A community group in Petoskey, Michigan, is working to become one of the first Diversified Community Investment Funds launched through the National Coalition for Community Capital’s Accelerator Program. In order to create a more robust and resilient economy for all, NC3’s Accelerator Program supports communities in building a local investing ecosystem. In supporting local investing opportunities, we are strengthening local economies through the recirculation of capital within communities and directly to Main Street businesses and community-led development initiatives. By engaging community members in investing locally, we are fostering local wealth-building opportunities for all.
Petoskey’s story began when a group of community advocates convened to initiate community-based projects, including workforce housing, ecotourism, and local business. The group identified several potential projects to support, and has focused recently on a 24-unit apartment building as the starting project for local economic transformation. In 2022, the group reached out to NC3, and after a series of meetings, in partnership with a local foundation, the effort secured administrative funding to move the project forward. In 2023, NC3 conducted a site visit and met with community leaders over 3 days to map the path forward. Since then, the group has been working through the details of what type of organizational structure would be optimal for the fund. They determined the best path forward was to create a non-profit cooperative called InvestMitt, and are now in the process of seeking 501(c)(3) status and exploring the details of creating the fund and initiating the related capital raises and investments. Stay tuned for more updates on InvestMitt!
