$165M in federal funding to spur economic growth in Michigan
Announced by U.S. Senators Gary Peters and Debbie Stabenow on Monday
LANSING, Mich. (WILX) - Federal funding totaling $165 million will spur investment and economic growth in low-income and rural communities in Michigan. Announced by U.S. Senators Gary Peters and Debbie Stabenow on Monday, 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 U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and New Market Tax Credit (NMTC) program will be providing the funding.
The CDFI Fund website says the benefits of the New Markets Tax Credits have created more than 368 million square feet of manufacturing, office, and retail space, and financed more than 9,500 businesses.
“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.”
“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.”
According to Michigan’s U.S. Senators Office, the New Market Tax Credit Program awards have generated $8 of private investment for every $1 invested by the federal government. More than $62.9 billion in investments in low-income communities and businesses were awarded to people deployed through the end of 2021.
More information about the awards can be found by visiting, the CDFI Fund website.
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