(WXYZ) — More affordable housing will be built across Michigan with the help of $55 million in federal funding.
The funding was made possible through a Community Development Financial Institution New Markets Tax Credit award.
Michigan Community Capital, one of three Michigan entities to receive in NMTC award, will use the money to invest in attainable housing projects in communities statewide.
“The $55 million awarded to Michigan Community Capital will help fuel Michigan’s economic momentum and create upward mobility for residents and business opportunities for underserved communities in Michigan. We’re pleased to work alongside MCC to bring more of these beneficial, place-based projects to the state,” said Jeff Mason, CEO of the MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the Michigan Strategic Fund. “The decision by CDFI Fund to recognize and support the work of MCC emphasizes the strength of Michigan’s community development programs,” Mason said.
MCC has invested in various mixed-use and mixed income multi-family housing projects, including projects in Grand Rapids and Boyne City.
MCC has also invested $145M from previous NMTC’s rounds in various projects around the state in addition to its current focus on attainable housing projects.
Michigan was selected from a pool of 214 applicants that requested a total of $14.8 billion in tax credit allocation authority from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The 73 award recipients are headquartered in 35 different states, Puerto Rico and the District of Columbia.