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:
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:
“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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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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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
