing is about recognizing that what we do with our money matters," said Sarah Ford, Director of Community Philanthropy. "Alongside financial returns, our assets can create lasting value through positive community impact.”
The Community Foundation has previously supported small business development and housing initiatives through impact investments to Northen Initiatives and Northwest Michigan Habitat for Humanity. This new commitment to InvestMitt expands that work and reflects the Foundation's belief that its investment assets can play an important role in strengthening the region's long-term vitality.
InvestMitt is building a community investment fund designed to raise capital locally and invest it back into Northern Michigan. This is done through the acquisition, management, and development of local real estate—especially housing that is attainable for working families.
"We believe our investments should support the same goals we advance through our grantmaking," said DJ Jones, Executive Director for the Community Foundation, "This commitment is an opportunity to invest in a model that keeps capital working close to home while encouraging others to invest alongside us in the future of Northern Michigan."
Read more about InvestMitt at investmitt.org.