Groundbreaking of The Watershed in Sturgis, Michigan
Allocation will support projects in low-income census tracts within the State of Michigan
FOR IMMEDIATE RELEASE September 25, 2023
LANSING, Mich. – Michigan Community Capital (MCC) is pleased to announce their award of $65 million in New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) on Friday, September 22, 2023. For the third annual funding round in a row, MCC has been awarded the highest allocation amount available which is reflective of MCC’s track record for deploying New Markets Tax Credits into impactful and transformative projects in rural and urban communities throughout Michigan.
“We are proud to continue to partner with the Michigan Economic Development Corporation and S. B. Friedman & Associates to attract valuable federal resources to support Michigan,” said President and CEO of Michigan Community Capital, Eric Hanna. “We look forward to working together to deploy these valuable federal resources to support underserved communities in Michigan.”
With this latest award, MCC will provide much need financing to projects located in historically disinvested communities throughout the state of Michigan. Allocation will be directed to projects prioritizing:
Creating or expanding healthy food access
Developing mixed-use, mixed-income housing in low-income areas of opportunity
Supporting skilled training programs and/or expanding services for low-income families
Generating living-wage jobs through manufacturing or community-based projects
Since 2005, Michigan Community Capital has received $445 million in New Markets Tax Credit allocations and has remained the only Community Development Entity deploying efforts solely in Michigan at a state-wide level. To date, MCC has invested NMTC allocations into 39 projects across the state resulting in over 5,000 full-time jobs created or retained, more than 800 housing units established, and the development of 4.2 million square feet of commercial, retail, and industrial space.
To learn more about Michigan Community Capital’s impact or would like to explore leveraging New Markets Tax Credit for your project, click here.
Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Since 2005, MCC has supported over $1.3 billion in project financing, successfully attracted $445 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units, 4.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion, and has insured over 22,000 affordable multifamily doors. MCC drives community development impacts in four key areas: Real Estate Development, CDFI lending, New Markets Tax Credits, and affordable Property Insurance. michigancommunitycapital.org
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Michigan Community Capital recently welcomed two new board members to its Board of Directors. View the entire MCC Board of Directors here.
Stephanie Osterland
Chief Executive Officer HABITAT FOR HUMANITY DETROIT
Joined Michigan Community Capital Board of Directors in September 2023
After serving as Program Director at a neighboring Habitat affiliate for 8 years, Stephanie joined the Detroit team in 2020. In this leadership role, she works to fulfill the mission ensuring all Detroiters have a safe and affordable place to call home. Stephanie works alongside an amazing team and together they seek to improve quality of life through housing solutions focusing on homeownership, financial education and home repair services for seniors and military veterans. Stephanie has worked in the nonprofit sector for nearly 20 years and has extensive professional experience in human services, nonprofit program development, affordable housing, mental health counseling and social work. She is passionate about equitable community development and access to opportunity for marginalized groups. Stephanie holds a BS in Psychology from Michigan State University and a MA in Counseling from Oakland University.
Brad Heffner
Associate General Counsel MICHIGAN ECONOMIC DEVELOPMENT CORPORATION
Joined Michigan Community Capital Board of Directors in May 2023
Brad Heffner joined the Michigan Economic Development Corporation in January 2009 and currently serves as Associate General Counsel and Strategic External Relations Advisor for the organization. He has more than 30 years of experience in state and local government, issue advocacy and governmental affairs.
Prior to his MEDC role, Heffner served as City Manager for the City of Ithaca, Michigan. He has served on a number of statewide boards and organizations, including an elected term on the Ithaca School Board. He is a graduate of Albion College and obtained his law degree at the Western Michigan University Thomas M. Cooley Law School.
July 14, 2023
Jim Ananich
President GREATER FLINT HEALTH COALITION
Joined Michigan Community Capital Board of Directors inJune 2023
Jim Ananich is President and CEO of the Greater Flint Health Coalition. Greater Flint Health Coalition (GFHC) functions as collective impact organization to serve as the neutral backbone and convening entity to lead and coordinate collaborative efforts to improve population health status, reduce and prevent disease, improve the quality and cost effectiveness of the healthcare system, and reduce health disparities. The GFHC is composed of a broad partnership of leadership from public health, physicians, hospitals, health systems, health insurers, safety-net providers (including federally qualified health centers and community mental health), business, education, community-based organizations, nonprofits, government agencies, policymakers, organized labor, faith-based partners, and committed citizens.
A Flint resident, Ananich previously served two-full terms leading the Senate Democratic Caucus. In this position – and even before – he found success advancing bipartisan legislation that helped workers through economic downtimes, families have access to healthy foods and clean water, and better resources for local communities to invest in services and infrastructure.
Broadway Lofts, a development led by Michigan Community Capital, has been named a finalist for the national Jack Kemp Excellence in Affordable and Workforce Housing award from the Urban Land Institute (ULI).
The Kemp Award was established in 2008 in memory of Jack Kemp, a former secretary of the U.S. Department of Housing and Urban Development and a national advisory board member of the Terwilliger Center. It recognizes developments that use innovative financing sources to provide attainable mixed-income housing, primarily focusing on households earning between 60 percent and 120 percent of the area median income.
The only Midwest or rural finalist, Broadway Loftsis a new mixed-use development on a brownfield site in the heart of Mt. Pleasant, MI. The project created 48 apartments with over 13,000 square feet of ground-level retail. It features 48 energy-efficient apartments targeted at Michigan’s workforce housing population. Local grocery cooperative GreenTree Co-op Market utilized the commercial space to expand their 50-year-old business.
Other nominees in this category include
201 Canal, Lowell, MA
Caton Flats, Brooklyn, NY
J-centrel, Philadelphia, PA
The jury for the two ULI awards is chaired by Ron Terwilliger, founder of the ULI Terwilliger Center and chairman of Terwilliger Pappas Multifamily Partners.
The winners will be announced in October during ULI’s Fall Meeting in Los Angeles.
