Our Magazine Now Online!
Read Avenues to Affordability right on your computer! READ NOW...
Since its inception in 1993, Great Lakes Capital Fund, a nonprofit corporation, has raised capital to promote economic development. GLCF has used its resources to create economic development opportunities in and around where they developed and invested in housing. With a holistic approach they have been able to build a very successful platform on a large scale in managing NMTC funding and other business development resources. Its service area has expanded to states throughout the Midwest and Mid-Atlantic region with the joining of DCIC.
GLCF and its direct affiliates have:
- Raised and invested over $2.5 billion
- Developed over 600 apartment communities (over 39,000 housing units)
- Developed over 1 million square feet of commercial spaced in distressed low-income communities through New Markets Tax Credits and other financing resources
- Has received over $109 million in New Market Tax Credit allocations
- Manages $250 million in NMTC investment for a Michigan Community Development Entity and a National Investor based in New York.
- Enhanced lending capacity to provide lending through Fannie Mae, a FHA correspondent relation, a Pension Fund, a bank line of credit, its own funds and a $4 million Capital Magnet Fund awarded from the Community Development Financial Institution (CDFI) .
- Broker state and federal credits and deploying foundation grants further enhance its community development activities.