New York Launches Investment Fund For Upstate Tax Credit Projects

摘要

The New York Division of Housing and Community Renewal (NYDHCR), in conjunction with a Midwestern syndicator, is launching an investment fund for upstate low-income housing tax credit projects which lack equity.rn"We have had a problem getting tax credit projects to closing and developers, especially in upstate New York and rural markets, are having a hard time getting equity," said Deborah VanAmerongen, NYDHCR commissioner.rnNYDHCR has arranged for Great Lakes Capital Fund (GLCF), a syndicator which currently operates state equity funds in Michigan, Indiana, Wisconsin, and Illinois, to manage the upstate New York fund. GLCF is currently trying to raise $30 million in investments for 2009, VanAmerongen said.rnNYDHCR approached GLCF about running a state equity fund, which New York has never had, because of the company's experience in operating such funds, VanAmerongen said.