Michigan Community Capital
2025 Year in Review
Dear Stakeholders,
MCC’s 2025 journey was one of extremes. We navigated some of the most complex and challenging projects of our collective careers. Our organization saw record growth. Assets were up over $30M and net income was up over $18M. As is often the case, these numbers mask considerable challenges that we and the entire ecosystem face.
Public support for housing and community development projects fell to the lowest levels I’ve seen in my entire career, and for the first time in my 9-year tenure, MCC did not receive a New Market Tax Credit allocation. So, while we cheer on the local communities we are supporting with new projects and some hard-fought victories, MCC needs to remain vigilant. It has never been clearer that the voices of our champions matter. Mayors, commissioners, advocates, and mission-focused stakeholders need to rally.
As we look forward to our 2026 journey, I am thrilled to see so many public leaders on both political sides lifting up housing and community development as a fundamental need. They are sending a clear signal: Michigan’s failure to prioritize housing and community development is becoming a competitive liability. The work ahead is hard, but it has always been done best together. I look forward to building on what we’ve started alongside each community, partner, and champion who believes Michigan’s best chapter is still ahead.
Warm regards,
Eric Hanna
President & CEO
MCC Impact Highlights
2025
New Markets Tax Credits Deployed
$67,750,000
$469,750,000
Loan Volume
$21,598,901
$45,260,965
Square Footage Built or Rehabbed
558,748
7,338,801
Permanent Jobs Created or Retained
641
8,045
Residential Units Financed
249
1,804
2005-2025
Total Capital Investment
$135,182,123
$1,663,002,774
Michigan Community Capital Investment Impacts
REGION 1
Total Capital Investment
$83,223,747
Permanent Job Impacts
667
SQFT Rehabbed or Created
650,907
Housing Units Financed
44
REGION 3
Total Capital Investment
$36,834,970
Permanent Job Impacts
36
SQFT Rehabbed or Created
104,810
Housing Units Financed
40
REGION 5
Total Capital Investment
$65,941,300
Permanent Job Impacts
245
SQFT Rehabbed or Created
523,414
Housing Units Financed
48
REGION 7
Total Capital Investment
$185,417,745
Permanent Job Impacts
230
SQFT Rehabbed or Created
234,707
Housing Units Financed
54
REGION 9
Total Capital Investment
$18,184,980
Permanent Job Impacts
39
SQFT Rehabbed or Created
46,126
Housing Units Financed
20
REGION 2
Total Capital Investment
$30,905,155
Permanent Job Impacts
SQFT Rehabbed or Created
95,763
Housing Units Financed
159
REGION 4
Total Capital Investment
$338,799,624
Permanent Job Impacts
2364
SQFT Rehabbed or Created
1,326,284
Housing Units Financed
668
REGION 6
Total Capital Investment
$129,669,413
Permanent Job Impacts
727
SQFT Rehabbed or Created
562,634
Housing Units Financed
204
REGION 8
Total Capital Investment
$169,133,532
Permanent Job Impacts
739
SQFT Rehabbed or Created
153,209
Housing Units Financed
73
REGION 10
Total Capital Investment
$604,105,294
Permanent Job Impacts
3027
SQFT Rehabbed or Created
3,640,947
Housing Units Financed
494
NMTC INVESTMENT
CDFI LENDING
REAL ESTATE DEVELOPMENT
Accolades Through the Years
Gold Winner for Real Estate Redevelopment & Reuse
YEAR:
2021
PROJECT:
Cadillac Lofts
FROM:
International Economic Development Council (IEDC)
TYPE:
MCC Real Estate Development
Community Improvement Award - Mixed Use Category
YEAR:
2023
PROJECT:
Broadway Lofts
FROM:
City of Mt Pleasant
TYPE:
MCC Real Estate Development
Small Business QLICI of the Year
YEAR:
2023
PROJECT:
Detroit Food Commons
FROM:
Novogradac Journal of Tax Credits Community Development QLICIs of the Year
TYPE:
NMTC
Gold Winner for Innovative Project Financing
YEAR:
2023
PROJECT:
Broadway Lofts
FROM:
International Economic Development Council (IEDC)
TYPE:
MCC Real Estate Development
Celebration of Regional Growth Award
YEAR:
2023
PROJECT:
Temple Lofts
FROM:
Lansing Regional Chamber of Commerce
TYPE:
MCC Real Estate Development
Jack Kemp Excellence in Affordable and Workforce Housing
YEAR:
2023
PROJECT:
Broadway Lofts
FROM:
Urban Land Institute (ULI)
TYPE:
MCC Real Estate Development
The Ambassador Brick Award
YEAR:
2021
PROJECT:
Cadillac Lofts
FROM:
Cadillac Area Chamber of Commerce
TYPE:
MCC Real Estate Development
Real Estate QLICI of the Year
YEAR:
2023
PROJECT:
The Freelon at Sugar Hill
FROM:
Novogradac Journal of Tax Credits Community Development QLICIs of the Year
TYPE:
NMTC
2023 Historic Tax Credit Award
YEAR:
2023
PROJECT:
Lofts On Rowe
FROM:
Michigan Historic Preservation Network (MHPN)
TYPE:
MCC Real Estate Development
Gold Winner for Real Estate Redevelopment & Reuse
YEAR:
2023
PROJECT:
Broadway Lofts
FROM:
International Economic Development Council (IEDC)
TYPE:
MCC Real Estate Development
New Development of the Year
YEAR:
2023
PROJECT:
Temple Lofts
FROM:
Property Management Association of Michigan
TYPE:
MCC Real Estate Development
AIAGR Honor Award
YEAR:
2023
PROJECT:
Temple Lofts
FROM:
American Institute of Architects (AIA)
TYPE:
MCC Real Estate Development
Real Estate Development
2018 - 2026
MCC Investment
$37,870,469
Residential Units Created
519
Commercial Square Feet Developed
37,522
Total Capital Investment
$124,109,676
Single-Family
Homes Built & Sold
36
Total Square Feet Developed
370,609
DEVELOPMENT SPOTLIGHT
Lofts at the Rockwell
CHELSEA
EQUITY INVESTMENT
$3,613,470
$21,913,470
50
Rental Units
total capital investment
-
Full historic rehab of long-vacant Rockwell building in downtown Chelsea.
-
The ~47,000 square-foot building will be redeveloped into a modern, energy efficient property with 50 new, middle-income apartments.
PARTNERS & FUNDERS
Chelsea State Bank, City of Chelsea, Washtenaw Brownfield Authority, SHPO, EGLE, MEDC and HUD.
DEVELOPMENT SPOTLIGHT
Sawmill Lofts
GRAYLING
EQUITY INVESTMENT
$4,959,721
$18,309,721
projected total capital investment
40
Residential Units
-
Sawmill Lofts is a newly constructed, 38,379 square-foot, five-story building featuring 40 middle-income apartments and 4,000 square feet of commercial space in downtown Grayling.
-
Apartments include studio, one-bedroom, and two-bedroom units starting at $885 per month.
-
51% of the units will be priced affordable to 80% AMI. 37 units will be income-restricted to 120% of Area Median Income (AMI) for 10 years.
-
The project is utilizing the TIF for Housing tool in a 30-year brownfield tax increment financing plan.
PARTNERS & FUNDERS
Michigan Department of Environment, Great Lakes and Energy, Michigan State Housing Development Authority, the Michigan Economic Development Corporation, City of Grayling, West Shore Bank, and Crawford County Brownfield Redevelopment Authority.
OPEN SPRING 2026
OPEN SUMMER 206
DEVELOPMENT SPOTLIGHT
Cadillac Lofts 2
CADILLAC
EQUITY INVESTMENT
$1,954,000
$15,500,000
projected total capital investment
50
Residential Units
-
With phase 2 now complete, the $24 million Cadillac Lofts development brings 92 middle-income residential units and roughly 8,800 square feet of commercial space into the downtown.
-
Phase 2 includes the new 34,212-square-foot building with 50 middle-income residential units and 1,400 square feet of commercial space.
-
Apartments include studio, one-bedroom, and two-bedroom units starting at $950 per month.
-
51% of the units will be priced affordable to 80% AMI.
-
Phase one opened in 2020 and phase two began construction in 2025.
PARTNERS & FUNDERS
City of Cadillac; Michigan State Housing Authority; Michigan Economic Development Corporation; Michigan Department of Environment, Great Lakes and Energy; and West Shore Bank.
More MCC Developments
Bridge Street Lofts
Grand Rapids
44 Residential Units
7,600 SQFT Commercial
$11,399,335 Total Investment
Completed in: 2020
Cadillac Lofts I
Downtown Cadillac
42 Residential Units
6,000 SQFT Commercial
$9,286,788 Total Investment
Completed in: 2020
Lofts on Rowe
Ludington
67 Single-Family Homes
740 SQFT Commercial
$14,148,692 Total Investment
Completed in: 2022
Robinson Landing
Grand Haven
30 Single-Family Homes
16 CLT Homes
$8,402,277 Total Investment
Completed in: 2022
Broadway Lofts
Mt. Pleasant
48 Residential Units
11,500 SQFT Commercial
$11,399,335 Total Investment
Completed in: 2022
Carriage Town
Flint
6 Residential Units
2 Duplex, 2 Single-family
$1,970,350 Total Investment
Completed in: 2024
Midtown CityZen
Grand Rapids
44 Residential Units
3,600 SQFT Commercial
$6,985,000 Total Investment
Completed in: 2018
Temple Lofts
Lansing
31 Residential Units
4,400 SQFT Commercial
$10,807,268 Total Investment
Completed in: 2022
CDFI Lending
2018-2025
2025
Loan Volume
$21,598,901
$45,260,965
Leveraged Investment
$42,558,729
$209,252,110
Housing Units
130
486
Jobs
509
903
Square Feet
239,999
875,748
Loans Closed
6
36
Net Asset Ratio as of April 2026
23%
2026 Loan Prospects
$16,000,000
LENDING SPOTLIGHT
Saginaw-Shiawassee Habitat for Humanity
SAGINAW
CONSTRUCTION LOAN
$4,700,00
20
For-sale Homes
24,600
Total Square Footage
-
Saginaw-Shiawassee Habitat for Humanity is constructing 20 new single-family detached modular homes in Saginaw’s Covenant Neighborhood, with one additional home in Thomas Township.
-
Each home will feature three to four bedrooms, one to two bathrooms, and between 1,200 and 1,700 square feet of living space.
-
The project breathes new life into parcels acquired by Covenant HealthCare following the 2008 housing market crash, where blighted structures were subsequently demolished in partnership with the Saginaw County Land Bank. MCC provided a loan of up to $4.7M to cover hard and soft construction costs, supplemented by MSHDA MI-Neighborhood and Saginaw ARPA grant proceeds.
-
Homes will be sold to families earning between 60–120% of area median income.
New
LENDING SPOTLIGHT
Bamboo Grand Rapids
GRAND RAPIDS
BRIDGE LOAN
$1,250,901
$10,179,634
Total Capital Investment
39,709
Total Square Footage
-
Bamboo Grand Rapids has transformed portions of 2 Fulton West, a former art gallery, into a modern coworking and flex office facility spanning 40,000 sq. ft. across 6 floors, including a rooftop terrace.
-
The facility offers a range of amenities including coworking space, private offices, high-tech meeting rooms, a 200-person movie theater, and an outdoor event venue.
-
The project is expected to serve 500+ individuals from over 300 companies, positioning 2 Fulton West as a hub for entrepreneurship, innovation, and high-growth job creation in the Grand Rapids ecosystem.
-
MLC Bridge Loan for Revitalization and Placemaking (RAP) Grant.
New Markets Tax Credits
2005-2025
2025
NMTCs Deployed
$67,750,000
$469,750,000
Housing Units
117
994
Jobs Created or Retained
179
7,389
Private Investment Leveraged
$64,216,579
$1,301,943,488
Square Feet
387,699
6,549,218
Projects Closed
6
52
NMTC INVESTMENT SPOTLIGHT
Shed 7
DETROIT
NMTC ALLOCATION
$10,750,000
$16,600,000
Total Capital Investment
36
Jobs Retained & Created
-
Eastern Market Partnership (EMP) is undertaking a $16.6 million renovation of Shed 7, a 60-year-old, 38,000-square-foot wholesale produce building at the heart of Detroit’s historic Eastern Market District, transforming it into a modern, 43,000-square-foot cold chain- and Food Safety Modernization Act-compliant wholesale distribution center.
-
Supported by $10.75 million in NMTC allocation from MCC and $4.65 million from Invest Detroit CDE, the renovated facility will provide modernized refrigerated and docked suites at below-market rents, with heavily subsidized space reserved for five regional growers and 20 Detroit urban farmers, 100% anticipated to be minority-owned.
-
The project retains 27 and creates 9 new, full-time jobs; all are accessible without a four-year degree, and 91% pay a living wage. The facility is in a Deeply Distressed census tract with a poverty rate of 44.8% and unemployment 4X the national average.
NMTC INVESTMENT SPOTLIGHT
Skyline Commons
HANCOCK
NMTC ALLOCATION
$11,000,000
$11,400,000
Total Capital Investment
46
Jobs Retained & Created
-
Moyle Development is undertaking an $11.4 million rehabilitation of the former Jutila Center — a nine-story landmark left vacant after Finlandia University closed in 2023 — into Skyline Commons, a 140,000-square-foot mixed-use development delivering rental housing and community-serving commercial space to Michigan’s Upper Peninsula.
-
The project converts three floors into 29 mixed-income rental apartments, with 15 units affordable at or below 80% AMI, directly addressing Houghton County’s shortage of 1,914 rental units and a market where 55% of renters were cost-burdened.
-
Commercial tenants include the Copper Country Intermediate School District, the MTEC SmartZone entrepreneurial hub, and Little Brothers Friends of the Elderly. The project is located in a Severely Distressed Non-Metropolitan census tract with a poverty rate of 25.8%.
Financials
Total Assets
$139,626,237
Total Revenue
$31,111,605
Liquidity
$13,750,447
Net Position
$39,537,316
$19,609,001
Net Result
28.3%
Net Asset Ratio
(Consolidated)
Employees
21
MCC 2025 Revenue
Real Estate Development
$13,468,520
New Market Tax Credits
$4,680,669
Lending
$6,137,416
Other
$6,825,000
Real Estate Performance
Tenant Income Distribution
70%
13%
17%
Households making
Under 60% AMI
Households making
60%-120% AMI
Over 120% AMI
Households making
Residential Occupancy as of April 2026
98%
Commercial Occupancy as of April 2026
93%
Portfolio DSCR
1.6x
Owner-Occupied Homes Sold
36
Governing Board
Jim Ananich
President | GREATER FLINT HEALTH COALITION
Member Since June 2023
Doug Barcy
Senior Vice President | PNC BANK
Member Since June 2021
Kris Klein
CEO | LANSING ECONOMIC DEVELOPMENT CORPORATION
Member Since July 2025
Eric Hanna
President & CEO | MICHIGAN COMMUNITY CAPITAL
Member Since June 2020
Brad Heffner
Associate General Counsel | MICHIGAN ECONOMIC DEVELOPMENT CORPORATION
Member Since May 2023
Richard Hosey III
Owner | HOSEY DEVELOPMENT
Member Since January 2010
Kris Klein
President & CEO, Lansing | MICHIGAN ECONOMIC
DEVELOPMENT CORPORATION
Member Since July 2025
Mark McDaniel
President & CEO | CINNAIRE CORPORATION
Member Since January 2010
Mark Morante
Retired Economic Development Professional
Member Since October 2005
Stephanie Osterland
CEO | HABITAT FOR HUMANITY DETROIT
Member Since September 2023
Elissa Sangalli
President & CEO | NORTHERN INITIATIVES
Member Since June 2020
Jamie Schriner
Program Officer | WK KELLOGG FOUNDATION
Member Since November 2010
Mary Seaberg-King
Retired CDFI Professional
Member Since February 2012
Marcia Ventura
Senior Vice President | INVEST DETROIT
Member Since February 2019
Kara Wood
Executive Director | GRAND ACTION 2.0
Member Since April 2009
MCC Staff
Elle Albert
Development Assistant
Liz Alexandrian
Vice President of Lending
Marilyn Chrumka
Vice President of Development
Vern Darke
Service Manager, Lofts on Rowe
Heather Donselar
Community Manager, Cadillac Lofts
Stacy Esbrook
Vice President of Policy & Impacts
Mike Gall
Controller
Eric Hanna
President & Chief Executive Officer
David Hendley
Portfolio Manager
Rhett Huyck
Director of Property Management
Annie Jenkins
Chief Operations Officer & Chief Financial Officer
Shaniqua Johnson
Community Manager, Lafayette Place Lofts
Zeb Jones
Commercial Real Estate Lender
Brandon Miller
Director of Property Maintenance
Corey Monroe
Development Project Manager
Frank Parish
Maintenance Manager, Broadway Lofts & Lansing Properties
Stacy Rose
Community Manager, Broadway Lofts & Lansing Properties
Amber Smith
Accountant
Eric Spearman
Service Manager, Bridge Street Lofts & Midtown CityZen
Shannon Striegle
Community Manager, Bridge Street Lofts & Midtown CityZen
Abbey Wilson
Director of Marketing & Communications
Alyssa Zank
Community Manager,
Lofts on Rowe
Investors
Thank you to our partners, funders, and communities across the state.
CDFI Fund
Charles Stewart Mott Foundation
Chelsea State Bank
Dudley Ventures
Grand Haven Area Community Foundation
Huntington
Independent Bank
JPMorgan Chase
Key Bank
Michigan Economic Development Corporation
Michigan State Housing Development Authority
Northern Trust
Old National Bank
Pennies from Heaven Foundation
PNC Bank
U.S. Bank