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
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
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
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
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
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
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
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.
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
Award Winning Project
DETROIT FOOD COMMONS
DETROIT
NMTC ALLOCATION
$7,000,000
$20,000,000
total capital investment
DEVELOPER
DBCFSN & Develop Detroit
-
Partnership between the Detroit Black Community Food Security Network (DBCFSN) and Develop Detroit
-
CDFI-qualified, severely distressed census tract with a lack of access to fresh food
-
Construction of a new two-story, 31,000-square-foot building
-
First floor to host Detroit People’s Food Co-Op, a community-owned grocery selling healthy, locally sourced food, and a 50-seat café
-
Second floor to offer a fully licensed incubator kitchen for food enterprises, a community event, banquet space, and offices for DBCFSN
-
41 full-time equivalent job impacts
-
Project website: https://www.dbcfsn.org/detroit-people-s-food-co-op
-
2023 Novogradac Journal of Tax Credit Award Recipient
DEVELOPMENT SPOTLIGHT
Award Winning Project
BROADWAY LOFTS
MT. PLEASANT
EQUITY INVESTMENT
$9,000,000
$18,000,000
total capital investment
48
Residential Units
11,500 SQFT
Commercial Space
-
Opened January 2022
-
Redeveloped a vacant, contaminated, city-owned parcel into a four-story, mixed-use, mixed-income property
-
Utilized NMTCs to facilitate the redevelopment
-
Upper three floors of the building house 48 residential lofts
-
15 income-restricted residential units
-
First floor showcases the newly expanded GreenTree Co-op Market and Isabella Community Credit Union
-
Walkable to downtown amenities and area park systems
-
Managed by MCC and is fully leased
-
Project website: www.broadwayloftsmi.com
-
Awards: Mt Pleasant Commercial Community Improvement award recipient in 2022; and ULI 2023 Jack Kemp Excellence in Affordable and Workforce Housing Award Finalist
PARTNERS & FUNDERS
MEDC; EGLE, City of Mt. Pleasant; National Cooperative Bank; PNC Bank; Cinnaire; Northern Trust
DEVELOPMENT SPOTLIGHT
Robinson Landing
GRAND HAVEN
EQUITY INVESTMENT
$4,000,000
$8,000,000
total capital investment
30
Residential Units
16
Homes priced under $200,000
-
Under construction in 2022
-
First for-sale project developed by MCC
-
Redeveloped 7.5 acres of city-owned property into a mixed-income, owner-occupied neighborhood
-
16 homes are in a Community Land Trust (CLT) created by the City of Grand Haven
-
CLT homes offered between $140,000 and $180,000; income restrictions on purchasing
-
14 market value homes offered between $260,000 and $305,000; no income restrictions for purchasing
-
24 homes sold as of June 2023
-
Project website: www.robinsonlandingmi.com
PARTNERS & FUNDERS
City of Grand Haven, Ottawa County Land Bank, Grand Haven Area Community Foundation, Dart Bank, Grand Haven Area Community Land Trust, Housing Next, Northern Trust
DEVELOPMENT SPOTLIGHT
Award Winning Project
Lofts on Rowe
LUDINGTON
EQUITY INVESTMENT
$3,000,000
$14,000,000
total capital investment
67
Residential Units
750 SQFT
Commercial Space
-
Opened October 2022
-
Utilized federal historic tax credits to redevelop a vacant, blighted and contaminated former manufacturing building built in 1892
-
Workforce housing apartments with large historic windows, exposed wood and brick, and modern finishes
-
Walkable to local schools, Lake Michigan beaches and downtown amenities
-
Developed with strong local partners who advocated for housing to support business growth
-
Property managed by MCC and is fully leased
-
Project website: www.loftsonrowe.com
-
2023 Michigan Historic Preservation Network Tax Credit Award recipient
PARTNERS & FUNDERS
MEDC, City of Ludington, Mason County, Pennies from Heaven Foundation, PNC Bank, West Shore Bank, Northern Trust
DEVELOPMENT SPOTLIGHT
Temple Lofts
OLD TOWN LANSING
EQUITY INVESTMENT
$2,000,000
$11,000,000
total capital investment
31
Residential Units
900 SQFT
Commercial Space
-
Opened December 2022
-
Redeveloped a vacant, historic church into a five-story, mixed-use property
-
Design reused and highlighted existing architectural features of the building
-
Top four floors transformed into 31 apartments
-
First-floor redeveloped into 3,500 square feet of office space and 900 square feet of commercial space
-
Residential units leased up within six months of opening
-
Michigan Community Capital’s headquarters is on the first floor
-
Building managed by MCC
-
Project website: www.templeloftslansing.com
PARTNERS & FUNDERS
MEDC, City of Lansing, IFF, Northern Trust
DEVELOPMENT SPOTLIGHT
Carriage Town
CARRIAGE TOWN FLINT
EQUITY INVESTMENT
$2,000,000
$2,000,000
total capital investment
2
Duplexes &
2
Single-Family Homes
-
Under construction
-
MCC & Uptown Reinvestment Corporation partnered to bring the first new construction, for-sale homes to the Flint Carriage Town neighborhood in over a century
-
Redevelops three land bank-owned lots
-
Creates a small condo association. Six total units; two duplexes, and two single-family homes
-
Utilizes grant funding from the Community Development Finance Institution Fund, Charles Stewart Mott Foundation, and brownfield tax increment financing
PARTNERS & FUNDERS
Uptown Reinvestment Corporation, Genesee County Land Bank (GCLB), City of Flint, Flint Brownfield Redevelopment Authority, Community Development Finance Institution Fund, Charles Stewart Mott Foundation
Governing Board
Doug Barcy
Senior Vice President | PNC BANK
Member Since June 2021
Karl Dorshimer
President & CEO | LANSING ECONOMIC DEVELOPMENT CORPORATION
Member Since February 2012
Eric Hanna
President & CEO | MICHIGAN COMMUNITY CAPITAL
Member Since June 2020
Richard Hosey III
Owner | HOSEY DEVELOPMENT
Member Since January 2010
Mary Seaberg-King
Retired CDFI Professional
Member Since February 2012
Mark McDaniel
President & CEO | CINNAIRE CORPORATION
Member Since January 2010
Mark Morante
Retired Economic Development Professional
Member Since October 2005
Elissa Sangalli
President & CEO | NORTHERN INITIATIVES
Member Since June 2020
Jamie Schriner
Program Officer | WK KELLOGG FOUNDATION
Member Since November 2010
Marcia Ventura
Senior Vice President | INVEST DETROIT
Member Since February 2019
Kara Wood
Executive Director | GRAND ACTION 2.0
Member Since April 2009
Brad Heffner
Associate General Counsel | MICHIGAN ECONOMIC DEVELOPMENT CORPORATION
Member Since May 2023
Jim Ananich
President | GREATER FLINT HEALTH COALITION
Member Since June 2023
Stephanie Osterland
CEO | HABITAT FOR HUMANITY DETROIT
Member Since September 2023
MCC Staff
Elle Albert
Administrative Professional
Liz Alexandrian
Vice President of Lending
Marilyn Chrumka
Vice President of Development
Stacy Esbrook
Managing Director of Policy & Impacts
Mike Gall
Controller
Zach Graham
Community Manager, TEMPLE LOFTS
Eric Hanna
President & Chief Executive Officer
David Hendley
Portfolio Manager
Rhett Huyck
Director of Property Management
Annie Jenkins
Chief Operations Officer & Chief Financial Officer
Vern Darke
Maintenance Manager, LOFTS ON ROWE
Rebecca McGregor
Community Manager, CADILLAC LOFTS
Brandon Miller
Director of Property Maintenance
Jeffrey Neerken
Maintenance Manager, CADILLAC LOFTS & EAST BAY FLATS
Aimee Nye
Community Manager, EAST BAY FLATS
Frank Parish
Maintenance Manager, BROADWAY LOFTS & LANSING PROPERTIES
Toni Robertson
Community Manager, BRIDGE STREET LOFTS & MIDTOWN CITYZEN
Stacy Rose
Community Manager, BROADWAY LOFTS
Eric Spearman
Maintenance 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
Cinnaire
Grand Haven Area Community Foundation
Huntington
JPMorgan Chase
Key Bank
Michigan Economic Development Corporation
Northern Trust
Old National Bank
Pennies from Heaven Foundation
PNC Bank
Rotary Charities of Traverse City
U.S. Bank