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Wayne County - Detroit CDE
Detroit MICDFI Awards for Wayne County - Detroit CDE
NMTC (2008) - $50,000,000
Wayne County-Detroit CDE will use its NMTC allocation to provide low-interest rate loans and equity capital for investments made in highly distressed communities of Wayne County (Detroit) and parts of Washtenaw County, Michigan. The CDE finances small business-owner-occupied real estate, industrial and commercial buildings, community facilities, and mixed-use developments. The market area is beleaguered with abandoned and under-utilized buildings which often have “appraisal gaps” and/or market values that are significantly lower than in most urban communities. These projects require higher levels of equity and subordinated debt, which will be supported through the NMTC financing.
NMTC (2003) - $27,000,000
Wayne County - Detroit CDE"s business strategy is to provide favorable lending products to encourage development in Wayne County, Michigan and the City of Detroit"s low-income neighborhoods. The investment targets include: (1) industrial facilities; (2) neighborhood commercial facilities; (3) downtown redevelopment; (4) low-income person entrepreneurship and small business development; and (5) for-sale housing development. The products will include low interest loans, subordinated financing, and equity investments which are designed to finance projects that otherwise would not locate in a low income census tract or would not be constructed at all.
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
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