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Michigan Community Capital In the News

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Grand Rapids developer proposes residential project in Ludington

LUDINGTON — A Grand Rapids developer and Lansing-based nonprofit investor Michigan Community Capital are hoping to turn a donated building into apartments in Ludington.

The companies will seek local and state approvals to redevelop the building at 801 N. Rowe Street in Ludington into 65 apartments. The 100-year-old building was donated by Ludington-based Change Parts Inc. owner Ron Sarto and his wife, Dawn Sarto. 

Vacant and Iconic Temple Building Could Get Major Overhaul Redevelopment Would Bring New Retail, Hou

LANSING) –New people, retail and parking could be coming to Old Town through a proposed redevelopment of the iconic Temple Building. The brownfield plan for the Temple Lofts redevelopment project is anticipated to be received by the Lansing City Council for consideration Monday, Oct. 14, 2019. The Temple Building, built in 1906, derives its name from the original

occupants, the Bethlehem Temple Church. The building has been vacant for several

years and significantly underutilized for decades.


“The Temple Club building is an iconic part of Lansing, bridging Old Town and Northtown. This is an

important spot in terms of both commercial and residential activity, and I am excited that we are

working with Michigan Community Capital to re-activate this space with housing and mixed-use

options,” said Lansing Mayor Andy Schor. “Lansing’s time is now, and the redevelopment of the Temple Club will ensure an even more vibrant and active business and residential district for residents and visitors of Old Town, Northtown and all of north Lansing.”


Previously, the Lansing Brownfield Redevelopment Authority (LBRA) approved Brownfield Plan #78 at their Oct. 4, 2019, meeting, a first step forward for the proposed $9 million renovation of the Temple Building. Mayor Schor and the Brownfield Board will submit the Brownfield Plan to the Lansing City Council and ask that it be referred to the Council Committee on Development and Planning for further consideration.


“The Lansing Brownfield Redevelopment Authority (LBRA) is supporting this project due to the

incredible impact it could have on both a very important building in the city, and a key entry point

into the city. We look forward to seeing another great project move forward in Lansing,” said Calvin Jones, Chair of the LBRA.


The mixed-use redevelopment project proposed by Lansing-based Michigan Community Capital will include new first floor retail and office space, along with 31 new residential units to complement the Old Town neighborhood’s existing diverse mix of eclectic shops and rich culture. In addition, the

project will include 54 new parking spaces created by an attached 2-story parking structure. If the

brownfield plan is approved by city council, the project is anticipated to create up to 10 new

permanent full-time jobs and 50-60 construction jobs. Construction could begin in spring 2020 and

be completed late 2021.


As with all brownfield eligible projects, the developer will fund related brownfield costs up front as

part of the overall project cost. The brownfield reimbursement will be paid for from the increase in

new property taxes paid by the developer which will result from the developer’s private investment

into the property.


The Lansing Economic Area Partnership (LEAP) will present the brownfield plan to City Council on

behalf of the Lansing Brownfield Redevelopment Authority (LBRA). Following a required public

hearing the brownfield plan is expected to come before City Council for their final consideration in

December.

$55 million in Federal Funding to Spur Economic, Community Development in Underserved Michigan Commu

By: Kathleen Achtenberg 

 

Michigan Community Capital receives New Market Tax Credits by CDFI Fund


LANSING, Mich. – More affordable housing will be built across Michigan with the help of a $55 million Community Development Financial Institution (CDFI) New Markets Tax Credit (NMTC) award, the Michigan Economic Development Corporation announced today. Michigan Community Capital, one of three Michigan entities to receive an NMTC award in the 2018 round announced in late May, will use the $55 million program award to invest in attainable housing projects in communities statewide.


“The $55 million awarded to Michigan Community Capital will help fuel Michigan’s economic momentum and create upward mobility for residents and business opportunities for underserved communities in Michigan. We’re pleased to work alongside MCC to bring more of these beneficial, place-based projects to the state,” said Jeff Mason, CEO of the MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the Michigan Strategic Fund. “The decision by CDFI Fund to recognize and support the work of MCC emphasizes the strength of Michigan’s community development programs,” Mason said.

MCC has invested in various mixed-use and mixed income multi-family housing projects. In July 2017, MCC invested in a project led by TC 637 Michigan, LLC. The $7.8MM project in Grand Rapids included replacing low density, functionally obsolete and vacant single-family homes with a medium density, mixed-use, multi-family apartment building consisting of 44 residential units. One hundred percent of the residential units are being leased on a rent-capped basis. Another project, led by Lofts on Lake Street LCC and located in downtown Boyne City, offers the unique opportunity to create market rate housing mixed with workforce housing in a desirable and walkable location.


“MCC will use this very scarce federal resource to invest in some of the most impactful but financially challenging projects across the state over the next 18 months. These projects will include place-based investments to rehabilitate vacant, blighted and contaminated property; investments in businesses that make jobs accessible to households of modest means; and to improve access and affordability to fresh food alternatives,” said Eric Hanna, president and CEO of Michigan Community Capital.


The NMTC Program helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. The CDFI Fund is operated by the U.S. Department of Treasury to complete the vision of an America where all people and communities have access to investment capital and financial services that they need to prosper.


Michigan Community Capital is a supporting entity of the Michigan Strategic Fund that facilitates investment in attainable housing projects. Attainable housing is defined as housing targeted at individuals and families with incomes between 60 and 120 percent of area median income. MEDC and its partners have identified an unmet need for attainable housing in many communities across the state as rental rates have continued to rise, primarily in central business districts and other commercial cores.


MCC has invested $145M from previous NMTC’s rounds in various projects around the state in addition to its current focus on attainable housing projects. MCC has also been supported by the Michigan Strategic Fund with a $22.5M low cost loan which it utilizes to make risk capital investments in transformational mixed-use and attainable housing projects across the state. MCC has closed four attainable housing projects using MSF funds and has another seven projects in the pipeline. 


Michigan was selected from a pool of 214 applicants that requested a total of $14.8 billion in tax credit allocation authority from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The 73 award recipients are headquartered in 35 different states, Puerto Rico and the District of Columbia.


Courtesy From Michigan Economic Development Corporation (MEDC)

About Us

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WHO WE ARE

We are an independent non-profit 501(c)(3) tax-exempt public charity whose Board of Directors is comprised of representatives of low to moderate income communities across Michigan. We have received $145M in Federal New Market Tax Credit Allocation Authority, and in addition to MEDC and MSHDA, we receive support from our Bank Partners.

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WHAT WE DO

We lend and invest in income diverse, race diverse, and occupationally diverse communities to counter gentrification and create upward mobility and wealth building opportunities for underserved individuals and families in Michigan. Our loans and investments are frequently qualified under the Community Reinvestment Act as meeting a public welfare purpose.

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HOW WE DO IT

We lend and invest, with well below market returns, in a wide variety of projects alongside developers, community and neighborhood associations, as well as non-profit local community development groups.

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Michigan Community Capital

Michigan Community Capital Michigan Bankers Bldg. 507 S. Grand Ave., Lansing, MI 48933 US

(517) 626-1861