![]() Bank is supporting the project with New Markets Tax Credit allocation investment. This project helps establish a system where money to purchase this food will now circulate back to Detroiters.” “By supporting this project, we’re reaching thousands of community members in need of this access, and we’re investing in multiple minority-owned businesses involved in the process. “Access to healthy and affordable food is essential for a thriving community,” said Eric Hanna, president and CEO at Michigan Community Capital. Project costs are expected to be roughly $20 million Michigan Community Capital will provide $7 million in New Markets Tax Credit allocation. Not only will the anchor tenant, the Detroit People’s Food Co-op, provide greater access to fresh, healthy, nutrient dense foods, but it also provides an important model of community ownership and what moving towards a more racially just economy looks like.” All of these positions will be accessible to people with less than a four-year degree of accredited education.Īccording to DBCFSN Executive Director Malik Yakini, “the Detroit Food Commons will be a game changer. The Co-op and DBCFSN will directly create or retain approximately 41 full-time equivalent jobs in a census tract where 59.6% of the population falls below the poverty line. The Co-op already has 1,455 member-owners, underscoring the pent-up demand for high-quality grocers in the neighborhood. The ground-level grocery will provide healthy, affordable options to more than 31,000 low–income community members and over 19,000 food desert residents within a 1.5-mile trade radius. The second floor will include two large and two small licensed incubator kitchens to serve local food enterprises, a 3,800-square-foot community event and banquet space, and office space for the headquarters of DBCFSN. The mixed-use building will include Detroit People’s Food Co-op (the Co-op) on the first floor - a community-owned grocery selling healthy, locally sourced food, a deli and bakery, and a neighborhood café. Located within a CDFI-qualified severely distressed census tract, the project will directly address a severe lack of access to fresh food in the North End neighborhood of Detroit. The nearly $20-million project spearheaded by nonprofits Detroit Black Community Food Security Network (DBCFSN) and Develop Detroit (DDI) has been made possible in part with $7 million in New Markets Tax Credits (NMTC) allocated from Michigan Community Capital (MCC) this week. – A newly constructed two-story, 31,000-square-foot building on Woodward Avenue in Detroit will house Detroit Food Commons. Detroit People’s Food Co-op Michigan Community Capital among CDE’s supporting Detroit Food Commons development with New Markets Tax Credit allocations FOR IMMEDIATE RELEASE
0 Comments
Leave a Reply. |