Category: Press Release

Michigan Community Capital invests New Markets Tax Credits into thermoforming company expansion. 

FOR IMMEDIATE RELEASE
December 6, 2023 

LANSING, Mich. – Vantage Plastics, a family-owned and operated custom thermoforming company, received $6.5 million in New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC) yesterday. This allocation will be utilized for the purchase and installation of equipment in the newly purchased and renovated building in Bay City, Michigan. The 325,000-square-foot manufacturing and warehouse facility will house equipment for injection molding, extrusion, and thermoforming machines needed to expand production capacity and meet demand. 

Specifically, this nearly $27-million project will include 215,000 square feet of space for Vantage’s plastic thermoforming and injection molding operations; 100,000 square feet of space to produce custom thermoplastic polyolefin sheet stock by Vantage subsidiary Airpark Plastics; and 10,000-square feet of office space for staff.  

Located in an economically distressed census tract with an unemployment rate of 7.6% (1.4 times the national average). The project site is also within a brownfield redevelopment area. 

Since starting in 1996 with the purchase of a small thermoforming facility in Standish, Vantage Plastics has grown into a family of six companies that employs over 250 Michigan residents. This expansion project is expected to support 113 full-time equivalent positions, 108 of which are newly created. Positions include production managers, engineers, electrical and machine repairmen, machine and forklift operators, and general laborers – all positions accessible with less than a four-year degree. These positions will also earn an above average living wage and will receive comprehensive benefits, including health insurance, performance-based variable pay, and paid time off. Vantage Plastics will continue to partner with Bay Future, Michigan Works!, Bay Arenac ISD Career Center, and Arenac Opportunities to recruit and hire local residents, especially those with significant barriers to employment. 

“Vantage Plastics and its affiliate family of companies have always improved the communities in which we reside,” said Don Hale, Mergers, Acquisitions, and Emerging Technologies at Vantage Plastics. “This project allows us to continue that focus through new employment and refurbishment of a facility that badly needed it. We appreciate the help and support from all the people and companies that are and have been helping to bring this together.” 

MCC is supporting this project with a $6.5-million New Markets Tax Credit allocation. 

“Creating jobs that offer living wages and benefits enables individuals not only to survive but also to thrive,” said President and CEO of Michigan Community Capital, Eric Hanna. “We are pleased to partner with Michigan companies that prioritize local investment, local employment, and the bolstering of the Michigan economy.” 

The senior lender in this project is West Michigan Community Bank in partnership with Northstar Bank. 

“We are very excited for Vantage Plastics and the Bay City community,” said Michael Skinner, SVP, Grand Rapids Market Manager, Commercial Banking at West Michigan Community Bank. “The new investment will help revitalize this facility, provide them room for further growth and create new jobs here in Michigan. MCC did a great job bringing a team together quickly to help Vantage Plastics navigate the NMTC process. We appreciate the opportunity to partner with Vantage Plastics and MCC on this project.” 

Dudley Ventures is serving as the NMTC investor on the project. 

“We are thrilled to have participated as the NMTC investor in Vantage Plastics’ transformative project. The $6.5 million allocation from Michigan Community Capital has been instrumental in facilitating the purchase and installation of cutting-edge equipment in their newly acquired facility. We are grateful for the incredible teamwork that made this transaction possible, and we look forward to witnessing Vantage Plastics expand its production capacity and meet the growing demand. This project is a testament to the power of collaboration and innovation in driving economic growth,” said Kyle Koupal, Vice President of Investments at Dudley Ventures/Valley Bank. 

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. 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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Goodwill’s Green Works Expanding Job Opportunities for Detroiters

Michigan Community Capital invests New Markets Tax Credits into job- creation expansion project in Detroit.

FOR IMMEDIATE RELEASE
November, 17, 2023

LANSING, Mich.– Goodwill’s Green Works (GGW), a nonprofit industrial recycling subsidiary of Goodwill Industries of Greater Detroit, received $6.5 million in New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC) yesterday. This allocation will be utilized for working capital/operating expenses and the purchase of equipment to support the growth of GGW’s sustainable appliance recycling social enterprise that occupies a 94,000 square-foot facility.

Specifically, Goodwill’s Green Works will expand its transformer deconstruction and appliance recycling program operations while supporting the retention and creation of quality and accessible jobs in positions such as reclamation associate. The NMTC funding will also be a valuable resource to help Goodwill’s Green Works pursue new lines of business, including appliance repair, EPS recycling, and textile recycling.

Located in a high-poverty census tract where the unemployment rate is 30.7%, the expansion project is critical to providing residents with pathways to economic stability.

Goodwill’s Green Works provides employment opportunities to “hard-to-employ” Detroit residents, particularly the formerly incarcerated and chronically unemployed. Their expansion is expected to retain or create approximately 129 permanent jobs, and 5 paid temporary training positions. All permanent jobs will be eligible to receive comprehensive benefits including health insurance, life insurance, and a retirement plan. In addition to benefits, Goodwill’s Green Works and its affiliate provide support services including soft skills instruction, certificate-yielding job training, childcare, and support for other household expenses. Employees recycle and repurpose industrial and household waste materials including cable wiring, transformers, and refrigerators, diverting over 19 million pounds from the landfill in 2022.

The efforts of the expansion support the Mayor’s Workforce Development Board’s goal of helping 40,000 more Detroiters secure employment, directly addressing the board’s key initiative of connecting formerly incarcerated returning citizens with job opportunities and training.

“We’re extremely excited about the opportunity to expand Goodwill’s Green Works’ recycling efforts,” said Caleb Rutledge, president and CEO, Goodwill’s Green Works. “With the support of Michigan Community Capital funding, we will be able to collect and recycle an environmentally harmful material that would otherwise go to landfills. Equally as important, this expansion provides new certificate-base employment opportunities for Detroiters who are desperately in need of work. We are honored to provide a nonprofit service that serves both our community and our planet.”

MCC is investing $6.5 million in New Markets Tax Credit allocation into the project.

“Opportunities to invest in our economy, in our people, and in our planet, all at the same time, are ideal when we consider where our scarce resources should be allocated,” said President and CEO of Michigan Community Capital, Eric Hanna. “For decades, Goodwill has been a pioneer when it comes to pulling together such innovative projects and we applaud their efforts.”

Chase is serving as the New Markets Tax Credit investor on this project.

“Chase is proud to provide a New Markets Tax Credit equity investment to support Goodwill’s Green Works expansion of their sustainable recycling facility in Detroit,” said Chase Senior Community Development Banker, Melissa Pillars. “For 90 years, JPMorgan Chase has helped make lasting impact for Detroiters and this investment continues our efforts to create new jobs and opportunity in the community.”

About Goodwill’s Green Works
Goodwill’s Green Works, a subsidiary of Goodwill Industries of Greater Detroit, is a nonprofit industrial asset recovery and recycling business on Detroit’s east side. The Green Works facility uses ‘clean room’ processing to help break down and process environmentally sensitive materials and offer low-cost solutions for labor intensive operations. Green Works also provides training and employment opportunities for individuals with employment barriers, including those who are justice-involved. For more information visit goodwillsgreenworks.com.

About Goodwill Industries of Greater Detroit
For more than 100 years, Goodwill of Greater Detroit has been a leader in making a difference in people’s lives. We are committed to providing second chances, growing and restoring independence, and improving the quality of life for our community members, while helping the planet through our sustainability practices. With the support our community partners, employers and our nonprofit businesses – Donated Goods Retail, Goodwill Integrated Solutions and Goodwill’s Green Works – we provide job training, social services, job placement, retention services and work opportunities to hundreds of thousands of metro Detroiters with employment barriers. Goodwill of Greater Detroit’s work is cemented in our founding belief: that we will help people, and their families, move from poverty and dependence to prosperity and independence. For more information, visit goodwilldetroit.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. 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.

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Media Contact:
Gayle Joseph
VP – Communications, Marketing & Government Affairs
Goodwill of Greater Detroit
gayle.joseph@goodwilldetroit.org

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. 

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

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. 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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