26 HќќѠіђџȱ юћјђџ юѦȱ2014 PSP SHOWCASE Great Lakes Capital Fund (GLCF) has been in existence for more than 20 years and is a long-time Preferred Service Provider (PSP) of the Indiana Bankers Association. Through this PSP relationship, Indiana banks of all sizes have been able to invest in housing tax credits through Indiana Community Funds. To date, two Indiana Community Funds have been completed, allowing 17 Indiana banks to participate. Some ȱȱęȱȱȱDZ % Solid economic return through tax credits and tax deductions; % Ability to invest at a minimum of $500,000, which is less than the industry norm; % Valuable social return, as money remains in-state, supporting ě¢ȱȱȱȱ lower-income households in local communities; % Receipt of positive consideration toward a bank’s Community Reinvestment Act rating; % ęȱȱęȱ for local communities through job creation and increased local revenues. Indiana Community Fund III GLCF currently is gathering participants for the third Indiana Community Fund targeted at $15 million and expected to close during the fourth quarter of this year. These State Community ȱěȱȱȱ ȱȱęȱ and expertise via the experience of GLCF, the fund manager. The fund investment allows investors to purchase a slice of the fund, and ęȱȱȱ through multiple properties and multiple investors in the fund. Investing in a fund reduces the administrative burden of a direct investment in a property. GLCF’s success as a fund manager has been impressive. It manages more than 50 funds, representing over 635 developments and over 39,000 units. It has never had an instance of foreclosure and has always met or exceeded the targeted returns for each fund. With squeezed margins, increased administrative expenses and rising costs related to regulatory changes, investing in the Indiana Community Fund III presents an opportunity ȱěȱȱȱȱȱȱ the current banking environment. ęȱȱȱȱȱ federal tax expenses and earn a ȱȱĚ ȱȱȱȱ ȱĴȱǯ Investors earn a competitive return on their investments, particularly measured against comparable investment opportunities. Investments in the Indiana Community Fund III provide an opportunity to invest in workforce ȱȱěȱȱ options for seniors, and to improve the quality of life within Indiana communities. Previous Indiana Community Fund Projects and State Coverage Following are examples of the various types of projects completed with the use of the previous Indiana Community Funds, and above is an Indiana map showing the project locations throughout the state. PSP Update – Great Lakes Capital Fund яќѢѡȱѡѕђȱ Ѣѡѕќџ Rod Lasley is vice president-products & services of the Indiana Bankers Association, and also serves ȱȱȱȱȬęȱȱ ȱ¢ȱ the IBA. He can be reached at 317-387-9380, email: ¢ȓǯǯ
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