August 12 - Crane's Detroit Business - Private equity, flush with capital and running out of deals in traditional places, has taken aim at the local affordable-housing industry, with an expected deal in September expected to funnel more than $32 million directly into metro Detroit.
Why are such sums of money attracted to projects in distressed areas of Detroit and other communities? It's because navigating the complex world of tax credits allows banks, equity funds and builders to make money off projects that otherwise would make no financial sense.
The Lansing-based Great Lakes Capital Fund, whose Detroit office helps fund affordable-housing developments and commercial renovation in Southeast Michigan, is doing its first deal with a private-equity company, which wants to buy $300 million in bundled tax credits during the next three years. Read More.
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