Marygrove Conservancy (2020), Detroit, MI

COMMUNITY IMPACT

In a first for Detroit’s childrena group of five mission-led financial institutions has closed a package totaling $22 million, including $8 million in New Markets Tax Credits (NMTC), to provide financing for the cutting edge early childhood center being constructed on the Marygrove campus. This is the first NMTC project in Detroit primarily focused on early childhood development and education.

The recently closed financial transaction supports construction of the facility that broke ground in November 2019 and is slated for completion in Spring 2021. The transaction included contributions from The Kresge FoundationNorthern TrustCapital Impact Partners, MBS Urban Initiatives CDE, LLC (an affiliate of McCormack Baron Salazar), and Cinnaire.

Starfish Family Services will operate the center when it opens in fall 2021 and plans to serve 144 students with a funding model that includes federal (Head Start) funds, state funding, and private dollars. It will be the first mixed-income center in the city and one of the largest in both number of children served and floorplan, with more than 28,000 square feet. Students living in the immediate neighborhoods surrounding the Marygrove campus in Northwest Detroit will be offered priority enrollment. The center will also serve as a resource and convening hub for other early childhood providers in the city.

The campus at Marygrove includes more than the early childhood center. The vision for the campus, led by the Marygrove Conservancy, is to create a state-of-the-art prenatal-to-postsecondary educational home for Detroiters, especially those in the Livernois-McNichols area.

Voices from the Community

“We are pleased to be part of this meaningful project. We are committed to bringing capital to under-invested communities, including support of quality education that will change lives.”

Connie Lindsey, Northern Trust’s Head of Corporate Social Responsibility and Global Diversity, Equity and Inclusion

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The New Markets Tax Credit Coalition
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Washington, DC 20005
202-393-5225

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