Arlington, VA - (April 4, 2022) – National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, is pleased to announce its participation as the direct lender in the nearly $20-million project spearheaded by nonprofits Detroit Black Community Food Security Network (DBCFSN) and Develop Detroit (DDI) in part with $7 million in New Markets Tax Credits (NMTC) allocated from Michigan Community Capital (MCC) to develop Detroit Food Commons.
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 mixed-use building will include Detroit People’s Food Co-op , 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 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.
Detroit People’s Food 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. All of these positions will be accessible to people with less than a four-year degree of accredited education.
According to DBCFSN Executive Director Malik Yakini, “the Detroit Food Commons will be a game changer. 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.”
“Access to healthy and affordable food is essential for a thriving community,” said Eric Hanna, president and CEO at Michigan Community Capital. “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. This project helps establish a system where money to purchase this food will now circulate back to Detroiters.”
“As a socially responsible financial institution, National Cooperative Bank (NCB) is proud to be the direct lender in the Detroit Commons Project,” stated Michael Novak, senior vice president of Commercial Banking at NCB. “For over 40 years, NCB has had a mission to support the growth of food co-ops nationwide, especially in underserved communities. Having access to fresh, healthy food is a basic ingredient to sustainable communities and we look forward to working with Michigan Community Capital and all the project partners on this development.”
