Stabenow, Peters Announce $165 Million in Federal Funding to Increase Access to Capital and Spur Economic Growth in MichiganMonday, October 31, 2022
DETROIT, MI – U.S. Senators Debbie Stabenow (MI) and Gary Peters (MI) today announced $165 million in federal funding to spur investment and economic growth in low-income and rural communities in Michigan. Michigan Community Capital in Lansing will receive $60 million, Cinnaire New Markets in Lansing will receive $55 million, and Invest Detroit will receive $50 million. The funding is provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and New Market Tax Credit (NMTC) program.
“Successful public-private partnerships like these help boost economic development in cities and small towns across our state,” said Senator Stabenow, a senior member of the Senate Finance Committee. “These investments will help our businesses create jobs and support community development.”
“These resources are an investment in Michigan and our future, and I’m proud to support the programs that have provided this funding – which are proven to be successful job creators and economic drivers,” said Senator Peters. “We need to continue to invest in communities across our state and make sure all Michiganders have the tools they need to succeed no matter where they live.”
“We are continuing our mission to make high-impact investments in underserved communities in Michigan. From Agri-business and manufacturing to supporting rural downtown redevelopment and providing job opportunities for disadvantaged people, the New Market Tax Credit is an incredibly important federal tool. Senators Gary Peters and Debbie Stabenow have been long-time vocal advocates for this and many other tools that collectively have made a huge difference in all our lives.” said Eric Hanna, President and CEO of Michigan Community Capital.
“The New Markets Tax Credit has proven to be one of the most successful models for a public-private partnership, driving capital to America’s most disinvested neighborhoods,” said Mark McDaniel, Cinnaire President and CEO. “We are grateful to receive this award so we can continue our focus on projects that support education, including early childhood, school-age children and adults seeking vocation training opportunities. We also plan to support projects that create job opportunities for individuals without a college degree or other barriers to obtaining employment. We are grateful to Senators Peters and Stabenow, and other members of the Michigan Congressional delegation, for their steadfast support of the New Markets program and helping us access these important resources. We look forward to partnering with and providing NMTC allocation to projects that will help all people have access to the tools and opportunities they need to succeed.”
“Senators Peters and Stabenow have been strong and consistent champions for the New Markets Tax Credit program for many years. Their advocacy for NMTC directly supports our ability to invest in Detroit neighborhoods and Detroit developers of color, which has created high-quality new jobs throughout Southeast Michigan. We want to thank Senator Peters and Senator Stabenow for their support of Invest Detroit, the city of Detroit, and all of Michigan,” said Marcia Ventura, Senior Vice President, Lending, Invest Detroit.
Historically, New Market Tax Credit Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2021, the program award recipients deployed more than $62.9 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 857,000 jobs, and the construction or rehabilitation of nearly 239 million square feet of commercial real estate.
Senators Stabenow and Peters have been long-time supporters of these programs and will continue to advocate for Michigan communities to receive these funds. More information about these awards can be found at: www.cdfifund.gov/nmtc.
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