History of GLCF in the State of Illinois

GLCF expanded its footprint to Illinois in 2007 when a group of bank and utility company investors requested GLCF to provide asset management services for 30 LIHTC projects in the state. At the same time, GLCF began to offer its financial resources to local developers and to investors and developers who operate in a multi-state area. GLCF brings its unique brand of investing to Illinois. This includes a local presence that results in strong relationships with the community, a very good understanding of the state's Qualified Allocation Plan (QAP), and a good working knowledge of local real estate markets. GLCF has received an excellent reception to its expansion to Illinois as we focus on high quality projects that are located in good markets and are built by strong development teams.

In addition to our focus on downstate areas, some of our development partners have invited our investment and expertise into their projects in and around the "Windy City". A portion of the credits allocated to Illinois are dedicated to the City of Chicago. Chicago has been using the majority of its LIHTC credits as part of the transformation of its public housing stock. These projects typically combine the LIHTC program with federal HOPE VI dollars to finance new construction of low-density, mixed-income units. The transformation is occurring over multiple phases and most housing projects have at least the first phase completed and have had good operational results to date and have had a significant impact on the community. GLCF has an established record of accomplishment in supporting HOPE VI projects and is able to bring this expertise to the table.

Illinois has developed a model of care for seniors and individuals that need some support in their daily lives but do not belong in nursing homes; called the Supportive Living Facility ("SLF") program. In an example of government agencies working collaboratively, SLF facilities are frequently financed through the LIHTC program. GLCF has invested in several SLF projects and will continue to review projects that have both an excellent management team and are located in strong markets.