Category: Press Release

Michigan Community Capital, in partnership with Uptown Redevelopment Corporation, is proud to announce the development of two single-family houses and two duplexes in Flint’s historic Carriage Town neighborhood.

Located on vacant lots in the heart of the neighborhood, the six new housing units will be some of the first new construction in Carriage Town in nearly a century. By developing these houses on strategic parcels within the neighborhood, our goal is to stabilize the residential housing market, build on the neighborhood’s strong sense of community, and provide a proof of concept for future investment in Carriage Town.

412 W. Second Ave. was formerly a multifamily apartment complex that has been demolished. This project will construct two walk-up duplexes that fit into the scale and character of the neighborhood for a total of four for-sale units. Each 3-bedroom, 2-bathroom unit will be approximately 1,250 square feet and will feature a front porch, rear garage, and high-quality building materials. A small condo association fee will cover common area maintenance and landscaping. We anticipate each condo to appraise for $150,000, which is affordable to a buyer earning $55,000 annually.

Across the street, the vacant parcels at 427 & 417 W. Second Ave. will be redeveloped into 3-bedroom, 2.5-bathroom single family homes. We anticipate these 1,500 square feet homes to appraise for $170,000, which is affordable to a buyer earning $66,000 annually.

This development could not be built without community support. In addition to our partnership with Uptown Reinvestment Corporation, we’ve worked closely with the Genesee County Land Bank, who currently owns the parcels, as well as the Carriage Town Historic Neighborhood Association, who provided feedback on design and construction quality.

“These homes can act as a fine example of new construction within the district,” said Nick Kedovary, President of the Carriage Town Historic Neighborhood Association. “We are sincerely grateful for what felt like a true desire for neighborhood engagement and buy-in from Michigan Community Capital and Uptown Reinvestment Corporation.”

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Michigan Community Capital supports Dégagé Ministries renovation and expansion with $7.5 million in New Markets Tax Credit allocation

FOR IMMEDIATE RELEASE
October 29, 2021

LANSING, Mich. – Dégagé Ministries will renovate and expand their current facility and services with the assistance of $7.5 million in New Markets Tax Credit (NMTC) allocation provided by Michigan Community Capital (MCC) today. Located at 144 Division Avenue South in Grand Rapids, the two-phase project includes the renovation of the organization’s existing 100-year-old building and the construction of an addition which will result in a roughly 26,500-square-foot facility to serve people experiencing homelessness in Grand Rapids.

“We’re pleased to contribute to a vital and impactful project in a severely distressed area,” said Eric Hanna, president and CEO at Michigan Community Capital. “Not only will this project provide a safe space to serve people experiencing homelessness in Grand Rapids, it will also enable patrons access to tools designed to equip them with the skills required to attain–and maintain–employment and housing.”

The Project

The first phase of this project includes the construction of a 9,945-square-foot addition to the existing facility. This new space will include 66 beds with personal storage units, laundry facilities, a commercial kitchen, and a large attached dining facility.

The second phase of the project includes the rehabilitation of Dégagé Ministries’ current 16,588-square-foot facility. Upgrades will include a new coffee/retail shop for use by Paul’s Moms’ Cookies, a social enterprise providing employment and entrepreneurship training for patrons of the shelter; a new wellness center for those recovering from illness or surgery; and improved and enlarged classrooms for job and life-skill training for up to 1,000 attendees annually.

At completion, Dégagé Ministries will increase their shelter capacity from 14,600 to 27,010 overnight stays per year by replacing 40 sleeping mats with 74 beds. The new dining facility will increase the number of meals served to community members in need by nearly 50 percent.

Additionally, this expansion project is expected to support roughly 64 permanent positions with the Dégagé Ministries organization that pay a living wage. Approximately 60 employees will be utilized for the construction of the project.

Project Financing

“We are grateful to Michigan Community Capital, Old National Bank, and Macatawa Bank for making this critical project possible,” said Thelma Ensink, executive director of Dégagé Ministries. “Because of Michigan Community Capital’s investment in this project, we will be able to provide a Workforce Development, a Social Enterprise Business with a retail space on South Division, a Wellness Center and more. This investment and project help us take big steps forward to reduce homelessness and poverty in our community.”

Michigan Community Capital has allocated $7.5 million in New Markets Tax Credits resulting in a $2.3-million tax credit equity from ONB Community Equity, LLC to help finance the project.

“ONB Community Equity is honored to support the financing of this expansion, so the Dégagé team can enhance their dedication to delivering help and hope to people facing housing insecurity and other underserved individuals in Grand Rapids,” said Mike Harbaugh, VP tax credit relationship manager at Old National Bank.

Dégagé Ministries is also utilizing financial resources including a leverage loan for the transaction using capital campaign proceeds it has raised, plus a bridge loan from Macatawa Bank.

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About Dégagé Ministries

Beginning as a coffee house ministry to college students in 1967, Dégagé Ministries has evolved into a shelter and service provider to those experiencing homelessness in Grand Rapids. Since 1987, they have been in the downtown Grand Rapids Heartside neighborhood and have grown to serve 400 to 500 individuals daily. Dégagé provides overnight shelter and hygiene services, like private showers, to homeless women and children and serves hot meals to all in need in its downtown facility. They also provide assistance with obtaining identification documents, job and life-skill training, and work experience at an on-site bakery and coffee shop. Dégagé is an ecumenical Christian organization supported by many religious denominations, however it does not require its patrons to participate in religious programs. To learn more about Dégagé Ministries and their services, visit degageministries.org.

About Michigan Community Capital

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. Over its 16-year history, MCC has supported over $1 billion in project financing, successfully attracted $320 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion. MCC provides products in four key pillars: housing equity, bridge and gap lending, New Markets Tax Credits, and property insurance for Low-Income Housing Tax Credit projects. For more information on MCC visit michigancommunitycapital.org.

To learn more about the New Markets Tax Credit Program visit www.cdfifund.gov/nmtc.

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Michigan Community Capital supports North Flint Food Market development with $6,800,000 in New Markets Tax Credit allocation

FOR IMMEDIATE RELEASE
October 11, 2021

LANSING, Mich. – North Flint Reinvestment (NFR) will develop the North Flint Food Market (NFFM) with assistance of $6.8 million in New Markets Tax Credit (NMTC) allocation provided by Michigan Community Capital (MCC) last week. The project involves the renovation of a roughly 21,225-square-foot, single-story, vacant building on the north side of the city of Flint. As a full-service, cooperatively owned grocery store, North Flint Food Market will give members an opportunity to invest in their neighborhood while filling a void left by the nearby closures of large franchise markets in north Flint, a documented food desert.

The development team has engaged THA Architects Engineers to work alongside a team of grocery experts to design a retail model, exterior facade, interior floor plan, and product mix that will serve and inspire the north Flint community. A full‐service grocery area of 11,800 square feet will offer robust produce, dairy, meat and frozen departments, supported by an optimal level of work and storage area. A 1,300-square-foot room will function as a community event center that will be available for event rentals and informal gatherings.

The NFFM co-op already has more than 850 members, demonstrating the strength of support that exists within the community. The project developer, North Flint Reinvestment, has received letters of support from the Mayor of Flint, Michigan Economic Development Corporation (MEDC), Flint and Genesee Chamber of Commerce, Community Foundation of Greater Flint, Ruth Mott Foundation, and U.S. Senator of Michigan Debbie Stabenow.

North Flint Food Market will create 42 new full-time equivalent jobs in a census tract where 41.3% of the population falls below the poverty line. 40 of these jobs are accessible to people with less than a four-year degree.

“This co-op market project will not only expand access to healthy food and create jobs in a low-income neighborhood, but it will spark future development. MCC’s decision to allocate NMTCs to the project is an impactful welcomed investment in north Flint,” said Dr. Reginald Flynn, executive director of the North Flint Reinvestment and co-founder of the North Flint Food Market.

Total project costs for NFFM are expected to be roughly $7 million; Michigan Community Capital will provide $6.8 million in New Markets Tax Credit allocation.

“As a project that will have a long-term positive impact on residents and members, the NFFM aligns with the investment pillars we have at MCC,” said Eric Hanna, president and CEO of Michigan Community Capital. “We’d like to congratulate the project team on getting a complex, but very high-impact, project to the finish line.”

US Bank’s community investment and tax credit division is supporting the project by investing $2 million in tax credit equity in the transaction.

“U.S. Bank invests in projects that help local communities thrive, and the North Flint Food Market will do just that,” said Paul Kinsella, NMTC account manager with U.S. Bancorp Community Development Corporation (USBCDC), the community investment and tax credit division of U.S. Bank. “It will bring easier access to food right here in the neighborhood, create jobs, and it has the longer-term potential to help improve health outcomes for those who live here. When the private and public sectors work together, we can help remove disparities and have a lasting impact in our communities.”

Additional leveraged loan sources to NFR include grant awards from CS Mott Foundation, Ruth Mott Foundation, Community Foundation of Greater Flint, Local Initiatives Support Corporation Flint, State of Michigan Department of Labor and Economic Opportunity program, the Federal Healthy Food Financing Initiative program, and Community Development Block Grant funds from the City of Flint.

The project is the second phase of NFR’s four-part plan for the comprehensive redevelopment and revitalization of the Pierson Road Corridor from Clio Road to North Saginaw Street. This geography is identified in the City of Flint’s Imagine Flint Master Plan as one of the most undersupplied retail markets in Flint. To learn more about this four-part plan, visit www.facebook.com/NFFMKT.

About North Flint Reinvestment

North Flint Reinvestment (NFR) is a 501(c)(3) community development corporation focused on battling economic and environmental injustices. Established in 2011, NFR takes a place‐based, holistic approach to revitalizing the severely distressed neighborhoods in North Flint, Michigan. As a community catalyst, NFR is implementing community revitalization strategies through the construction of mixed income housing, improved “cradle‐to‐college” educational opportunities, youth and adult development programs, job and independent living skills training, health and wellness initiatives, and commercial and business district redevelopment. The organization is focused on a narrow geography in North Flint to concentrate its social impact, create an uplifting gathering place for local residents, and mobilize this overlooked community.