2024 Year in Review
Dear Stakeholders,
As we celebrate our 20th anniversary, it’s a poignant moment to reflect on the remarkable journey that Michigan Community Capital (MCC) has undergone. What began as an organization on paper has since flourished into a dedicated team of passionate individuals, guided by a mission to drive positive change across the state.
Over the past two decades, MCC has grown exponentially, reaching milestones that once seemed beyond reach. Looking back at my beginning with the organization as the only employee in 2016, we’ve evolved into a catalyst for development, delivering transformative projects that enrich the lives of many Michiganders. This year, we proudly mark not only our successes but also the enduring impact we’ve had on affordable housing, job creation, community development, and economic revitalization statewide.
Amidst challenges like fluctuating market conditions, policy changes and resource constraints, our commitment to serving the diverse needs of Michigan remains steadfast. We’ve navigated many hurdles with resilience, fueled by the support of our stakeholders and the dedication of our team. And as the landscape in our industry continues to change and new challenges arise, we will adapt. As we look ahead, I remain optimistic about the future of Michigan.
On behalf of the MCC board and staff, I extend heartfelt gratitude to each of you for your unwavering support. Your belief in our mission fuels our determination to create a legacy of positive change. Here’s to celebrating 20 years of growth, impact, and community, and to embracing the opportunities that lie ahead.
Warm regards,
Eric Hanna
President & CEO
MCC Impact Highlights
2024
New Markets Tax Credits Deployed
$50,000,000
$402,000,000
Loan Volume
$10,486,228
$23,662,064
Square Footage Built or Rehabbed
1,321,537
6,051,751
Permanent Jobs Created or Retained
1,612
7,473
Residential Units Financed
-
1,617
2005-2024
Total Capital Investment
$116,130,643
$1,462,424,199
Michigan Community Capital Investment Impacts
REGION 1
Total Capital Investment
$73,441,104
Permanent Job Impacts
589
SQFT Rehabbed or Created
40,907
Housing Units Financed
15
REGION 3
Total Capital Investment
$18,625,247
Permanent Job Impacts
36
SQFT Rehabbed or Created
66,431
Housing Units Financed
0
REGION 5
Total Capital Investment
$68,303,982
Permanent Job Impacts
263
SQFT Rehabbed or Created
577,803
Housing Units Financed
48
REGION 7
Total Capital Investment
$185,521,608
Permanent Job Impacts
212
SQFT Rehabbed or Created
256,954
Housing Units Financed
52
REGION 9
Total Capital Investment
$17,974,541
Permanent Job Impacts
39
SQFT Rehabbed or Created
46,333
Housing Units Financed
20
REGION 2
Total Capital Investment
$9,286,788
Permanent Job Impacts
30
SQFT Rehabbed or Created
46,300
Housing Units Financed
42
REGION 4
Total Capital Investment
$316,769,919
Permanent Job Impacts
1905
SQFT Rehabbed or Created
1,106,061
Housing Units Financed
726
REGION 6
Total Capital Investment
$124,969,413
Permanent Job Impacts
824
SQFT Rehabbed or Created
508,795
Housing Units Financed
173
REGION 8
Total Capital Investment
$169,133,532
Permanent Job Impacts
739
SQFT Rehabbed or Created
152,899
Housing Units Financed
73
REGION 10
Total Capital Investment
$564,862,550
Permanent Job Impacts
2933
SQFT Rehabbed or Created
3,348,112
Housing Units Financed
388
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:
2022
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 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 - 2024
MCC Investment
$32,553,306
Residential Units Created
429
Commercial Square Feet Developed
33,640
Total Capital Investment
$91,797,471
Single-Family
Homes Built & Sold
36
Total Square Feet Developed
389,013
DEVELOPMENT SPOTLIGHT
Carriage Town
FLINT
EQUITY INVESTMENT
$1,271,534
$1,970,350
total capital investment
2
Duplexes (4 units) &
2
Single-Family Homes
-
MCC and Uptown Reinvestment Corporation (URC) partnered to redevelop 3 land bank-owned lots into a small condo association. 6 total units; 2 duplexes, and 2 single-family homes.
-
Construction complete in early 2024 and all homes were sold by March 2024.
PARTNERS & FUNDERS
Uptown Reinvestment Corporation, Genesee County Land Bank (GCLB), City of Flint, Flint Brownfield Redevelopment Authority, Charles Stewart Mott Foundation, CDFI Fund.
DEVELOPMENT SPOTLIGHT
Sawmill Lofts
GRAYLING
EQUITY INVESTMENT
$2,400,000
$18,309,721
projected total capital investment
40
Residential Units
-
Sawmill Lofts broke ground in fall 2024.
-
The project will bring 40 middle-income apartments and 4,000 square feet of commercial space to downtown Grayling in a new, five-story, 38,379-square-foot building.
-
51% of the units will be priced affordable to 80% AMI. All apartments will be income-restricted to 120% of the 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.
UNDER CONSTRUCTION
UNDER CONSTRUCTION
DEVELOPMENT SPOTLIGHT
Cadillac Lofts 2
CADILLAC
EQUITY INVESTMENT
$2,000,000
$15,500,000
projected total capital investment
50
Residential Units
-
The second phase includes a 34,212-square-foot building with 50 middle-income residential units and 1,300 square feet of commercial space.
-
Apartments include studio, one-bedroom, and two-bedroom units starting at $950/month.
-
51% of the units will be priced affordable to 80% AMI.
-
Once complete, the two-phase, $24-million Cadillac Lofts development will have created 92 year-round, middle-income residential units and roughly 8,800 square feet of commercial space.
PARTNERS & FUNDERS
Cadillac Brownfield Redevelopment Authority (BRA); City of Cadillac; Michigan State Housing Authority; Michigan Economic Development Corporation; Michigan Department of Environment, Great Lakes and Energy; West Shore Bank; and Department of Housing and Urban Development (HUD).
More MCC Developments
Cadillac Lofts I
Downtown Cadillac
42 Residential Units
6,000 SQFT Commercial
$9,286,788 Total Investment
Completed in: 2020
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
Broadway Lofts
Mt. Pleasant
48 Residential Units
11,500 SQFT Commercial
$11,399,335 Total Investment
Completed in: 2022
Robinson Landing
Grand Haven
30 Single-Family Homes
16 CLT Homes
$8,402,277 Total Investment
Completed in: 2022
Bridge Street Lofts
Grand Rapids
44 Residential Units
7,600 SQFT Commercial
$11,399,335 Total Investment
Completed in: 2020
Lofts on Rowe
Ludington
67 Single-Family Homes
740 SQFT Commercial
$14,148,692 Total Investment
Completed in: 2022
CDFI Lending
2018-2024
2024
Loan Volume
$10,486,228
$23,662,063
Leveraged Investment
$43,590,992
$165,693,083
Communities Impacted
2
8
Square Footage Rehabbed or Created
52,710
201,670
Net Asset Ratio as of December 2024
24.7%
2025 Loan Prospects
$15,000,000
LENDING & NMTC SPOTLIGHT
Webster Community Center
PONTIAC
BRIDGE LOAN
$888,275
$31,327,220
Total Capital Investment
Developer
Micah 6 Community
-
The project includes the redevelopment of a former school and blighted site into a community center and food hub.
-
This loan is for clean-up related activities that will be reimbursed with a grant from the Michigan Department of Environment, Great Lakes, and Energy (EGLE).
-
Project received $15 million in New Markets Tax Credit allocation from Michigan Community Capital and a $7.1-million guarantee on the Federal Historic Tax Credit.
-
Social services offered will include after school and summer educational programming, community-based arts, business incubation, childcare services, food services, and more.
-
Located in Pontiac, the project falls within a “severely distressed” census tract based on a poverty rate of 36.4%, an unemployment rate of 8.6%, and within a designated USDA Food Desert.
LENDING SPOTLIGHT
MSU College of Human Medicine
FLINT
DIRECT LOAN
$2,800,000
$22,750,000
Total Capital Investment
38,158
Square Feet Impacted
-
The MSU Expansion Project will entail an addition of nearly 40,000 square feet of office space for the College of Human Medicine, Charles Stewart Mott Department of Public Health in the Flint Health & Wellness District.
-
The new three-story facility will host research, administrative, and instructional spaces. MSU anticipates creating 129 additional jobs at the Flint location through 2028.
-
The project will also contribute to the improved physical and mental health of the population of Flint as a result of the ongoing partnership with Michigan State University.
New Markets Tax Credits
2005-2024
2024
NMTCs Deployed
$50,000,000
$402,000,000
Square Footage Built
Or Rehabbed
1,283,379
5,513,778
Jobs Created or Retained
1,483
7,290
Private Investment Leveraged
$93,380,643
$1,346,964,664
Housing Units
-
941
Projects Closed
5
46
NMTC INVESTMENT SPOTLIGHT
ALDI
7 NEW LOCATIONS
NMTC ALLOCATION
$2,800,000
$31,956,286
Total Capital Investment
63
Full-Time Jobs Created
-
Since 2023, with the support of NMTC from MCC, ALDI constructed and opened stores in five rural and two metro Michigan communities, where increased affordable, fresh food is greatly needed; Alpena, Clare, Iron Mountain, Sturgis, and Midland. Upcoming stores in Hillsdale and Rochester Hills are slated to open in 2025.
-
Approximately 63 new full-time equivalent positions will be created to support the new stores. All positions will be accessible to individuals without a four-year degree and will provide industry-leading benefits including competitive wages, health insurance, 401(k) program and paid time off.
-
Nearly 140,000 square feet of grocery space created.
LENDING & NMTC SPOTLIGHT
Hollingsworth
DEARBORN
NMTC ALLOCATION
$10,000,000
$24,679,016
Total Capital Investment
Company
Hollingsworth Logistics Group, LLC
-
The Native American-owned company providing logistics services for sectors including aerospace, automotive, and food and beverage, has received New Markets Tax Credit (NMTC) allocations from Michigan Community Capital, Invest Detroit, and U.S. Bancorp Impact Finance to support its expansion.
-
The project includes the acquisition and rehabilitation of a 100-year-old building located at 14225 W. Warren Avenue in Dearborn.
-
The project is set to create approximately 265 jobs over a ten-year period and and retain more than 700 full-time positions. The project is located in a highly distressed census tract with a poverty rate of 34.4% and an unemployment rate 1.5 times the national average.
Financials
Total Assets
$106,659,929
Net Position
$20,561,605
Total Revenue
$13,952,008
Liquidity
$16,301,156
$1,042,763
Net Result
19.3%
Net Asset Ratio
(Consolidated)
Employees
23
MCC 2024 Revenue
Real Estate Development
$8,006,852
New Market Tax Credits
$3,622,342
Lending
$1,658,720
Other
$664,093
Real Estate Performance
Tenant Income Distribution
61%
22%
17%
Households making
Under 60% AMI
Households making
60%-120% AMI
Over 120% AMI
Households making
Residential Occupancy as of May 2025
98%
Portfolio DSCR
1.58x
Commercial Occupancy as of May 2025
97%
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
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
Joel Bilbrey
Service Manager, Lafayette Place Lofts
Marilyn Chrumka
Vice President of Development
Vern Darke
Maintenance Manager, Lofts on Rowe
Stacy Esbrook
Vice President of Policy & Impacts
Mike Gall
Controller
Eric Hanna
President & Chief Executive Officer
David Hendley
Portfolio Manager
Annie Jenkins
Chief Operations Officer & Chief Financial Officer
Shaniqua Johnson
Community Manager, Lafayette Place Lofts
Zeb Jones
Commercial Real Estate Lender
Lauri King
Community Manager, Cadillac Lofts
Corey Monroe
Development Project Manager
Brandon Miller
Director of Property Maintenance
Frank Parish
Maintenance Manager, Broadway Lofts & Lansing Properties
Stacy Rose
Community Manager, Broadway Lofts & Lansing Properties
Amber Smith
Accountant
Eric Spearman
Maintenance Manager, Bridge Street Lofts & Midtown CityZen
Shannon Striegle
Community Manager, Bridge Street Lofts & Midtown CityZen
Abbey Wilson
Director of Marketing & Communications
Kristen Zahr
Director of Property Management
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
Dudley Ventures
Grand Haven Area Community Foundation
Huntington Bank
IFF
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
Sturgis Area Community Foundation
U.S. Bank