LANSING, MI—The Great Lakes Capital Fund, a nonprofit community development finance organization based in Lansing, has just closed its most recent fund, the Great Lakes Capital Fund for Housing Limited Partnership XXVIII, or Fund 28, with $109 million raised to support affordable housing at 17 developments in Michigan, Indiana, Wisconsin, and Illinois, including several in the Chicago metropolitan area.

Five banks and two insurance companies contributed to Fund 28, fund officials say, and one was a first-time Housing Tax Credit investor that contributed $25 million.

"These investments made by our valued partners will help support thousands of seniors, families, and people living with special needs," says President and CEO Mark McDaniel. "Not only will seventeen communities across the Midwest receive quality, new or rehabilitated developments, but they will be affordable to those who need them most."

The funds will support:

Homes for Heroes in Gary, Ind. A proposed new construction of 44 one-bedroom apartments of permanent, supportive housing targeting low-income veterans.

Creston Plaza Phase I & II in Grand Rapids, Mich. A proposed comprehensive redevelopment of an existing 100 units of affordable housing.

Kalamink Creek, Webberville, Mich. The funds will renovate an affordable housing development built in 1987 utilizing the RD Section 515 Program.

Genesis West, Grandville, Mich. A proposed new construction of 33 units of affordable housing.

Central Park Towers, Elgin, Ill. A proposed rehabilitation of 150 apartments into 164 mixed-income senior apartments.

Hawks Arts Enterprise, Goshen, Ind. The proposed rehabilitation of the vacant, blighted Hawks Building into 35 apartments for low-income artists and entrepreneurs.

Other projects include: Haciendas Apartments, Indianapolis; Village of Redford, Redford, Mich; Green Meadows Apartments, Springport, Mich; Pleasant Prospect Homes, Grand Rapids, Mich; River Woods Apartments, Wisconsin Rapids, Wisc; Sandy Pines, Kalkaska, Mich.

The projects will add a total of 1,040 units of affordable housing to the GLCF portfolio, which now has over 31,000 housing units. Fund 28 includes ten multifamily properties, two senior living properties, two properties serving those with special needs, two projects that combine multifamily and senior living, and one project that combines multifamily and special needs.

Instant Insights /

Great Lakes Closes $109M Affordable Fund

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