2023 Small Business QLICI of the Year Award Recipient
Detroit Food Commons
CDEs: Michigan Community Capital; New Markets Support Company; U.S. Bancorp Impact Finance
Developer: Develop Detroit, Inc.
Owner: Detroit Food Commons
Location: Detroit, MI
A trio of CDEs–New Markets Support Company ($7.2 million), Michigan Community Capital ($7 million) and U.S. Bancorp Impact Finance ($5.5 million)–combined to allocate nearly $20 million in new markets tax credits (NMTCs) to help fund The Detroit Food Commons, a 31,000-square-foot, two-story building in Detroit’s North End neighborhood which is the Novogradac Journal of Tax Credits Community Development Small Business QLICI of the Year. The building will house a community-owned grocery store on the first floor and four teaching kitchens, a banquet hall/community meeting space and office spaces for the Detroit Black Community Food Security Network the second floor. It is anticipated that there will be 41 full-time employees at time of stabilization.