MAGNET LENDING CORPORATION
AI Summary
MAGNET LENDING CORPORATION (EIN: 85-4188860) is a nonprofit organization dedicated to promoting urban development in Michigan. Its primary mission is to enhance community development by offering low-cost, flexible financial loan products and advisory services aimed at creating and preserving affordable housing and fostering economic development for low- and moderate-income residents. With an operating budget of $414.6K and total revenue of $1.9M for the 2024 filing year, MLC plays a critical role in providing flexible debt solutions in markets that lack access to essential financial resources, contributing to long-term community transformation. More information can be found on their website at www.michigancommunitycapital.org.
Mission Statement
MLC'S PRIMARY MISSION IS PROMOTING COMMUNITY DEVELOPMENT BY PROVIDING LOW-COST, FLEXIBLE FINANCIAL LOAN PRODUCTS COUPLED WITH ADVISORY SERVICES TO CREATE AND PRESERVE AFFORDABLE HOUSING AND FOCUSED ECONOMIC DEVELOPMENT FOR THE BENEFIT OF LOW- AND MODERATE-INCOME RESIDENTS AND COMMUNITIES THROUGHOUT THE STATE OF MICHIGAN. MLC'S PRODUCTS AND SERVICES PROVIDE FLEXIBLE DEBT TO PROJECTS LOCATED IN MARKETS THAT LACK ACCESS TO THE FINANCIAL PRODUCTS AND CAPITAL NECESSARY TO FACILITATE THE DEPTH OF DEVELOPMENT NEEDED TO SPUR AND CREATE LONG-TERM, COMPREHENSIVE COMMUNITY TRANSFORMATION.
Cause Areas
1
Urban development
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Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Frequently Asked Questions
What is MAGNET LENDING CORPORATION’s budget?
In 2024, MAGNET LENDING CORPORATION reported an annual operating budget of around $415 thousand. More detailed financial information is available to registered users.
What causes does MAGNET LENDING CORPORATION support?
MAGNET LENDING CORPORATION supports work in Urban development.
Where does MAGNET LENDING CORPORATION operate?
MAGNET LENDING CORPORATION is headquartered in Lansing, MI.
What is MAGNET LENDING CORPORATION’s reliance on government grants?
MAGNET LENDING CORPORATION relied on government grants for more than 65% of their total revenue in 2024.