Senators Peters, Stabenow Announce Multi-Million Dollar Tax Credit to Support Economic Development in Michigan
Support Will Spur Economy, Strengthen Communities in Michigan
WASHINGTON, DC – U.S. Senators Gary Peters and Debbie Stabenow (MI) today announced a $55 million tax credit allocation for community development projects to grow the economy and create jobs in Michigan and three other states. The support comes through the Treasury Department’s New Markets Tax Credit Program, which helps spur critical investments in low-income communities. Today’s announcement will help Great Lakes Capital Fund invest in low-income areas in Michigan, Indiana, Illinois and Wisconsin.
Senator Peters said: “Ensuring we expand economic opportunities for all of Michigan’s communities is critical, and I applaud today’s announcement that will help Michigan continue our state’s revitalization efforts. This award will jumpstart economic development and promote important investments in Michigan’s neighborhoods, and I look forward to continue finding ways to continue supporting economic growth across the state.”
Senator Stabenow said: “It's incredible to see all of the progress that's being made in Michigan. While we have much more to do, today’s announcement is key in making sure we continue to move forward and that communities across the state have the tools they need to make communities and neighborhoods even better places to live and work. I will continue to advocate for these tax credits which are an important economic development tool for Michigan.”
Mark McDaniel, CEO of Great Lakes Capital Fund, said: "We are humbled to receive the largest award to date. This is fantastic news for Michigan families, who want to live and work in vibrant communities, and our businesses, which thrive when their neighborhood is energized and growing. We've been working with communities across the state on economic development, and these funds will provide the tools that will allow these important projects to move forward. Today's announcement shows why it is so important we continue working hard to extend and expand this vital tax credit so additional opportunities for Michigan remain available in the future.”
Last year, Great Lakes Capital Fund used their tax credits to support the M-1 Rail project and related economic development in downtown and mid-town. The credits also helped HAVEN in Oakland County, which is an emergency shelter and counseling center for victims of domestic and sexual violence.
The New Markets Tax Credit Program allows community development organizations and non-profits to use these tax credits to attract investors, who help to finance community development projects. This project is one of 76 across the country receiving a total of $3.5 billion in tax credits.
Senators Stabenow and Peters have been long-time supporters of this program and will continue to fight to make sure Michigan gets its fair share of New Market Tax Credits.
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