Mel Trotter Ministries (MTM) and its subsidiary, Next Step of West Michigan, have been selected to receive New Markets Tax Credits (NMTC) from Cinnaire, Michigan Community Capital (MCC), Chase, and Consortium America. The tax credits will support a multi-site development which includes two buildings at the Next Step campus on Garden Street SE in Grand Rapids, as well as renovations at the MTM mission.
Mel Trotter will receive nearly $5.7 million toward its project goal to build a new 15,000 square-foot manufacturing training center in conjunction with a local manufacturer, as well as expand the existing training center and add workforce development apartments.
Cinnaire provided a $5 million NMTC allocation to support the project.
“This multi-site development reflects the alchemy possible when mission-driven partners join forces to create extraordinary opportunities for vulnerable communities,” said Peter Giles, Cinnaire Senior Vice President, Business Development. “Cinnaire’s NMTC investments are focused on transformative projects supporting equitable communities. This project will provide housing stability while expanding economic opportunities through job training and employment, critical components to putting those who need us most on the path towards a better future. Cinnaire is proud to join our CDFI partners to support Mel Trotter Ministries as they embark on this impactful journey.”
The project will help people living in poverty achieve economic stability through access to employment and complementary resources. The new 15,000 square-foot manufacturing facility will be located at 130 Garden Street SE in Grand Rapids. It will be utilized for construction and workforce development training. A section of the building will be leased to Jireh Metal Products, a minority-owned tier one supplier of furniture, automotive and hardware industries. It will include a job training program that will operate in conjunction with Next Step’s workforce development program. A two-story, 20,000-square-foot building, located at 101 Garden Street SE, will be renovated into a mixed-use facility with 10 transitional workforce housing units on the upper floor, and space on the first floor for Next Step of West Michigan’s skilled job training program, construction employment offices, and community space.
“We are pleased to support Mel Trotter Ministries in expanding their footprint and vital services in Grand Rapids,” said Eric Hanna, president and CEO at Michigan Community Capital. “This is an exciting project because it not only supports Mel Trotter’s work meeting the immediate needs of those experiencing homelessness, but it also supports the transition out of poverty through job training and employment.”
“We are extremely grateful for the assistance from MCC,” said Gordon Oosting, Mel Trotter Ministries Chief Financial Officer. “We often say that we cannot do this work alone, and this is one more testament to what can happen through multi-pronged involvement. The New Markets Tax Credit provides an important source of funds for investment in the areas we are serving.”
MCC has allocated $8 million in NMTC to the project. Chase provided a $2 million allocation and is the NMTC equity investor for the project. Additionally Consortium America has provided an $8 million NMTC allocation.
“We’re proud to support Mel Trotter Ministries and Next Step with an NMTC equity investment that will provide many essential services to the Grand Rapids community including quality jobs and job training, stable housing, and afterschool services to children in the area,” said En Jung Kim, managing director, Chase Community Development Banking. “Through our NMTC platform, we remain committed to using this impactful financing tool to support continued investment and economic development across Michigan and the US.”
“This multi-site development reflects the alchemy possible when mission-driven partners join forces to create extraordinary opportunities for vulnerable communities,” said Cinnaire Senior Vice President, Public Funding, Peter Giles. “Cinnaire’s NMTC investments are focused on transformative projects supporting equitable communities. This project will provide housing stability while expanding economic opportunities through job training and employment, critical components to putting those who need us most on the path towards a better future. Cinnaire is proud to join our CDFI partners to support Mel Trotter Ministries as they embark on this impactful journey.”
