Meet Our Mission
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. At our core, we are focused on driving economic mobility of low- and moderate-income Michigan residents and communities.
$1.4 BILLION
Community Impact
$352 MILLION
New Markets Tax Credits Deployed
3.5 MILLION
Commercial Square Feet Built Or Rehabbed
1,514
Residential Units Financed
5,408
Permanent Jobs Created or Retained
$13+ MILLION
Loan Volume
Our History
Michigan Community Capital, formerly Michigan Magnet Fund, got its start in 2005 as a public-private partnership between the Michigan Economic Development Corporation (MEDC), the Michigan State Housing Development Authority (MSHDA), and the Great Lakes Capital Fund for Housing (now Cinnaire). The three organizations came together to form a Community Development Entity (CDE) to obtain and deploy New Markets Tax Credits (NMTC) into community and economic development projects in the State of Michigan.
Recognizing a vast gap in housing options across the state, by 2016, the need to grow and expand as an organization and start developing, rather than just financing housing was clear. Michigan Magnet Fund was reborn as Michigan Community Capital. It retained the CDE credentials, formed a 501(c)(3), became a certified Community Development Finance Institution (CDFI), and created an affordable housing property insurance company.
In 2017, MCC grew from one employee to three employees and began developing and investing in mixed-income housing projects. Today, the organization employs roughly 20, full-time permanent team members.
As of 2024, MCC owns and manages a portfolio of six multifamily properties with 276 units that maintains a 99% occupancy rate and a 1.57 Debt Coverage Ratio. A seventh multifamily development will break ground in the fourth quarter of 2024. MCC has constructed and sold 36 owner-occupied homes since 2022.
Since 2005, MCC has been awarded $510 million dollars of New Markets Tax Credits that have been used to support projects exclusively in Michigan.
Memberships
Michigan Community Capital is proud to partner with industry advocacy groups, education and training institutions and others who influence the policies, programs and funding that supports our work.
