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Michigan Magnet Fund
Huntington Woods MICDFI Awards for Michigan Magnet Fund
NMTC (2009) - $60,000,000
Michigan Magnet Fund (MMF) will partner with its community, investment and state government board members to finance projects to: create and preserve jobs, finance affordable quality space for small businesses, seek out “export” businesses to diversify the economy, and deliver community services such as education, job training, public health and social services. MMF will focus investments in state-designated “CORE Communities” and “Cities of Promise,” as well as non-metropolitan areas. MMF plans to offer equity, debt with equity features, senior/subordinate loans with below-market interest rates and other flexible features.
NMTC (2005) - $60,000,000
The Michigan Magnet Fund (MMF) will utilize its NMTC allocation authorization to provide senior and subordinated debt products to commercial real estate projects throughout the state of Michigan. With the NMTC, MMF will be able to offer below-market rate loans with a longer than normal amortization period and a higher than normal loan-to-value ratio. The Controlling Entity"s experience has primarily been in the area of affordable housing development. The NMTC allocation will allow the Controlling Entity to focus more resources on commercial real estate development in the communities that it serves.
Other Community Development Financial Institutions in Michigan
Bay Mills Housing Authority
Brimley
CapFund New Markets LLC
Lansing
Capital Fund Services, Inc.
Lansing
Communicating Arts CU
Detroit
Invest Detroit CDE
Detroit
Little Traverse Bay Bands of Odawa Indians
Harbor Springs
Michigan Housing Trust Fund
Lansing
Michigan Magnet Fund
Huntington Woods
Neighborhoods Inc. of Battle Creek
Battle Creek
Northern Shores Loan Fund, Inc.
Harbor Springs
Port Huron CDE, LLC
Port Huron
Shorebank BIDCO, Inc.
Marquette
Shorebank, Detroit
Detroit
Wayne County - Detroit CDE
Detroit
Featured Government Grant Resources
Community Development Credit Unions
A Community Development Credit Union, more commonly known as a CDCU, is a credit financial institution which owned and controlled by its members in an effort to sustain the ability of being able to provide a wide array of financial services.
Small Business Administration's Recovery Capital Loans
The Recovery Capital Loans Program provides financial assistance to small business with less than 500 employees to obtain a deferred payment loan from the agency, in order to meet existing debt payments, thereby giving the business the opportunity to refocus their business strategy.
Social Entrepreneurship
Spotlight
Why People Buy from Social Enterprises?
The Guardian has compiled a list of responses to its latest open thread, and has announced the winner of the social enterprise gift hamper packed with presents.
