InvestMitt was founded in 2024 as a non-profit, membership cooperative to harness the power of people coming together to help solve housing challenges faced by their communities. Our unique and innovative approach is to create and effectively manage a Community Investment Fund that allows any community member to make an investment with a modest financial return while also having a positive community impact keeping housing within reach for the people who live, work, and raise families here. The Fund complements the private investment, generous philanthropy, and public funding and tax incentives currently devoted to helping preserve and create affordable workforce housing in Emmet and Charlevoix Counties. InvestMitt provides a way for residents to pool resources, make shared decisions to influence how their community develops, and attract additional investments in local priorities.
InvestMitt is seeking to raise $5 million in investments to capitalize our Community Investment Fund. We will use the capital raised to make equity and debt investments in projects that preserve existing or create new homes that are affordable by our workforce households that earn 120% of area median income (AMI) or less. Investments will be repaid with net operating revenues on properties we own and interest earnings on loans to non-profit and for-profit developers.
InvestMitt’s first project is to purchase a 24-unit apt. complex on Balsam Ave in Petoskey that has been well-maintained, locally-owned, and affordably-priced for 50+ yrs. Our goal in owning this property is to preserve affordable rents, avoid conversion of these homes to other uses, & maintain the property. Our ongoing fundraising campaign aims to raise $3.3 million by the end of 2026 to complete the purchase of these apartments. It also plans to invest in 4-6 smaller-scale projects carried out by local non-profit or for-profit developers that could add 30-50 affordable residences in the two counties over the next few years.
