The Great Lakes Capital Fund (GLCF) has received $35 million through Federal New Market Tax Credits. The tax credit is a huge source of funding that will support job creation and development.
While the GLCF has been known for supporting housing efforts, this grant is meant to support the retail and commercial side of things, therefore expanding their reach. The project the grant will be used on has not yet been chosen but when it is, it can either be solely retail or a combination of retail and residential. According to Kelly Bernero, Advocacy and PR Specialist with GLCF, with this grant, GLCF can now consider itself a one-stop-shop when it comes to having the resources that help make the community a better place to live.
The next step for the organization is choosing which project to use the funds on. Any project they choose will create new jobs in the community both permanently and temporarily but according to Bernero, "We want to pick the projects that never would have happened without the grant. When we do make the announcement," she says, "It will be huge."
The fact that the organization was chosen for this grant, according to Bernero, really shows that the administration understands Michigan's needs.