Wisconsin - A 2008 Perspective
The Wisconsin economy continued to be fairly strong this past year. A slight dip in the unemployment rate in December brought it to a relatively low level of 5.0%. However, Wisconsin is still heavily dependent on manufacturing and jobs in the auto supply industry make up 20% of the total manufacturing jobs in the state. The slowdown in the economy could put pressure on manufacturing employment in the state.
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Tax Credits In A Challenged Market
To a great extent, Low Income Housing Tax Credit communities have avoided the credit traps that have contributed to the current mortgage crisis that is troubling our economy. Sub-prime mortgages, adjustable-rate mortgages and over-leveraging are simply not allowed by Tax Credit Investors or Regulatory Agencies that have oversight of the tax credit program.
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Portfolio Highlights
While past performance may not always be a predictor of future performance, looking at past performance in comparison to peers and looking for trends can be informative. It is also important to view performance through the lens of the Mission of the organization.
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The National Housing Credit Marketplace
Predictions of a correction in the Low Income Housing Tax Credit (Housing Credit) market have been the topic of investor panels at major housing conferences for some time, particularly as housing credit pricing reached all-time highs and the national real estate economy remained red hot. As the real estate market has cooled, and the problems in the subprime mortgage market have reached crisis proportions, the often predicted correction in the housing credit equity market appears to have finally arrived.
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Michigan - Looking Ahead to 2008
Michigan serves as the birthplace and corporate headquarters for Great Lakes Capital Fund (GLCF). Since its beginning in 1993, GLCF has invested more than $500 million in Michigan, supporting the construction or rehabilitation of 18,000 homes in 280 developments. As we have worked with a wide variety of partners, our investments span across the entire state.
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Looking at the Forthcoming Year in Indiana
Indiana’s tax credit market faces many of the same challenges that the rest of the nation faces. Many of the traditional bank investors have a limited appetite or need for tax credits as their earnings have been hammered in the fallout of subprime
mortgage loans. This may likely reduce the overall equity available to developers in Indiana.
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Illinois - A 2008 Perspective
With a relatively healthy economy, many good rental markets, and access to soft funds, Illinois developers are in relatively good shape for the coming year. Here are some highlights.
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Capital Fund Services
Great Lakes Capital Fund (GLCF) has always focused on meeting the needs of its partners, who can generally be defined as any organization that is involved in activities that are consistent with the GLCF mission. This has been evident over time as the list of services provided by GLCF has continued to grow. In recognition that services were expanding beyond the scope directly related to LIHTC syndication, a number of affiliate organizations have been created to better serve and meet the needs of those who can help contribute to the GLCF mission.
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GLCF Investment Pool
Over the years, Great Lakes Capital Fund (GLCF) has shown its commitment to building, strengthening, and preserving affordable housing in the Great Lakes Region. We have also been committed to offering our partners a wide variety of resources such asconsulting, technical assistance, predevelopment grant, loans, equity investment, permanent financing, and title services. In keeping with these commitments, in 2007, GLCF started a new program known as the GLCF Investment Pool.
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2008 Market Forecast
Each year, Community Research Services is asked to provide an annual estimate of affordable housing markets across the Great Lakes region. This estimate provides a detailed look at past trends and allows us to make valuable market predictions for 2008.
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Challenges in the Marketplace Impact Insurers
It goes without saying that 2007 proved to be a very tough year for the nation’s title insurance companies. It did not take long for the sub-prime mortgage meltdown and the credit crunch it created to trickle down to title insurers and their agents. By the time the third quarter had ended, national insurers such as First American and LandAmerica had laid off thousands of employees and agencies across the country, both large and small, have closed their doors.
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