Rep. Peters and Don Graves Highlight Success of the New Markets Tax Credit (NMTC) Program in Michigan

Press Release

Today, U.S. Representative Gary Peters highlighted the success of the New Market Tax Credit (NMTC) program by visiting the Gateway Marketplace in Detroit. The shopping center, located at the southeast corner of Woodward Ave and 8 Mile Road, was built utilizing New Market Tax Credit allocations from multiple Community Development Entities (CDEs) in Southeast Michigan. Peters was joined by Don Graves, the Executive Director of the President's Council on Jobs and Competitiveness, business owners and local community leaders and residents.

Peters said, "As our economy continues to recover, we need to be making investments that create jobs, grow small businesses and strengthen our middle class. The New Market Tax Credit has made a real and positive impact on this community. As we look around today at this revitalized shopping center which has brought jobs, fresh food and economic development to this community, we are reminded that with smart policies and the right investments, Michigan's economy can continue to grow."

The Gateway Marketplace is located in what was a once severely distressed neighborhood, qualifying as a federally recognized food desert, and is now revitalized thanks in large part to the NMTC program which supported the construction project. The Gateway Marketplace features a Meijer Super Center as the anchor tenant, the first national grocery/retail store to open in Detroit in years bringing fresh food to the community, along with jobs and economic revitalization.

Don Graves said, "The Treasury Department's CDFI Fund has used the New Market Tax Credit Program to make a tangible difference in communities across the country, and especially here in Detroit. These investments attract new business development and economic opportunities to where they are needed most, revitalizing our most underserved neighborhoods. It is a pleasure to be here in Detroit and to join Representative Peters, a champion of these smart investments, because we both are committed to seeing a resurgent Detroit, with a strong business sector, robust job creation and a growing middle class."

Prior to the press conference, Peters hosted a roundtable discussion on the successes and future opportunities related to the New Markets Tax Credit (NMTC) program. The event brought together Community Development Entities (CDEs), developers, local business owners, lenders, community leaders, and other stakeholders for a discussion about how the NMTC program can spur economic growth and job creation in Michigan.

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