Tag: downtown

New Markets Tax Credits Invested into Future Webster Community Center

Michigan Community Capital supports Micah 6’s community redevelopment project in Pontiac, Michigan. 

FOR IMMEDIATE RELEASE
March 12, 2024 

LANSING, Mich. – Micah 6 Community, a neighborhood-based nonprofit community development corporation dedicated to serving the city of Pontiac, received $15 million in New Markets Tax Credit allocation (NMTC) from Michigan Community Capital (MCC) on Tuesday, March 12, 2024 in support of the Webster Community Center project.  

Micah 6 Community plans to transform a vacant former school into the Webster Community Center, which will include a small business incubator, a rentable commercial kitchen and food hub, a gymnasium for community activities, a health clinic, and more. The project will also serve as an indoor transportation center, and will have the only covered bus stop on the west side of M59. Tenants utilizing the community center will specifically use the space for services including: 

  • after school and summer programs for school age children; 
  • art classes and art therapy for all ages; 
  • empowerment programs for families; 
  • a coffee shop; 
  • STEM education; 
  • urgent care services; 
  • dance for school age children; 
  • sports leagues and mentoring for youth; 
  • local food cooperative; and 
  • adult education services. 

“This project represents almost seven years of hard work and stubbornness from our team. We knew this project was important for our neighbors and our neighborhood. We believed it before anyone else did. We have diligently pushed through a pandemic, price increases, surprise basement floodings, and more strange circumstances that I can’t even remember, but we never questioned whether this project was worth it,” said Coleman Yoakum, executive director at Micah 6 Community. “There aren’t many people who started with us who are finishing with us. We are grateful for Michigan Community Capital for being there at the beginning, walking this long process with us and crossing the finish line with us.” 

Located in Pontiac, the project falls within a “severely distressed” census tract based on a poverty rate of 36.4%, an unemployment rate of 8.6%, and within a designated USDA Food Desert. 

This project is expected to retain or create approximately 70 permanent jobs, and 30 positions requiring no more education than a high school diploma. All full-time permanent jobs will be eligible to receive comprehensive benefits including health insurance, life insurance, and a retirement plan.  

In November 2022, Michigan Community Capital closed a bridge loan to Micah 6 Community to bridge grant funds from the Michigan Department of Environment Great Lakes and Environment to help finance environmental remediation work at the site. In addition to the $15 million in NMTC allocation, MCC increased the bridge loan to support additional remediation work.  

“MCC has been supporting Coleman and the Webster team for several years as they have worked tirelessly and selflessly to create a place that directly meets the needs of the Pontiac community,” said Eric Hanna, president and CEO at Michigan Community Capital. “Historic, adaptive reuse projects are incredibly important because they preserve the cultural identity and history of the neighborhood, bringing the building into the present so that its services can be enjoyed for generations. We commend the team on a big effort and outstanding job bringing such an impactful project to a major milestone!” 

National Trust Community Investment Corporation (NTCIC) is providing a $7 million NMTC allocation. 

“We are honored to be a part of this project and work with dedicated partners to bring this historic building back to life,” said Kathleen Galvan, Acquisitions Manager at National Trust Community Investment Corporation. “Coleman and the Webster team exemplify the mission of the NTMC program – they listened to and worked hand in hand with the community to create a unique place that serves the needs of their neighbors. Their hard work will touch many lives for years to come.” 

PNC Bank is providing $3 million in NMTC allocation and federal historic tax credit equity. A PNC-managed fund is the NMTC investor. 

“Over the years, PNC has collaborated with a number of organizations to benefit Pontiac residents and businesses,” said Michael Bickers, PNC regional president for Detroit and Southeast Michigan. “The Webster Community Center is a multifaceted project that will provide critical resources and access to programs that will benefit the city of Pontiac and its residents. PNC is committed to working with developers, governments, and residents to add projects such as this one to communities across the country.” 

MEDC provided two sources of capital including a Revitalization and Placemaking (RAP) Grant and a Community Revitalization Program (CRP) Loan. 

The Webster Community Center is a community-driven and supported project. The following organizations have financially supported the project: Oakland County, Cinnaire, IFF, Opportunity Resource Fund, EGLE, and others. The following foundations have also collectively contributed more than $5 million in grant funds; Carls Foundation, William Davidson Foundation, Ralph C. Wilson Jr. Foundation, Pontiac Funders Collaborative Community Foundation, Total Health Care Foundation, Ballmer Group, Consumers Energy Foundation, and other various organizations.  

Learn more about this project at www.webstercommunity.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. michigancommunitycapital.org. 

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Award-winning year at Michigan Community Capital 

Temple Lofts

MCC receives nine recognition awards in 2023. 

LANSING, MICH. – 2023 was an award-winning year for Michigan Community Capital (MCC) who accepted nine recognition awards for multiple developments and New Markets Tax Credits investments.  

Five national recognitions received in 2023 included: 

Jack Kemp Excellence in Affordable and Workforce Housing from the Urban Land Institute (ULI) for MCC’s Mt. Pleasant development, Broadway Lofts.
Learn more about this recognition and project here. 

Gold Winner for Real Estate Redevelopment & Reuse from the International Economic Development Council (IEDC) for MCC’s Mt. Pleasant development, Broadway Lofts.
Learn more about this recognition and project here. 

Gold Winner for Innovative Project Financing from the International Economic Development Council (IEDC) for MCC’s Mt. Pleasant development, Broadway Lofts.
Learn more about this recognition and project here. 

Real Estate QLICI of the Year from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year for MCC’s New Markets Tax Credit involvement in The Freelon at Sugar Hill
 Learn more about this recognition and project here. 

Small Business QLICI of the Year from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year for MCC’s New Markets Tax Credit involvement in Detroit Food Commons
 Learn more about this recognition and project here. 

Broadway Lofts – Mt Pleasant

Four regional/state recognitions received in 2023 included: 

2023 Tax Credit Award from the Michigan Historic Preservation Network (MHPN) for MCC’s Ludington development, Lofts on Rowe.
Learn more about this recognition and project here. 

AIAGR Honor Award from the American Inst. of Architects (AIA) for MCC’s Lansing development, Temple Lofts.
Learn more about this recognition and project here. 

Celebration of Regional Growth Award from the Lansing Regional Chamber of Commerce for MCC’s Lansing development, Temple Lofts.
Learn more about this recognition and project here. 

New Development of the Year from the Property Management Association of Michigan for MCC’s Lansing development, Temple Lofts.
Learn more about this recognition and project here. 

“At MCC, we let our work speak for itself and it’s rewarding to see regional and national stakeholders lift up the work of our incredibly dedicated and talented team,” said Eric Hanna, president and CEO at MCC. “By listening carefully to the needs of the disinvested communities we serve and putting the mission before the money, we inevitably end up with strong projects in stronger communities.” 

For 18 years, Michigan Community Capital (formally Michigan Magnet Fund) has invested in transformational community development projects across the state of Michigan that create housing, jobs and access to fresh food through NMTC allocations. Since the organization’s inception, MCC has worked to advance these projects using the best tools possible, even if it means creating new tools or wearing new hats. 

Starting in 2018, MCC began taking its lending and investment know-how and started developing projects. As of today, in its development practice alone, nine (9) properties developed and/or co-developed by MCC have led to more than $89 million in investment in Michigan communities, creating 421 new residential units and 68 new permanent jobs, and activating almost 350,000 square feet of indoor real estate. In addition to the nine awards received in 2023, MCC’s developments have previously received one national and two regional awards.    

All the awards were made possible by innovative financing structures with public, private and philanthropic partners.  

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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Broadway Lofts Named a Finalist for Jack Kemp Excellence in Affordable and Workforce Housing Award

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 Lofts is 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. 

Find more information on these awards and nominees here: https://urbanland.uli.org/public/uli-announces-finalists-for-2023-jack-kemp-terwilliger-center-innovation-awards/ 

Mixed-Use YMCA Project will Revitalize Long-Vacant Property in Downtown Flint 

Michigan Community Capital invests New Markets Tax Credits into Flint development 

Rendering of the YMCA in Flint, Michigan. – January 4 2022
FOR IMMEDIATE RELEASE 
April 4, 2023 

LANSING, Mich. – Developers Uptown Reinvestment Corporation and HWD Harrison, Inc are undertaking an approximately $41-million, mixed-use, four-story development in downtown Flint with the support of $16 million in New Markets Tax Credit allocation from Michigan Community Capital (MCC). 

The project revitalizes a long-vacant, blighted property into a 115,000-square-foot building that will include a physical rehabilitation facility, more than 7,500 square feet of office space, 50 apartments, and a full-service, fully accessible YMCA. The new YMCA facility will offer a competitive lap pool, family splash pad, basketball court, exercise studios, running/walking track, locker rooms, community space, and after-school rooms. All 50 apartments will be located on the second through fifth floors, and 19 will be dedicated to households earning less than 80% of the area median income (AMI). 

“We are honored to be partners in the Harrison Street Commons. Providing 50 high-quality, mixed-income housing units in the heart of Flint is part of the transformational change we strive for in our work,” said Development Coordinator at URC, Moses Timlin. “Through this development, we envision a more vibrant and resilient downtown with increased walkability, density, occupancy, and diversity of building uses.” 

Bringing additional foot traffic and economic activity to the area and serving as a catalyst for future development in Flint, the project is expected to generate a total capital investment of $41 million, bring over 10,000 unique program participants into the facility, and create or retain 51 full-time equivalent jobs. 

“Housing, entertainment and recreation are all critically important parts of a vibrant neighborhood. We are thrilled to see and support our partners in Flint as they work so intentionally to create a thriving, attractive and equitable downtown community,” said Eric Hanna, president and CEO of Michigan Community Capital. 

Magnet Lending Corporation, an affiliate of Michigan Community Capital, is supporting the project by way of a direct loan in the amount of $2.9 million. 

The project is being supported by a $1.5-million MCRP performance-based grant and a $5.5-million MCRP performance-based direct loan from the Michigan Economic Development Corporation (MEDC). 

“The YMCA project will not only revitalize long-vacant property on a key block in downtown Flint into a vibrant mixed-use development that will offer housing options and recreational amenities to area residents, but it will also bring additional foot traffic and economic activity to the area and serve as a catalyst for future development in Flint,” said MEDC Executive Vice President of Economic Development Incentives Michele Wildman. “At MEDC, we are committed to supporting transformative projects that help create vibrant, resilient communities as part of our efforts to create a holistic, people-first approach to economic development in Michigan. We’re pleased to work with our partners to support this project and look forward to seeing the additional investment it will encourage in other Flint neighborhoods.” 

PNC Bank, N.A. is serving as the New Markets Tax Credit investor and contributed $4 million of its own NMTC allocation to the financing of the project.  

“PNC is committed to working with organizations that seek to address pressing needs in communities across our footprint,” said David Gibson, senior vice president and manager of Specialty Tax Credit Investments for PNC Tax Credit Solutions. “With the addition of this mixed-use facility to the community, Flint residents will have access to new, high-quality housing, retail and lifestyle options.” 

The City of Flint is offering a 30-year payment in lieu of taxes at 10 percent, with an estimated value of more than $1.5 million.  

“The City’s Imagine Flint Master Plan calls for desirable, stable, and inclusive neighborhoods, with a range of affordable and attractive housing options available to a diverse population. This project is a great example of providing both quality affordable housing and recreational opportunities for all City of Flint residents. We are so proud to be partnering with so many public and private partners as we continue to move the city forward,” said Suzanne Wilcox, director of planning and development for the City of Flint. 

“We are excited to be a part of this unique project in the heart of Flint,” shared YMCA of Greater Flint CEO Shelly Hilton. “Many partners have collaborated to create a truly modern facility that will address the needs of Flint and Genesee County residents into the future.” 

For additional information on this project visit https://flintymca.com/buildingcommunity/.

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 18-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.   

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LiveWell on Harrison Groundbreaking 5/4/23

Temple Lofts – Lansing, Michigan