Great Lakes Capital Fund announced that it is investing $6 million in low-income housing tax credit (LIHTC) equity to help finance the building of a 36-unit development for young adults in need in Fort Wayne, Ind.
The Courtyard of Fort Wayne will provide housing for youths aging out of foster care and homeless youths. An estimated 226 youths between 18 and 21 years old aged out of the foster-care system in the area's Allen County alone last year.
The development is also significant because it will be built on the site of the former Duemling Clinic, a large medical building that has been vacant for more than 20 years. The blighted structure has been a major distraction to improvement efforts in the neighborhood.
"The Courtyard is a forward-thinking and proactive-type of development," said Mark McDaniel, president and CEO of Great Lakes Capital Fund, a LIHTC syndicator. "Not only did we look at the area and work with local neighborhood groups to determine the present need, but we worked with state and federal entities and officials to address the needs of a future at-risk population."
The firm's LIHTC investment is split between its Fund XXVI and Fund XIX-II, its second Indiana Community Bank Investment Fund.
The development team includes Stop Childhood Abuse and Neglect (SCAN), which serves as the project's sponsor and long-term general partner. Biggs TC Development is the project developer.
Other funding partners include 1st Source Bank, Indiana Housing & Community Development Authority, city of Fort Wayne, Department of Housing and Urban Development, Federal Home Loan Bank of Indianapolis, Tower Bank & Trust Co., Lutheran Foundation, and Mary Cross Tippman Foundation.
"1st Source Bank is proud to invest in the communities we serve and people we do business with," Senior Vice President/Fort Wayne Region President Larry Mayers said. "Healthy, safe neighborhoods are crucial to thriving communities, and that's what investments like The Courtyard are all about."
The Fort Wayne Housing Authority will provide rental assistance to project residents. Specialized Alternatives for Families and Youth initiated the development and will provide residents with supportive services.
Ideal Suburban Homes is the project's contractor, and Biggs Property Management is planned to manage the development upon completion. Anne Mannix of Neighborhood Development Associates serves as the project consultant; and Morrison, Kattman, and Menze, Inc., is the architect.