Connecting Minnesota companies with Minnesota projects
The Minnesota Equity Fund (MEF), a joint venture of Greater Minnesota Housing Fund (GMHF) and Great Lakes Capital Fund (GLCF), is designed to help socially responsible corporations and financial institutions invest in affordable housing in Minnesota communities. MEF raises capital from corporations and financial institutions, and invests these resources into real estate development partnerships. This creates a win-win investment and social impact opportunity:
- Developers receive critically needed equity for State-supported and fully funded developments.
- Communities receive high-quality, energy-efficient, affordably-priced housing that provides social and economic benefits for area residents.
- Investors receive a competitive internal rate of return on their investment through tax benefits, plus Community Reinvestment Act credit for bank investors.
Why the Minnesota Equity Fund?
The Minnesota Equity Fund is a nonprofit business venture dedicated solely to building and preserving affordable housing in Minnesota, including:
- Investing in projects in all parts of the state
- Local Minnesota-based staff and expertise provides quick turn around, competitive pricing and complementary funding
- Providing complementary gap funds for projects located in Greater Minnesota
- Competitive bridge lending resources to reduce project expenses
- A relationship with Great Lakes Capital Fund, an experienced syndicator of low-income housing tax credits
- Longstanding joint-funder relationship with Minnesota Housing
THE JOINT VENTURE TEAM
GREATER MINNESOTA HOUSING FUND
- Housing development finance intermediary with 15 years of experience
- Stable funder relationships and the largest housing CDFI in Minnesota
- Over $140 million invested in a diverse range of affordable housing
- $26 million development loan fund comprised of 60% equity capital
- Over 10,000 units of affordable housing financed since 1996
- Strong partner of Minnesota Housing, with joint development selection and funding
- Long-term relationships with major Minnesota affordable housing developers
More information at: www.gmhf.com
GREAT LAKES CAPITAL FUND
- 20 year experience establishing state-based equity funds in the Midwest
- Operates equity funds in Michigan, Wisconsin, Illinois, Indiana, New York and the Delta states of Arkansas, Louisiana, Mississippi and Tennessee.
- Proven record of SEC, HUD, IRS compliance, underwriting, asset management
- State of the art technology for investor reporting and secure broadband functions
- Capacity to perform expert investor solicitation and underwriting
- Over $1.5 billion invested in housing and community development
- Financed over 450 developments and 25,000 housing units
More information at www.capfund.net
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Click here for a print friendly brochure on MEF for Developers-> |
