On October 30th, Secretary Geithner announced that the Michigan Magnet Fund will be awarded a $60 million of New Market Tax Credit allocation for investment in eligible businesses in low income communities throughout the state of Michigan. This is MMF's second award of $60 million. It received its first award in 2005. MMF is also pleased to announce that the Detroit Investment Fund received a $40 million allocation for the City of Detroit and that Great Lakes Capital Fund received an allocation of $28 million for their 4 state region. This is the first allocation for both organizations. When combined with the Wayne County allocation of $50 million this will provide Michigan with investment potential of $178 million.