The U.S. Department of Treasury awarded Capfund New Markets $55 million in the most recent round of New Markets Tax Credit (NMTC) allocations, the largest award Capfund New Markets has received to date. New Markets Tax Credits are a vital resource that enable Great Lakes Capital Fund to deliver essential equity to large-scale community developments located in underserved markets across the Midwest.
“We are thrilled to receive our largest award to date,” President and CEO for Great Lakes Capital Fund, Mark McDaniel, said. “This is fantastic news for Midwest families, who want to live and work in vibrant communities, and our businesses, which thrive when their neighborhood is energized and growing. We have been working with communities across our region on economic development, and these funds will provide the tools that will allow these important projects to move forward. Yesterday’s NMTC announcement shows why it is so important we continue working hard to extend and expand this vital tax credit so additional opportunities for community partners remain available in the future.”
Capfund New Markets LLC, a subsidiary of Great Lakes Capital Fund (GLCF), now manages $415 million of NMTCs. New Markets Tax Credits further expand GLCF’s ability to partner as a comprehensive Community Development Finance Institution (CDFI), and meet a variety of financing needs in cities and towns across America.
It is estimated that GLCF’s NMTC investments have leveraged over $600 million of total development in its footprint, and have created or retained a grand total of 3,200 jobs.
Past investments include community centers, public transit systems, fresh market grocery stores, manufacturing facilities, educational facilities and domestic abuse counseling centers and shelters.
Great Lakes Capital Fund (GLCF) is a full service community development finance institution that has been in operation for 21 years and manages $3 billion of investments, including 635 affordable housing developments with 39,000 apartments serving 97 thousand low- to moderate- income residents. In addition to its housing investments, GLCF manages $415 million of New Markets Tax Credits investments in high profile economic development projects. GLCF also provides loans through its affiliate Capital Fund Services (a Fannie Mae Affordable Housing lender) and through its partnership with an FHA lender. GLCF is a member of the National Association of State and Local Equity Funds.
