Knowing that a lack of affordable housing options in our communities continues to be a barrier for many Michigan families on the path to homeownership, we continued our work supporting projects and forming strategic partnerships to create more equitable housing opportunities in our state. One example of this work was brought to life in January 2023 with the completion of the Marwood + Marston Development Project in Downtown Detroit. The 71 housing units in the historic building are marked as affordable, with 37 of those units marked as deeply affordable.
Last year, we also had the opportunity to develop a unique home loan product. The Lake Trust Habitat for Humanity Loan through Mortgage Center was created to help keep costs affordable for recipients of new construction homes through Habitat for Humanity of Michigan. Among many of the benefits, this loan doesn’t rely on the credit history of the Habitat homebuyer for approval of their mortgage. Instead, the applicant’s prior rental history and payments are considered.
Our dedication to the community was recognized in late 2022, as Lake Trust and the Lake Trust Foundation were honored with the Governor’s Service Award for Corporate Social Impact. We received acknowledgement for our work supporting businesses and nonprofits during the pandemic. In addition, our team was recognized for donating over 39,000 volunteer hours back to the community and our home loan giveback program, where members have made it possible to donate $255,440 back to Michigan housing nonprofits since 2019, was also mentioned. The Lake Trust Foundation was acknowledged for their work providing a cumulative total value of $1.7 million in college and trade school scholarships and over $632,000 in grants and contributions to support wellbeing efforts in the state.
The financial wellbeing of our members remains a top priority for our team, and we created a new product to support the changing needs of our members. As economic inflation began to squeeze household budgets, we wanted to provide a fast, easy way for members to access funds when they are needed most. So, we launched Lake Trust Easy Cash right before the Thanksgiving holiday. Qualified members can request Easy Cash through Online or Mobile Banking and have the funds deposited to their account within minutes.
Thank you to our members, team, and community partners for your continued support. Together, we made each story in this report possible. We made a bigger impact in Michigan. And helped more people start a new chapter. All by channeling the power in all of us.
David C. Snodgrass
President & CEO