Creative financing solutions for real community needs
InSite Capital has invested in development projects and businesses that help generate tax credits. Read some of our case studies pertaining to Historic Tax Credits, Low Income Housing Tax Credits, and New Markets Tax Credits.
Historic Tax Credits
Initially slated for demolition, the restoration of Plaza Tower brought new life to the community and played an instrumental role in reenergizing the spirit of Midtown Detroit. Numerous constituents, including non-profit Midtown Detroit, Inc., made efforts to ensure the survival of the Plaza Tower in order to increase visitors and residents in the Woodward Corridor. The iconic piece of Midtown had strong social support, and the unmatched teamwork initiative shown to restore it above even its former glory is illustrative of the essence of the community.
Albion is home to Albion College, a private, liberal arts college with approximately 1,400 students. The Bohm theatre is located in downtown Albion, and the closest big-box theatre is located 20 miles away in Jackson. The renovation will provide students of Albion College and members of the Albion community with a convenient option for viewing movies and live performances in their hometown. The finished product serves as a catalyst to support continued activity in downtown Albion.
Low Income Housing Tax Credits
The Iron River DDA identified the Central School building as a key resource linking the senior community center and recreational facilities with the downtown corridor. The completion of this building will add significant residential traffic and contribute to the revitalization of the retail district. The preservation of the building which provides common history to so many of the residents of Iron River helps the community and DDA continue to foster a sense of community pride in the downtown area.
The Gateway Senior Apartments
Developer Home Renewal Systems of Farmington Hills formed Fremont Gateway Limited Dividend Housing Association to purchase and renovate the former Fremont High School into 38 affordable and market rate senior housing apartments. The project, known as The Gateway Senior Apartments, will make new use of the school that was originally built in 1926 and had been maintained as the Fremont High School until its relocation in the fall of 2012.
The new construction of 25 senior housing apartments provides for a beautiful, new housing option for resident seniors in the Hart community. The three story building is located within walking distance from most major community services and amenities. The installation of a new heated sidewalk will run from downtown to the property, providing residents with easy access to shops and restaurants.
New Markets Tax Credits
The redeveloped Thomas Edison Inn and the county convention center provide Port Huron and St. Clair County an extraordinary venue for conferences, tradeshows, and community gatherings. The redevelopment and the convention center act as a catalyst for county-wide job creation. The Baker Culinary School brings local and out-of-county students to Port Huron to live and work with hopes of permanent residency upon graduation.
Lofts On Ludington
The Lofts on Ludington served as a catalyst to bring new residents and local businesses to downtown Escanaba. The apartments increased activity in the downtown and spurred economic development. The project also helped to save and restore one of only five remaining historic breweries in Michigan. The renovated building now serves as a focal point in the city. The community’s excitement and support was apparent when 500 people joined in the grand reopening celebration.