Housing projects in five Indiana cities will benefit from a portion of a $140 million fund. Michigan-based Great Lakes Capital Fund says the money will support developments in Lawrence, Marion, Carroll, Allen and Grant counties. October 27, 2014
LANSING, Mich. – Great Lakes Capital Fund (GLCF) is pleased to announce the closing of its most recent fund, Great Lakes Capital Fund for Housing Limited Partnership 29, or Fund 29, with $138.5 million raised to support affordable housing across the Midwest.
Thirteen investors contributed to Fund 29, comprised of 12 banks and 1 insurance company. Two investors are new to GLCF's housing equity funds. “Great communities depend on great places to live, and with this much equity, we are in a position to finance a lot of great places to live,” President and CEO Mark McDaniel remarked. “Equity from this Fund will support thousands of families, seniors, and citizens with special needs, in twenty-three different communities across the Midwest.”
The funds will support twenty-three community development projects in Michigan, Illinois, Indiana, Minnesota and Wisconsin. The community development projects will add 2,119 units of affordable housing to the GLCF portfolio, which now totals over 35,000 housing units. Fund 29 includes twelve multifamily properties, six senior living properties, three projects that combine multifamily and senior living, and two projects that combines multifamily and special needs.
Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 21 years and manages over $2.9 billion in the community redevelopment space. This includes successfully investing in over 575 affordable housing developments, representing 35,000 units, which have served over 70 thousand low to moderate income people. In addition to its housing investments, GLCF manages over $360 million of New Markets Tax Credits in economic development. GLCF also provides lending services through one of its companies, Capital Fund Services, as a Fannie Mae Affordable Housing lender and FHA affiliations. GLCF is a member of the National Association of State and Local Equity Funds.
Source: Great Lakes Capital Fund