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2022

 Year in Review 

2022 Year in Review

2022 Year in Review

Michigan Community Capital had a highly successful year in 2022. We delivered four new projects to the communities of Grand Haven, Lansing, Ludington, and Mt Pleasant, which represented the largest amount of construction and investment in a single year in the company’s history. We also made great progress with advocacy for missing-middle housing by hosting numerous meetings to educate stakeholders, communities, and policymakers, and by participating in the drafting of legislation. Although challenges with interest rates, the housing market, construction costs, and a shrinking level of public resources are ahead, we’re confident in Michigan’s ability to continue to attract investment and talent with great placemaking investments and job creation opportunities. 

The team at Michigan Community Capital would like to extend a special thanks to our partners in local government, policy leaders in state government agencies including the MEDC and MSDHA, to our bank and foundation partners, and to legislators and the administration for the tremendous support and encouragement. Without their partnership, we would not have made the collective impact that we did.

MCC Impact Highlights

MCC Impact Highlights
2022
New Markets Tax Credits Deployed
$53,150,000
 $308,000,000
Commercial Square Feet Built Or Rehabbed
2,024,200
3,906,122
Residential Units Financed
278
1,354
Permanent Jobs Created or Retained
384
4,751
Loan Volume
$461,800 
 $11,764,504
2005-2022
Total Capital Investment
 $288,478,603
 $1,234,363,324

Real Estate Development

Real Estate Development
2022
Square Feet Developed
164,083
376,128
Residential Units Created
174
421
Commercial/Office Square Feet Developed
16,356
33,640
2018-2022
Total Capital Investment
$51,744,772
$89,827,121
Single-Family Homes Sold as of June 2023
24
Total Occupancy as of June 2023 
98%

New Markets Tax Credits

NMTCS
2005-2022
2022
NMTCs Deployed
$53,150,000
 $308,000,000
Commercial Square Feet Built Or Rehabbed
2,007,844
3,722,654
Jobs Created or Retained
366
4,683
Housing Units
104
662
Projects Closed
5
36
Private Investment Leveraged
$235,033,831
 $1,104,036,203

MCC Property Insurance

MCC Property Insurance
2022
Average Number of Doors Insured
14,846
9,299
Claims Paid
$102,000
$582,000
2018-2022
Gross Premiums
$1,748,187
$11,108,417

CDFI Lending

CDFI Lending
2018-2022
2022
Loan Volume
 $461,800
$11,764,504
 Leveraged Investment
$1,700,000
$82,527,507
Communities Impacted
3
9
Net Asset Ratio as of June 2023
100%
Loan Prospects 2023
$31 M

2022 Financials

Financials
Total Assets
$89,433,177
Total Revenue
$11,339,907
Liquidity
$5,945,435
Net Position
$15,713,789
Net Result
 ($145,647)
Net Asset Ratio
(Consolidated)
17.5%
Employees
22
MCC Revenue
Revenue-chart-YIR-2022.png
Real Estate Development
$6,585,314
New Markets Tax Credits
$3,289,336
MCC Property Insurance
$1,747,187
Lending
$352,676
MCC Rent Trend from 2018 to 2022

LENDING SPOTLIGHT

PONTIAC

BRIDGE LOAN

$313,275

$17,000,000

total capital investment

DEVELOPER

Micah 6 Community

  • MCC bridge loan for EGLE grant obtained for clean-up related activities 

  • Redevelopment of a former school and blighted site into a community center

  • Social services offered to include educational programming, community-based arts, business incubation, day care and food services

  • Courtyard will be converted to an event space and gym will be converted into a theater/sports court

  • Environmental clean-up activities began in early 2023.

  • Project website: https://www.webstercommunity.org/

Project Spotlights

 Webster Community Center 

NMTC INVESTMENT SPOTLIGHT

 THE WATERSHED 

STURGIS

NMTC ALLOCATION

$10,000,000

$11,000,000

total capital investment

DEVELOPER

Root & Branch Real Estate

  • Develops three underutilized sites downtown Sturgis into a new modern, five-story, 25,000-square-foot, mixed-use property

  • First floor will be occupied by a steakhouse-style restaurant, expected to create 30 full-time, living wage, low-barrier of entry jobs 

  • Upper floors will offer 23 residential units, six of which will be income restricted to renters earning up to 80% AMI

  • Severely distressed, non-metro census tract

  • Restaurant will team up with GT Independence to create a disability employment program focusing on helping locals with physical or intellectual disabilities

  • Project updates: https://www.facebook.com/rootandbranchrealestate

NMTC INVESTMENT SPOTLIGHT