SPRINGFIELD, Ill., June 3 /PRNewswire-USNewswire/ -- Great Lakes Capital Fund (GLCF), a preferred vendor of the Illinois BancService Corporation (IBC), has created the Illinois Community Fund Limited Partnership (ICF). GLCF and IBC will be marketing the fund to banks and corporations throughout Illinois.
The ICF is a Low Income Housing Tax Credit (LIHTC) fund that makes federal tax credits available to owners of affordable rental properties. Since its inception nearly two decades ago, the LIHTC program has led to the construction or rehabilitation of more than 1.6 million affordable housing units across the U.S. that otherwise might not have been built.
The ICF targets investments in high quality, safe and affordable housing for residents, such as bank tellers, teachers and public safety officers in Illinois. The fund supports job creation and stimulates economic activity throughout Illinois. In addition to a market rate of return, bank investors can receive positive consideration toward their rating under the Community Reinvestment Act (CRA).
"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 17 years, GLCF has invested more than $1.5 billion of investment equity in 450 high quality, affordably priced developments in Illinois, Indiana, Michigan, Wisconsin, and Upstate New York. The primary investors are banks and C-corporations.
For information about the Illinois Community Fund, contact Jack Brummett at (317) 423-8880 Ext. 1227 or Joe Herbert at (415) 765-1825.
The Illinois Bankers Association is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks, savings banks, and savings and loan associations of all sizes in Illinois. Collectively, the IBA represents nearly 90 percent of the assets of the Illinois banking industry, which employs more than 100,000 men and women in over 5,000 offices across the state.
SOURCE Illinois Bankers Association