LANSING, MI – January 22, 2026 – Members of the Michigan CDFI Coalition have been awarded a combined $310 million in New Markets Tax Credit (NMTC) allocations through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) in the 2024–2025 allocation round, representing a significant investment in Michigan communities most in need of flexible development capital.
Coalition members receiving awards include Cinnaire ($85 million), Capital Impact Partners ($85 million), IFF ($85 million), and Invest Detroit ($55 million). These allocations will support projects that create jobs, expand affordable housing, and increase access to critical services such as health care, with a strong focus on rural and economically distressed communities across Michigan.
The NMTC Program is a proven federal economic development tool that attracts private-sector investment to low-income communities by providing tax credits to individual and corporate investors who finance eligible projects. Since the program’s inception in 2000, NMTCs have leveraged billions in private capital nationwide. According to the CDFI Fund, the program has historically generated more than $8 in private investment for every $1 of federal funding. In Michigan, NMTC investments have supported more than 150 projects and leveraged over $1.8 billion; financing facilities, businesses, and services that strengthen local economies across both urban and rural regions. This year’s allocation awarded $10 billion to 142 organizations in 41 states, Puerto Rico, and the District of Columbia.
“New Markets Tax Credits have been one of the most effective tools we have to unlock complex projects in Detroit neighborhoods that have historically been overlooked by traditional financing,” said Marcia Ventura, Executive Vice President at Invest Detroit. “The program allows us to partner with developers and community stakeholders to deliver projects like The Ribbon that combines affordable housing with economic development, strengthens commercial corridors, and advance Detroit’s long-term revitalization.”
The Ribbon is a mixed-use redevelopment on East Warren Avenue supported by Invest Detroit that includes affordable housing alongside neighborhood-serving retail. A recipient of New Markets Tax Credits, the project is transforming a long-vacant corridor on Detroit’s east side while expanding access to quality, affordable housing and catalyzing broader economic reinvestment.
NMTC financing has been especially impactful in rural communities, where traditional capital is often scarce. Across Michigan, NMTC-supported projects have helped finance rural health centers, manufacturing facilities, food access initiatives, and community-serving infrastructure—creating jobs and expanding essential services in areas that otherwise face significant investment barriers.
“Through our New Markets Tax Credit investments, Cinnaire is expanding job training and workforce development programs that connect Michiganders to quality jobs and long-term economic opportunity,” said Peter Giles, Senior Vice President of Public Funding at Cinnaire. “These investments are supporting vocational training, educational facilities, and employer-driven workforce programs, particularly in rural and underserved communities where access to opportunity has historically been limited.”
IFF will use the award to support nonprofits’ development of facilities that catalyze their growth, increase access to their services, and positively impact the economies of the communities where they’re located. In 2025, IFF provided American Indian Health and Family Services (AIHFS) a $10 million NMTC allocation for the development of a 30,000-square-foot community health center and wellness campus in Detroit that’s currently under construction. The organization’s new facility, which will enable AIHFS to move out of a repurposed church and residential buildings, will make it possible for AIHFS to serve up to 5,000 patients annually – a 150 percent increase from its current clinic – while also adding dental care and a pharmacy to the organization’s service offering.
“Through our NMTC Program, IFF helps improve essential community health infrastructure and create professional jobs in the health care sector, increasing sustainable access to much needed services,” said Marina Titova, IFF’s Managing Director of Structured Finance. “Those investments are particularly meaningful for Native communities that have historically received insufficient private capital to address their health care needs, and we’re looking forward to building on our past work in Michigan with this new allocation.”
By working collaboratively, members of the Michigan CDFI Coalition share best practices, participate in advocacy tours, and tell the stories of how investments like the NMTC are making a real difference in communities across Michigan, ultimately maximizing the reach and effectiveness of NMTC investments statewide. This collective approach ensures that federal resources are aligned with community needs and deployed in ways that deliver long-term economic and social impact. By working collaboratively through the Michigan CDFI Coalition, members are able to coordinate deployment strategies, share best practices, and maximize the reach and effectiveness of NMTC investments statewide. This collective approach ensures that federal resources are aligned with community needs and deployed in ways that deliver long-term economic and social impact.
The Michigan CDFI Coalition also continues to advocate for policies that strengthen community investment. In July 2025, the NMTC Program was made a permanent part of the United States tax code through the One Big Beautiful Bill act, providing long-term certainty for communities, investors, and project sponsors.
For more information about the New Markets Tax Credit Program, visit www.cdfifund.gov/nmtc.
