Economic Development

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CITY OF DETROIT

The City of Detroit provides local information, resources, and opportunities for residents, community members, stakeholders, and those looking to conduct business in the City of Detroit. 

Visit www.detroitmi.gov to find department-specific information and other city resources.

CAPITAL IMPACT PARTNERS

Capital Impact Partners is a nonprofit Community Development Financial Institution that helps people build communities of opportunity by delivering strategic financing, social innovation programs, and capacity building. Capital Impact currently offers:

Age Strong Investment Fund
Created in partnership with AARP, AARP Foundation, and Calvert Foundation, the Age Strong investment fund focuses on the needs of the 50+, low-income population. Through this initiative, Capital Impact Partners provides direct financing for projects that enable older adults to age in their communities as well as those that transform the long-term care system.
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Detroit Neighborhood Fund
In partnership with JPMorgan Chase, a $30 million fund was launched to provide financing opportunities for multifamily residential properties, mixed-use real estate, community health centers, charter schools, and grocery stores that offer fresh healthy food options in areas where those options are limited.
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Long-term, Low-cost Capital for Projects in Underserved Communities
Capital Impact Partners is expanding financing options for projects in underserved communities by offering qualified borrowers access to long-term loans that could significantly reduce monthly debt service. Through a federally guaranteed program Capital Impact can provide fixed-rate, long–term financing that will support financial stability and control facility costs.

Michigan Good Food Fund
The Michigan Good Food Fund is a new public-private partnership loan fund that provides financing to food enterprises increasing access to healthy food, spark economic development, and create jobs. Through this unique program, Capital Impact Partners offers direct financing to food enterprises that grow, process, distribute, and sell healthy food that reaching low-income populations across Michigan.
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Visit www.capitalimpact.org to learn more about their current opportunities.

DETROIT DEVELOPMENT FUND (DDF)

Detroit Development Fund is a nonprofit Community Development Financial Institution that helps to revitalize economical distressed neighborhoods throughout the City of Detroit. Detroit Development Fund provides loans and technical assistance to small businesses, owners, developers, building owners, contractors, and subcontractors who cannot get all their capital needs from traditional financing sources. DDF currently offers:

Late stage pre-development loans
DDF makes investments/loans for predevelopment or preconstruction purposes in affordable housing projects, multi-family rehab, and other projects including commercial developments that stimulate neighborhood revitalization.
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Pre-construction loans
DDF makes pre-construction loans into real estate development projects that can yield positive social impact in low and moderate income Detroit neighborhoods. Loans can be used for infrastructure improvements, façade improvements, and construction models.
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Small business loans
DDF’s small business lending program supports the growth of Detroit-based business, particularly those owned by entrepreneurs of color and by women. This program targets small businesses with growth potential and management insight that lack sufficient collateral or owner equity to qualify for financing from mainstream lenders.
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Contractor lines of credit
DDF’s contractor lines of credit provide financing for contractors that are related to a specific contract or purchase order. Funds can be used for payroll financing, purchase of materials, and operation expenses.
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Visit www.detroitdevelopmentfund.com to learn more about their current opportunities.

DETROIT ECONOMIC GROWTH CORPORATION (DEGC)

The Detroit Economic Growth Corporation is the lead nonprofit economic development entity in Detroit with a mission to advance the city’s economy through public and private sector collaborations. The DEGC helps connect developers and businesses to tax incentives and other financial tools that allow projects to move forward. The DEGC currently offers:

Motor City Match
Motor City Match connects new and expanding businesses with Detroit’s quality real estate opportunities, providing them with funding and tools to fuel the city’s entrepreneurial revolution.
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Motor City Re-Store
Motor City Re-Store awards competitive matching grants to improve storefronts and upgrade commercial corridors in Detroit’s neighborhoods.
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D2D
D2D is a local procurement program dedicated to strengthening business-to-business connections throughout the city. The goal of the program is to increase the local spend of larger corporations with Detroit-based businesses and increase the capacity of local vendors.
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DEGC Low-Interest Loans
DEGC or affiliated entities provide subordinated debt to qualified businesses making capital improvements and to assist in the redevelopment, construction or rehabilitation of buildings within qualified investment areas.
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Visit www.degc.org to learn more about their current opportunities.

LOCAL INITIATIVES SUPPORT CORPORATION (LISC)

Detroit LISC is part of a national community development intermediary that combines corporate, government, and philanthropic resources to help community-based organization revitalize their neighborhoods. LISC equips communities with capital, strategy, and experience to tackle issues in housing, health, education, public safety, and employment.

Loan Products
LISC has a variety of flexible lending products designed to help local groups bring development projects to fruition. These loans cover every phase of development, from predevelopment to permanent financing. LISC is committed to working together with developers to get projects done, whether it entails building affordable housing or a school or launching a retail or commercial venture.
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Visit www.lisc.org/detroit to learn more about their opportunities.

ENTERPRISE COMMUNITY PARTNERS

Enterprise is a national nonprofit organization that brings together nationwide partners, policy leadership and investment to multiply the impact of local affordable housing development. Enterprise works to create opportunity for low- and moderate-income people through affordable housing in diverse, thriving communities.

Visit www.enterprisecommunity.org to learn more about their current opportunities.

IFF

IFF is a nonprofit Community Development Financial Institution serving the Midwest region. IFF works to strengthen nonprofits and the communities they serve by providing leadership, capital, and real estate solutions.

IFF Capital Solutions

Facility Loans – This loan program can be used for real estate acquisition, renovation, construction, repairs/maintenance, facility improvements, leasehold improvements and refinancing to expand programming.

Equipment or Vehicle Loans – This loan program can be used for needs ranging from computers and furnishings to medical equipment and service-oriented vehicles.

Affordable Housing Loans– This loan program can be used for predevelopment, construction, and/or permanent financing of affordable rental housing.

Grocery Store Loans – Funded by the Healthy Food Financing Initiative, this loan program supports full-service grocery stores in food deserts.

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Visit www.iff.org to learn more about their current opportunities.

INVEST DETROIT

Invest Detroit is a nonprofit Community Development Financial Institution working to improve the quality of life for all Detroiters. Invest Detroit is a lender, investor, and partner that support business and real estate projects in a way that is strategic and inclusive.

Real Estate Development Loans
Through investment and expertise, Invest Detroit supports developers on projects that will catalyze growth in the surrounding area. Focusing on commercial and multi-use buildings—both preservation and new construction— Invest Detroit can provide loans for projects at every stage of development.
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Small Business & Industrial Loans
Invest Detroit primarily supports retail and small business projects in an effort to retain and create jobs for Detroit residents. In addition to lending, Invest Detroit works with entrepreneurs at all stages – from building business plans and preparing them for financing to coaching and technical assistance after opening.
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Venture Capital
ID Ventures, the venture capital team of Invest Detroit, supports promising Michigan-based, high-tech startups through investment capital and programs that strengthen the startup ecosystem. As one of the few venture funds located in Detroit, ID Ventures is one of the most active early stage investors in the state, managing over 100 companies across multiple sectors such as life sciences and healthcare, information technology, fintech, mobility, advanced manufacturing and materials, among others.
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Accelerate Michigan
Accelerate Michigan Innovation Competition, a program of ID Ventures, is a competition that supports Michigan’s entrepreneurial ecosystem by offering entrepreneurs the opportunity to showcase their companies to investors while building connections with entrepreneurs, business acceleration resources, and experts in their sector during carefully curated individual meetings.
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Visit www.investdetroit.com to learn more about their current opportunities.

TECHTOWN DETROIT

TechTown is Detroit’s entrepreneurship hub that helps launch startups and grow local businesses. TechTown supports businesses by providing a variety of coworking, event, and flex office spaces, while also providing programming and connections to help businesses succeed.

Visit www.techtowndetroit.org to learn more about their current opportunities.

MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY (MSHDA)

The Michigan State Housing Development Authority provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.

Visit www.michigan.gov/mshda to learn more about their current opportunities.

MICHIGAN ECONOMIC DEVELOPMENT CORPORATION (MEDC)

The Michigan Economic Development Corporation, in collaboration with more than 100 economic development partners, market Michigan as the place to do business, assists businesses in their growth strategies, and foster the growth of vibrant communities across the state.

Visit www.michiganbusiness.org to learn more about their current opportunities.

COMMERCIAL REHABILITATION EXEMPTION

Commercial Rehabilitation Exemption (PA 210) – Real Estate/Business Incentive

Tax exemption for commercial property rehabilitation for the primary purpose and use of a commercial business or a multi-family residential facility with 5 or more units. The value of improvements must be at least 10% of the true cash value of the property at the start of the rehabilitation.

Benefit: Provides an exemption on the value of the improvements. Excludes school millages

Up to 10-year term

Targeted area: Citywide

Applicant must enter in a Tax Abatement Agreement with the City of Detroit.

COMMERCIAL FACILITIES EXEMPTION

Commercial Facilities Exemption (PA 255) – Real Estate/Business Incentive

Provides tax incentives for the redevelopment or new construction of commercial property for the primary purpose and use as a commercial business enterprise. The Commercial property must be zoned to allow for mixed use that includes high-density residential use.

Benefit: Provides an exemption on the value of improvements of rehabilitated facilities and a reduction in taxes on new construction projects.

Up to 12-year term

Targeted area: Qualified downtown revitalization district

Applicant must enter in a Tax Agreement with the City of Detroit.

OBSOLETE PROPERTY REHABILITATION EXEMPTION

Obsolete Property Rehabilitation Exemption (PA 146) – Real Estate/Business Incentive

Provides tax incentives for the rehabilitation of commercial and commercial housing properties that will be rehabilitated to an economically efficient condition. The city assessor must deem that the property is obsolete, which includes contaminated, blighted or functionally obsolete property.

Provides an exemption on the value of the improvements. Excludes school millages.

Up to 12-year term

Targeted area: Citywide

Applicant must enter in a Tax Agreement with the City of Detroit.

NEIGHBORHOOD ENTERPRISE ZONE

Neighborhood Enterprise Zone (PA 147) – Real Estate Incentive

Provides an exemption for the development and rehabilitation of residential housing located within eligible distressed communities.

Benefit: New facilities are taxed at ½ non-Principal Resident Exemption state average tax rate. Rehab properties are taxed at full rate that is frozen at tax year prior to certificate approval until the final three years. Tax rate is adjusted final three years.

Up 17-year term

Targeted area: Citywide

INDUSTRIAL AND HI-TECH TAX ABATEMENT

Industrial and Hi-Tech Tax Abatement (PA 198) – Business Incentive

Provides tax incentives to manufacturers to enable the renovation and expansion of aging facilities, assist in the building of new facilities and to promote the establishment of high tech facilities. Eligible facilities also include, engineering, R&D, or logistics operations.

Benefit: Provides a tax exemption on the value of improvements

Up to 12-year term

Targeted area: Citywide

Applicant must enter in a Tax Agreement with the City of Detroit.

NEW PERSONAL PROPERTY TAX EXEMPTION

New Personal Property Tax Exemption (PA 328) – Business Incentive

Business projects in manufacturing, mining, research and development, wholesale trade, and operations may be eligible for the abatement of all personal property taxes in targeted areas. Retail businesses and casinos are not eligible. Targeted areas include Renaissance Zones, enterprise zones, Brownfield redevelopment zones, empowerment zones, tax increment financing districts, local development financing districts, or a downtown development districts.

Benefit: 100% abatement on the value of new personal property.

Term: Varies based on award

Targeted area: Citywide

Applicant must enter in a Tax Agreement with the City of Detroit

BROWNFIELD REDEVELOPMENT

The Detroit Brownfield Redevelopment Authority was established to promote the revitalization of environmentally distressed and blighted areas in the city. Developers of properties that qualify as contaminated, blighted or functionally obsolete and are part of an approved Brownfield plan may be eligible for Tax Increment Financing for both environmental and non-environmental activities, such as:

Baseline environmental assessments

Due care activities

Lead or asbestos abatement

Demolition

Site preparation

Public infrastructure improvement

NEW MARKET TAX CREDITS

Low-income communities often face a lack of access to private investment capital for local business and real estate projects. To help community investors and developers overcome this hurdle, the New Markets Tax Credit Program was created by Congress and is administered by the U.S. Department of the Treasury’s CDFI Fund. This program helps mission-driven lenders attract private investment capital to low-income communities by providing individual and corporate investors a federal tax credit in exchange for making investments in businesses or economic development projects.

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MDI provides assistance to businesses looking to develop or redevelop properties in Midtown Detroit, including access to funding, site selection assistance, and guidance on zoning and land use regulations.