Michigan Magnet Fund: Using NMTCs to Stimulate Economic Development
Great Lakes Capital Fund is one of three sponsoring organizations for The Michigan Magnet Fund (MMF). The other sponsors include Michigan Economic Development Corporation (MEDC) and Michigan State Housing Development Authority (MSHDA). Together, these organizations formed the Michigan Magnet Fund to apply for and channel New Markets Tax Credits to eligible distressed communities across the state.
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Windmill Place
Windmill Place is a newly constructed apartment building in River Falls, Wisconsin - across the Mississippi River from the twin cities of Minneapolis and St. Paul. Windmill Place has 24 apartment units reserved for senior citizens and was developed under the leadership of the Housing Authority for the city of River Falls.
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Village at Rivers Edge: Rural Northern Michigan
About 25 miles due east of Traverse City in the rolling hills of northern Michigan lies the Village of Kalkaska, and near its southern boundary you’ll find a very unique housing community called Village at Rivers Edge. This development, which opened in the summer of 2007, was artfully created by Brookstone Capital in collaboration with Hooker DeJong Architects and Rohde Construction.
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Indiana Highlights 2007
The staff members of the Indianapolis office are celebrating a number of accomplishments, including investments in 14 developments (supporting the development of 500 homes), the orchestration of a “turn around” on a project experiencing vacancy problems, and the creation of funding for a State Development Fund and Local Trust Funds.
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Illinois Highlights 2007
GLCF entered the state of Illinois this past year and financed three projects over the course of the year. In addition to the financing of new LIHTC projects, GLCF has taken over the management of the Illinois Equity Fund (IEF) portfolio of approximately 30 properties located throughout the state.
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Great Lakes Capital Fund 2007 Highlights
In spite of economic difficulties in the Midwest and across the nation, GLCF had a very strong year. We closed on 65 properties representing nearly $200 million of gross equity. These investments are supporting the development of nearly 3,230 units of housing (1,754 newly constructed units and 1,476 rehabbed units).
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Evergreen Place of Streator & Litchfield
Two of GLCFs’ investments in Illinois this past year included Evergreen Place of Streator (located 100 miles southwest of Chicago) and Evergreen Place of Litchfield (located 50 miles south of Springfield).
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Detroit's Homeless Collaborative Initiative
A recent point-in-time count estimates that on any given day there are 18,062 homeless persons in the cities of Detroit, Highland Park, and Hamtramck. This number includes 11,913 single individuals (66 percent) and 6,149 families – adults with children (34 percent). Like many communities across Michigan, two years ago Detroit began to prepare a 10-Year Plan to End Homelessness by calling together stakeholders from government, nonprofits, business interests, and community residents.
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Detroit Targets Veterans for Permanent Supported Housing
Homeless veterans young and old can look forward to 150 units of newly constructed permanent supported housing in mid-town Detroit. Through a collaboration initiated by the Michigan State Housing Development Authority (MSHDA), several of Detroit’s homeless service organizations have come together to plan and implement this ambitious project.
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A Permanent Supportive Housing Success Story
Over the past year, we’ve seen a dramatic turnaround in one of our “troubled” communities. Lakewood Manor is home to 30 families – formerly homeless women with children – on Detroit’s far eastside. The property was developed several years ago with assistance from HUD, MSHDA, the City of Detroit, and Great Lakes Capital Fund.
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