Great Lakes Capital Fund (GLCF) announced the closing of $138.5 million in low-income housing tax credit (LIHTC) equity.
The firm’s latest fund will support 23 community development projects in Illinois, Indiana, Michigan, Minnesota, and Wisconsin. There are 12 multifamily properties, six senior living properties, three projects that combine multifamily and senior units, and two projects that combine multifamily and special-needs housing.
“Great communities depend on great places to live, and with this much equity, we are in a position to finance a lot of great places to live,” said Mark McDaniel, president and CEO of the LIHTC syndicator and community development finance institution
The projects will add 2,119 units of affordable housing to the GLCF portfolio, which now totals more than 35,000 housing units.
Thirteen investors—12 banks and one insurance company—contributed to Great Lakes Capital Fund for Housing Limited Partnership 29, or Fund 29.