The Valued Advisor Fund and Capital Fund Services Contribute Matching Grants to Help Launch $100M Housing Tax Credit Equity Fund Benefiting Income-Burdened Households
MADISON, Wis., Feb 27, 2013 (GLOBE NEWSWIRE via COMTEX) --
via PRWEB - The Valued Advisor Fund, LLC (VAF) and Capital Fund Services, community development organizations committed to bringing lasting value to low-income communities, have contributed matching grants to the United Athletes Foundation (UAF). The grants help launch the United Athletes Foundation/Great Lakes Capital Fund $100 Million Housing Tax Credit Equity Fund (the Fund), which was publicly announced at the New York Stock Exchange on February 6, 2013.
The Fund was formed for the purpose of investing primarily in low to moderate mixed-income residential rental properties located throughout the United States and encouraging and assisting corporations in investing in such projects. The matching grants allow UAF to move forward in their pursuit of making a difference in our communities.
According to the latest American Community Survey, 42 million households (37 percent) pay more than 30 percent of income for housing (moderate burden), while 20.2 million (18 percent) pay more than half (severe burden). Between 2001 and 2010, the number of severely cost-burdened households climbed by a staggering 6.4 million. (1)
Providing assistance to cost-burdened households not only helps to ensure a decent place to live, but also frees up resources to meet life's other necessities. In addition, affordable housing makes it more feasible for low-income households to set aside some savings as a cushion against emergencies or as an investment in education, business, or other advancement opportunities. (2)
"VAF's primary mission is to maximize community resources, create networks of sustained public/private partnerships, and support the vision and growth of low-income persons and communities nationwide," explains Terri Preston, Executive Director of VAF. "Providing capacity building capital is one way in which we foster this type of sustainable growth."
"Capital Fund Services/Great Lakes Capital Fund is honored to be able to support the work of Reggie Howard and the United Athletes Foundation," says Mark McDaniel, CEO. "The social and financial impacts to the investors in the Fund will produce a triple bottom line return and allow UAF and its membership of professional athletes to make a difference in their communities."
UAF feels fortunate to be working with VAF and CFS. "We are extremely excited about the partnership with Great Lakes Capital Fund and Valued Advisor Fund for navigating us as we look to impact community redevelopment with a holistic approach. Their leadership has been simply outstanding," said Reggie Howard, UAF Founder and Executive Director.
The Fund Offering is available now and investor presentations are currently being conducted. The Fund's goal is to announce the first investors on April 26, 2013 at the New York Stock Exchange during UAF's annual Financial Literacy Workshop being held as part of the NFL draft weekend. Developments are currently being identified for the pipeline. The first closing into the Fund would occur in the third quarter with additional closings taking place in the fourth quarter of 2013.
About The Valued Advisor Fund
The Valued Advisor Fund, LLC (VAF) facilitates long-term community development in economically distressed areas through partnerships with community development organizations and stakeholders as well as direct investments. VAF focuses on providing a lasting legacy of enhanced capacity in the communities it serves by fostering environments of sustainable economic growth through such direct investment in community sponsored projects and the provision of financial counseling and other services. Since its creation in 2004, VAF has directly supported the development of $320 million in projects throughout the US including $298 million of projects through its New Markets Program and direct lending in support of $32 million in development. VAF has also provided financial counseling and other services in support of more than $1.85 million to community projects including services to more than 2,118 groups and individuals.
About Great Lakes Capital Fund and Capital Fund Services
Great Lakes Capital Fund is a non profit 501(c)(3) organization that operates as a full-service community development financial corporation. Since its inception 20 years ago, it manages a portfolio of investments and loans totaling more than $2.7 billion. Its track record with investors has been stellar, as evidenced by never experiencing a foreclosure or recapture, and exceeding the Internal Rate of Return presented to investors. It has invested in more than 500 developments totaling more than 35,000 multifamily units serving over 70,000 people. It has also financed over 1.3 million square feet of commercial space in that time frame with similar success. To learn more about Great lakes Capital Fund go to http://www.capfund.net.
Capital Fund Services is a nonprofit Community Development Financial Institution subsidiary of the Great Lakes Capital Fund. It provides predevelopment loans and grants, permanent multifamily debt resources, and energy retrofitting resources.
About United Athletes Foundation
The United Athletes Foundation (UAF) is a 501(c)(3) nonprofit organization created in 2008 by a group of professional athletes who understood their unique role in improving the lives of both the athlete fraternity and society in its entirety. To date, there are more than 100 professional athletes associated with the foundation including members of the NFL, NBA, MLB, WNBA and professional boxing. Founded by former NFL player Reggie Howard, the UAF Board of Directors/advisors includes Jim Brown, Ray Lewis, Hank Aaron, Julius Erving and Ambassador Andrew Young. The global recognition and impact of the UAF's founders, its professional athlete members, and its legendary board of directors/advisors make UAF uniquely, and enormously, influential; as such, UAF and its impressive list of corporate and community partners have a tremendous ability to enact change for the less fortunate. For more information, please visit the foundation's website at http://www.unitedathletesfoundation.com.
(1) The Joint Center for Housing Studies of Harvard University, State of the Nation's Housing 2012, 2012, pg. 27
(2) The Joint Center for Housing Studies of Harvard University, State of the Nation's Housing 2012, 2012, pg. 5
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