LANSING, Mich., April 30, 2013 /PRNewswire-USNewswire/ -- Mark McDaniel, president and CEO of Lansing-based Great Lakes Capital Fund, today was announced as the winner of the 2013 Duvernay Award, the top honor bestowed at the annual Building Michigan Communities Conference.
McDaniel received the award during a luncheon ceremony at the conference, which began Monday and concludes Wednesday at the Lansing Center in downtown Lansing. The conference, now in its 15th year, brings together people and organizations involved in creating or preserving affordable housing, serving the homeless and revitalizing neighborhoods and downtowns.
The Duvernay Award is named after the late Terrence R. Duvernay, a pioneer in affordable housing who served as executive director of the Michigan State Housing Development Authority (MSHDA). The award goes to a person who reflects the ideals and personal qualities exhibited by Duvernay.
"This award is truly special to me," McDaniel said. "It's the biggest honor anyone involved in affordable housing in Michigan can receive. But what makes it even more meaningful is the fact that it's named after Terry Duvernay, whom I consider a mentor."
McDaniel, who after graduating from Michigan State University in 1977 with a bachelor's degree in urban planning went to work at a for-profit developer, credits Duvernay with steering him into the nonprofit side of the affordable housing industry.
While at MSHDA, Duvernay also developed the concept for what would eventually evolve into Great Lakes Capital Fund. The organization's original mission was to raise money from institutional investors to help fund the development of affordable housing in Michigan.
Great Lakes Capital parlayed its initial success into becoming the full-scale community economic development agency that it is today. The organization provides permanent debt financing, construction lending, technical assistance, predevelopment lending, youth leadership training and title services.
Since its inception in 1993, Great Lakes Capital has raised and committed more than $2.7 billion of loans and equity for affordable housing. In addition to Michigan, it also operates in Indiana, Illinois, Upstate New York, Wisconsin and Minnesota.
The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*
*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
SOURCE Michigan State Housing Development Authority