Funding to Boost Storm-Damaged Apartments

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More than a dozen apartment buildings damaged by a tornado six years ago will get new life. Great Lakes Capital Fund is pumping $4.4 million into the 200-unit Haciendas Apartments development in Indianapolis. February 13, 2014

News Release

INDIANAPOLIS, Ind. - Great Lakes Capital Fund (GLCF) recently invested $4.4 million to rehabilitate fifteen apartment buildings, providing 200 apartment homes for Indianapolis families.

Haciendas Apartments will provide 200 quality, affordable apartment homes for families. Since the buildings were damaged by a tornado in 2008 they have been inhabitable and former residents of the apartment buildings have been permanently displaced.

The former property owners have already invested $2.7 million in structural repairs. GLCF's $4.4 million equity contribution will finish rehabilitation efforts to the interior and building site.

Additionally, the combined direct and indirect contribution of apartment construction, operations and resident spending to the State of Indiana economy is projected to total $9,169,068. Through apartment construction, operations and resident spending within the state economy about 225 jobs will be directly and indirectly added by Haciendas Apartments development.

"We are very grateful to the community for being so supportive of this development," GLCF President and CEO, Mark McDaniel stated. "Thanks to strong partnerships across state and local governments, as well as the private sector, the Far Eastside will continue to thrive in becoming a great place to live and raise a family."

Indianapolis' Far East side has become home to many Latinos - and is growing faster than practically anywhere in the country. Haciendas' property management company will serve the growing Latino population well with its bilingual staff.

Haciendas Apartments will feature outstanding amenities including a splash playground, gazebos, playgrounds and more. Thanks to an agreement with the Indianapolis Housing Agency, 10 percent of the apartments will be preserved for special needs tenants, specifically single parent households and victims of domestic violence.

Haciendas Apartments is being co-developed by Urban Offerings, Inc. and Meridian Group Ltd. Meridian Group will manage the property once complete. S&B Construction Group, LLC is the general contractor; R&B Architects is the project architect; and Terry Keusch, Pioneer Development Services, Inc. serves as project consultant.

About GLCF

Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 21 years and manages over $2.7 billion in the community redevelopment space. This includes successfully investing in over 500 affordable housing developments, representing 35,000 units, which have served over 60 thousand low to moderate income people. In addition to its housing investments, it is managing over $300 million of New Markets Tax Credits in economic development. GLCF also provides lending services through its role as a Fannie Mae Affordable Housing lender and FHA affiliations. www.capfund.net.

Source: Great Lakes Capital Fund