$3 Million in New Markets Tax Credits to Support 27-Unit Condominium Building and Consolidated Habitat Kent Headquarters and ReStore in Distressed Grand Rapids Neighborhoods
FOR IMMEDIATE RELEASE July 9, 2026
LANSING, Mich. — Michigan Community Capital (MCC) invested $3 million of federal New Markets Tax Credits (NMTC) to support a $16.3-million project by Habitat for Humanity of Kent County (Habitat Kent) in Grand Rapids, Michigan. The investment will finance construction of a new 27-unit, for-sale, multi-family condominium building in the Roosevelt Park neighborhood, and it will support Habitat Kent’s relocation to a consolidated headquarters and ReStore retail operation. This transaction marks MCC’s first NMTC investment in for-sale housing, a key priority for the organization as it works to expand access to homeownership for low-to-moderate income families across Michigan.
“We are grateful for our many partners on this project,” said Habitat for Humanity of Kent County‘s CEO, Bev Thiel. “This will soon be home to 27 families who will now have safe, stable housing in a beautiful neighborhood that is rich in amenities and just steps from downtown. This is truly a testament to what can happen when we can work together to make dreams into a reality.”
The project spans two sites, both of which are NMTC-qualified. The multi-family condominium building at 539 New Avenue SW is in a census tract with a median family income of just 60% of the Area Median Income (AMI) and an unemployment rate more than twice the national average. Habitat Kent’s headquarters and ReStore at 1739 Elizabeth Avenue NW is also in a qualified census tract with an unemployment rate 3.54 times the national rate and a poverty rate of 34.2%.
“As one of the few and long-standing organizations using NMTCs to increase and preserve the supply of affordable homeownership across the country, Habitat for Humanity International and its wholly owned NMTC subsidiary is proud to partner on this transaction and expand our approach to leveraging this financing tool for both residential and commercial projects,” said Craig Molyneaux, Chief Financial and Administration Officer at Habitat for Humanity International and Interim Executive Director at Habitat Capital. “The Roosevelt Park neighborhood and the Habitat Kent headquarters and retail operations perfectly illustrate the transformative impact NMTC on communities nationwide.”
Of the 27 two- and three-bedroom for-sale units, 16 (60%) will be income-restricted and affordable at or below 80% of the AMI, with prices starting at approximately $183,000. The remaining 11 units will be affordable to families earning between 80% and 120% of the AMI. An 89-year deed restriction will ensure long-term affordability. Units are designed with high-efficiency heat pumps, water heaters, and tight exterior envelopes to reduce ongoing utility costs for homeowners.
“Affordable homeownership is one of the most powerful tools we have for building family wealth and community stability,” said Eric Hanna, President and CEO of Michigan Community Capital. “While this is one of many investments that MCC has made in for-sale housing, it’s MCC’s first NMTC transaction in the for-sale space, and it demonstrates that this financing tool can work for aspiring homeowners in distressed communities, not just renters. We’re proud to support Habitat Kent’s work and to bring high-quality, affordable homes to families in Grand Rapids.”
While there is significant policy interest in using NMTCs to deliver affordable for-sale housing, the credit’s 7-year structure can sometimes be difficult to reconcile with the shorter construction and sales cycle that is typical in for-sale housing. MCC used an innovative 2-site structure that included both the residential project and Habitat Kent’s headquarters/ReStore property, creating long-term stability in the transaction allowing it to fit cleanly into all aspects of NMTC program regulations.
The housing, headquarters, and ReStore components will retain 45 full-time equivalent jobs (FTEs) and create 6 new positions. Of those 45 FTEs, 86% will pay at or above living wage for Kent County ($24.34/hour) or include benefits, and 58% will be accessible without a four-year degree.
Chase Community Equity, LLC is serving as the NMTC investor.
“It’s an honor to support Habitat for Humanity of Kent County through our New Markets Tax Credit investment, creating affordable homeownership opportunities for families in Grand Rapids,” said Melissa Pillars, Executive Director, J.P. Morgan Community Development Banking. “At J.P. Morgan, our affordable housing investment work is rooted in the idea that strong communities create opportunity. Homeownership is one of the most powerful pathways to stability and generational wealth-building, and this project gives families the foundation to put down roots, grow and thrive in the Roosevelt Park community.”
IFF is participating as a co-allocatee, providing a TIF monetization loan as part of the project’s leverage structure.
“The condos being developed by Habitat Kent will not only provide individuals and families with a beautiful place to live in an amenity-rich area, but they’ll serve as a launchpad for residents as they build equity in their homes,” said Marina Titova, Managing Director of Structured Finance at IFF. “Furthermore, this development is a tangible investment in the community’s future, and IFF is thrilled to provide our first NMTC allocation in support of affordable, for-sale housing, as well as a low-cost TIF bridge loan to help make this impactful project possible.”
Completed condo units are expected late 2027.
The Project directly aligns with Grand Rapids’ Equitable Economic Development and Mobility Strategic Plan, the Right Place’s 2026–28 Strategic Plan for the Greater Grand Rapids Region, and the city’s 2026–2030 Consolidated Housing and Community Development Plan. A housing needs assessment by Bowen National Research identified a need for more than 4,900 additional affordable for-sale units in Grand Rapids by 2029.
About Michigan Community Capital Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities, and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: real estate development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Entity (CDE) and its affiliate, Magnet Lending Corporation, is a certified Community Development Financial Institution (CDFI). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, helped to create over 1,600 housing units, and facilitated the creation and/or retention of over 7,000 high-quality, accessible jobs. michigancommunitycapital.org
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$10 million in New Markets Tax Credits will support a 25,000-square-foot mixed-use development bringing affordable housing and new commercial amenities to downtown Battle Creek.
FOR IMMEDIATE RELEASE June 24, 2026
LANSING, Mich. – Michigan Community Capital (MCC) is proud to invest in the revitalization of a long-vacant building in downtown Battle Creek, Michigan, by supporting the development of Bean Tower, a 25,000-square-foot mixed-use project at 99 West Michigan Avenue. MCC is providing $10 million in federal New Markets Tax Credits (NMTC) allocation to support the project, which will transform a functionally obsolete, nearly 20-year-vacant structure into vibrant housing and commercial space serving one of the city’s most distressed communities.
Project Highlights:
10,000 square feet of vacant space into 25,000 square feet of occupied space
10 new affordable residential units, all at or below 80% of Area Median Income
New commercial space including a fine dining restaurant and entertainment game room
New rooftop event venue
Approximately 17 permanent FTE jobs requiring less than a four-year degree
Located in a “Severely Distressed” census tract with a 37.3% poverty rate and 12.1% unemployment
The Bean Tower project is led by Percy and Carla Bean—Battle Creek-area entrepreneurs with more than 30 years of real estate and franchise business experience. After Battle Creek Unlimited, the city’s economic development organization, identified the Beans as the preferred group to rehabilitate the long-vacant site, it sold the building to them for $1 to facilitate its reactivation. The completed development will feature 10 affordable residential apartments on the upper floors, a basement-level entertainment venue (game room), a first-floor fine dining Creole restaurant (Solace), and a rooftop event space—filling a significant gap in the city’s event venue landscape.
“We have deep roots in Battle Creek and have dreamed of contributing to its revitalization for years,” said Percy and Carla Bean, Co-Owners, of Bean Tower. “With the support of Michigan Community Capital and our incredible partners, we are turning that dream into a reality—bringing quality housing, a restaurant with great food, a game room for entertainment, and a rooftop event center to the gateway of our hometown.”
The project is in a qualified “severely distressed” census tract with a median family income at just 45% of the Area Median Income, a poverty rate of 37.3%, and an unemployment rate more than twice the national average.
“Bean Tower is exactly the kind of transformative, community-driven project that New Markets Tax Credits were created to support,” said Liz Alexandrian, vice president of lending, Michigan Community Capital. “This investment will help bring new life to a building that has been vacant for nearly two decades, while delivering affordable housing and economic opportunity to a community that needs it most. We are proud to partner with Percy and Carla Bean and the City of Battle Creek on this important project.”
The development’s 10 residential units—seven one-bedroom and three two-bedroom apartments—will all be affordable at or below 80% of the Area Median Income, helping to address what the Battle Creek Housing Action Plan identifies as an 800-unit shortage for rentals in that affordability range. On the commercial side, the project is expected to support approximately 17 full-time equivalent positions in accessible roles that do not require a four-year degree.
Dudley Ventures is serving as the NMTC investor on the project.
“This project reflects our focus on investing where strong sponsorship and clear community need intersect,” said Troy McClelland, vice president of tax credits at Dudley Ventures. “Bean Tower is a compelling example of how strategic investment can support meaningful, locally driven revitalization. With experienced local developers aligned to the needs of the community, the project will deliver tangible benefits through both affordable housing and thoughtfully integrated commercial space in a severely distressed area.”
Bean Tower is also directly aligned with the Battle Creek Unlimited 2030 Strategic Plan, which identifies the project site as a key target for reinvestment within the downtown social district. The project has earned broad community support, including from Battle Creek Brownfield Redevelopment Authority and State Representative Steve Frisbie.
United Federal Credit Union is serving as the source lender in the deal.
“United Federal Credit Union is proud to play an ongoing role in the revitalization of downtown Battle Creek, an effort that continues to build momentum and strengthen the community,” said UFCU Business Loan Officer, Joshua Pratt. Since opening our branch in The Milton in 2024, we’ve been committed to investing in the city’s future, including our involvement in the renovation of the DoubleTree by Hilton. This latest project is another exciting step forward, and we’re thrilled to collaborate with these community partners to help reimagine and restore spaces that bring new energy, opportunity, and connection to downtown Battle Creek.”
Additional project partners include:
Michigan Economic Development Corporation (MEDC), providing a $2,900,000 Revitalization and Placemaking (RAP) grant
Battle Creek Brownfield Redevelopment Authority, financing partner
United Federal Credit Union, senior lender
Battle Creek Unlimited, economic development facilitator and catalyst for the project’s launch
The project is expected to be completed in late 2027.
About Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities, and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: real estate development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Entity (CDE) and its affiliate, Magnet Lending Corporation, is a certified Community Development Financial Institution (CDFI). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, helped to create over 1,600 housing units, and facilitated the creation and/or retention of over 7,000 high-quality, accessible jobs. michigancommunitycapital.org
$11 million in New Markets Tax Credits financing will support mixed-use redevelopment with much-needed rental housing and community-serving commercial space.
FOR IMMEDIATE RELEASE December 29, 2025
LANSING, Mich.– Michigan Community Capital (MCC) is investing in the transformation of the former Jutila Center in Hancock, Michigan, into Skyline Commons, a 140,000-square-foot mixed-use development that will bring new housing options and vital commercial space to Houghton County. MCC is supporting the project with $11 million in federal New Markets Tax Credits (NMTC) allocation.
“Since Finlandia announced its closure in early 2023, we’ve been on a mission to save this landmark building for Hancock,” said Andy Moyle, President & Property Development at Moyle Development. “It took real persistence, but we finally built the right team and got key support from the City of Hancock, Keweenaw Economic Development Alliance, and Houghton Country Brownfield Redevelopment Authority to bring Skyline Commons to life for the community. The redevelopment breathes new life into a local icon, improves Hancock’s skyline with major exterior upgrades, and adds much needed housing and commercial spaces for the area’s future.”
Led by Moyle Development, Skyline Commons will convert the fifth, eighth and ninth floors of the building at 200 Michigan Street into 29 mixed-income rental apartments, including 15 homes that are affordable at or below 80% of the area median income, 9 of which will be income-restricted. The remaining space will be leased to a variety of commercial tenants, including the Copper Country Intermediate School District, the MTEC SmartZone entrepreneurial hub, and Little Brothers Friends of the Elderly, a nonprofit that provides free programming for older adults.
“This project helps ensure that a landmark building remains a community asset instead of a liability,” said Eric Hanna, president and CEO of Michigan Community Capital. “Skyline Commons will provide quality homes in a market with a severe shortage of rental housing while preserving space for education, entrepreneurship and supportive services all under one roof.”
This redevelopment is expected to create or retain 46 full-time living wage jobs in a “severely distressed” census tract with a poverty rate of nearly 26% in a non-metropolitan county.
The closure of Finlandia University in 2023 left Hancock with a significant amount of vacant real estate and the risk that the 9-story Jutila Center would sit empty or become a costly burden for the county. Without a committed developer and layered public and private financing that includes NMTCs, brownfield incentives, MSHDA housing tax increment financing, and a low-interest $4.5-million loan from the Michigan Economic Development Corporation, the substantial rehabilitation required to bring the structure back into productive use would not be feasible.
“The MEDC is proud to support the Skyline Commons project; this investment building on our commitment to revitalizing communities as part of the state’s Make It in Michigan economic development strategy,” said MEDC’s SVP of Community Planning and Development Readiness Michele Wildman. “By expanding new housing options alongside much-needed commercial space, this project helps meet the community’s growing demand for places to live, work, and gather, supporting residents today and positioning Hancock for long-term vitality. Vibrant, welcoming places are the foundation of a strong economy, and we’re excited to partner with the City of Hancock to create the kind of community where people can build their futures and businesses can thrive.”
Valley National Bank/Dudley Ventures will serve as the NMTC investor.
“Dudley Ventures/Valley Bank is proud to support the Skyline Commons project that will bring much-needed housing and will revitalize an important community asset for the residents of Houghton County,” said Kyle Koupal, Vice President of Investments at Dudley Ventures. “This investment reflects our commitment to strengthening local neighborhoods and supporting initiatives that clearly respond to community need.”
The project directly responds to documented housing needs in Houghton County. According to the State of Michigan Housing Data Portal, the county faced a shortage of 1,914 rental homes in 2023, 55 percent of renters were cost-burdened, and more than half of all homes were more than seventy years old. By creating new, energy-efficient apartments in the heart of Hancock, Skyline Commons will provide options for employees of local businesses and schools, people relocating to the area, seniors and veterans seeking affordable, convenient housing.
Skyline Commons is aligned with the City of Hancock Master Plan’s goals to repurpose former Finlandia University buildings for meaningful community functions and expand quality housing choices. The project has received broad support from the City of Hancock, the Local Development Finance Authority of Houghton County, the Houghton County Board of Commissioners and local school district representatives.
Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Entity (CDE) and through its affiliate, Magnet Lending Corporation, a certified Community Development Financial Institution (CDFI). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org.
