MCC Awarded $60 Million in New Markets Tax Credit Allocation
Allocation will support projects in low-income census tracts within the State of Michigan
FOR IMMEDIATE RELEASE
October 31, 2022
LANSING, Mich. – Michigan Community Capital (MCC) is pleased to announce their award of $60 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, October 28. For the second 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.”
“These resources are an investment in Michigan and our future, and I’m proud to support the programs that have provided this funding – which are proven to be successful job creators and economic drivers,” said Michigan Senator Gary Peters. “We need to continue to invest in communities across our state and make sure all Michiganders have the tools they need to succeed no matter where they live.”
With this latest award, MCC will provided 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 opportunitySupporting skilled training programs and/or expanding services for low-income familiesGenerating living-wage jobs through manufacturing or community-based projects Since 2005, Michigan Community Capital has received $380 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 35 projects across the state resulting in over 6,900 full-time jobs created or retained, more than 700 housing units established, and the development of 1.9 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.
About Michigan Community CapitalMichigan 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 $380 million in federal New Markets Tax Credits, and helped to create over 750 housing units and 1.9 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.