Sunflower Bank Invests $10 Million In Midwest Housing Equity Group’s Fund 56, LP
March 23, 2023
We are pleased to announce our recent investment in Midwest Housing Equity Group’s (“MHEG”) Fund 56, LP. The $10 million investment assists with funding four affordable housing developments in Sunflower Bank communities in Kansas and Texas.
“We are honored to work with Midwest Housing Equity Group in their ongoing efforts to provide affordable housing opportunities throughout our Sunflower Bank communities. Affordable housing is a significant need in many cities right now, and investing in organizations like MHEG that make a difference by creating affordable housing is extremely important. This isn’t the first time we have supported MHEG in their efforts, and it will not be the last. It will take a team effort to fill the affordable housing needs, and Sunflower Bank will continue our part through impactful investments, lending, and services to our communities,” said Danny Spears, Senior Vice President and Community Reinvestment Act Director at Sunflower Bank.
The MHEG developments tied to the $10 million investment are located in Lawrence, KS, McPherson, KS, Wichita, KS, and Kerrville, TX. These deals will bring a large amount of affordable housing units to areas of need. Combined, the developments will provide over 100 affordable units, benefiting many families in those areas.
“We are grateful for the partnership of Sunflower Bank; they represent the best in corporate social responsibility. Their continued support of our mission to provide safe, quality affordable housing will have a direct impact on the communities they serve,” said Keely McAleer, Corporate Communications Administrator at MHEG.
About Midwest Housing Equity Group
Midwest Housing Equity Group, Inc. (MHEG), a nonprofit corporation headquartered in Omaha, NE, was founded in 1993 with the mission to change lives for a better tomorrow by helping create safe, quality affordable housing. Specifically, MHEG raises equity capital from private sector investors and deploys that capital into affordable housing developments throughout their footprint. These developments are financed in large part by the federal Low Income Housing Tax Credit (the Housing Credit) found at Section 42 of the Internal Revenue Code. Since inception, they have raised over $3 billion in equity and partnered in the development of over 700 properties, helping create 24,000 safe, quality affordable rental homes. To learn more, visit mheginc.com.
About Sunflower Bank
Operating as Sunflower Bank, First National 1870 and Guardian Mortgage, Sunflower Bank, N.A. provides financial solutions to the individual communities it serves. With $7.4 billion in assets as of December 31, 2022, a branch network in five states, and mortgage capabilities in more than 40 states, Sunflower Bank, N.A. provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives. Member FDIC. Equal Housing Lender. First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A. To learn more visit SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.