New LIHTC Partnership Fund in Illinois
Great Lakes Capital Fund (GLCF), a preferred vendor of the Illinois BancService Corporation (IBC), has created the Illinois Community Fund Limited Partnership (ICF), a low-income housing tax credit (LIHTC) fund.
GLCF and IBC will be marketing the fund to banks and corporations throughout Illinois. Its mission is to target investments in high-quality, safe, and affordable housing for residents, such as bank tellers, teachers, and public safety officers in Illinois. “This is a win/win for both banks and communities,” said IBA president and CEO, Linda Koch. “We’re creating jobs, providing affordable housing, and helping banks find ways to maintain profitability in these tough economic times.”
Over the past 17years, GLCF has invested more than $1.5 billion of investment equity in 450 developments in Illinois, Indiana, Michigan, Wisconsin, and Update New York. The primary investors are banks and C-corporations.