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A publication of Great Lakes Capital Fund

Generation Y will make up rouGhlY 75% of the world’s workforce…

Volume 19 | Issue 4 | 2012

? Y W O N K U O D

Strategies to keep you one step ahead. Delivering solutions for the unique challenges facing today’s affordable housing developers makes us one of the nation’s top accounting and advisory firms. Having the experience to not only help you see the big picture, but also the industry know-how to keep you one step ahead is what sets us apart. With refreshing candor and clear industry insight, our affordable housing specialists have the expertise necessary to guide you through the development process, from funding applications to disposition or recapitalization. Want a more strategic advisor? The choice is right in front of you. Connect with us:

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FE A TURES DO U KNOW Y?.......................................................... 8 10 CHARACTERISTICS OF GENERATION Y THAT WILL REDEFINE THE WORKFORCE...................... 12 HOW ELECTING THE RIGHT GENERATION TO GOVERNING BODIES EFFECTS HOUSING................... 16 WHAT MOVES US?.................................................... 18 THE NEW FACE OF HOMELESSNESS........................... 20 THE FRUSTRATED GENERATION.................................. 22 HOW Y ARE YOU?..................................................... 26


Banks Impact michigan communities and improve lives.................................................. 40

DEP A RTMENTS CEO’s Message.......................................................... 5 Celebrating 20 Years


marketing.............................................................. 32 Our Next Generation of Renters EFFECTIVE LEADERSHIP............................................... 30 The Accessibility of Leadership legal CORNER......................................................... 28


Generation Y Lawyers GLCF NEWS.............................................................. 36 GLCF Named Cool Place to Work events & happenings............................................ 43 Advertiser’s Index.................................................. 38


CEO’s MESSAGE GOVERNING BOARD Wendell Johns, Chair Retired Michael J. Taylor, Secretary/Treasurer PNC Bank James S. Bernacki Comerica Bank Catherine A. Cawthon Fifth Third CDC William C. Perkins Wisconsin Partnership for Housing Development, Inc.


James W. Stretz George K. Baum & Company Donald F. Tucker Don Tucker Consulting Paul J. Weaver Retired

CORPORATE OFFICERS Mark S. McDaniel, President & CEO Christopher C. Cox, CFO James L. Logue III, COO Jennifer A. Everhart, Executive Vice President Rick Laber, Executive Vice President This magazine is published quarterly by the Great Lakes Capital Fund (GLCF) to provide readers with information on affordable housing and economic and community development resources.This publication is copyrighted. The reproduction of Avenues to Affordability is prohibited by law. For additional copies, comments, concerns or to be added to the mailing list, please contact the Great Lakes Capital Fund office at 517.482.8555 or visit Editorial and Advertising Mary McDaniel, CMP • Alternative Solutions, LLC 517.333.8217 • Graphic Design Melissa Travis • Ink Ideas Graphic Design, LLC 989.272.3101 • Cover Illustration Pam Coven • Coven Creative 989.834.2009 • Lansing Office 1118 S. Washington Avenue Lansing, MI 48910 Phone 517.482.8555 Detroit Office 1906 25th Street Detroit, MI 48216 Phone 313.841.3751 Indianapolis Office 320 N. Meridian St., Suite 516 Indianapolis, IN 46204 Phone 317.423.8880 Madison Office 2 E. Mifflin Street, Suite 101 Madison, WI 53703 Phone 608.234.5291 Tinely Park Office 18450 Crossing Drive, Suite C Tinley Park, IL 60487

As we move out of 2012 into 2013, I would like to wish everyone the best for the New Year and thank all of our partners, investors, friends and family for your strong support in 2012. Great Lakes Capital Fund experienced one of our most successful years as a community development finance institution. This year we are celebrating our 20-year anniversary. When we started out in 1993 as the Michigan Capital Fund for Housing, we had no idea how successful this organization would become and how many lives we would touch. We are going to throw a year-long celebration to thank those of you who have been part of this journey. More will come in the next edition of Avenues about our series of celebratory events this year. This current edition of Avenues is unique in that we have focused on the demographic trends of the Generation Y population. This group of young people is even larger than the Baby Boomers and its impacts on society will be historic. All of our writers are Generation Y representatives. Are you wondering what this group has to do with the affordable housing and community development industry? Simple answer: they are going to be the largest influencers and demanders of housing, jobs, financial services and community services in history. We’d better be prepared as developers, property managers, architects, attorneys, lenders and investors to have a clear understanding of what this generation is facing, and the decisions they will be making that will impact our industry. Being a parent of four children in this generation has made me take a serious look at what kind of future they are facing. Where will they choose to live? What kind of job opportunities are out there for them? How will they deal with huge student loan debt? What will drive them and create happiness for them? And in general, are they going to be OK? As you will see from the articles, there is a refreshing take on how they view life; but at the same time they face uncertainty (even perhaps a bleakness) with their future that is different than Baby Boomers experienced in their 20’s and 30’s. Our industry will be playing a big part in responding to the needs, demands and life visions of the Generation Y population. I think you’ll find this edition of Avenues to be enlightening. As we look back on 2012, Great Lakes Capital Fund ended the year on a number of high notes including being recognized by Crain’s Business Magazine as a “Cool Place to Work” in Michigan. It is a great honor that we cherish and appreciate. It reflects the hard work and commitment our staff has made to create a corporate culture where employees enjoy satisfying work in a trusting and respectful workplace. It was our goal 20 years ago when we opened our first office that the employees would be empowered and work in an environment with these qualities. We are looking forward to celebrating our first 20 years of success with all of our partners who made it possible; and we look forward to our next 20 years which will be even better. 5

when you invest in the Community, the returns are guaranteed. At Huntington, we know how important it is to give back to the community. After all, we do more than just work here - we live and raise our families here too. And after everything this community has done for us, we’re just happy to be able to return the favor.

The Huntington National Bank is an Equal Housing Lender and Member FDIC. ¥® and Huntington® are federally registered service marks of Huntington Bancshares Incorporated. Huntington.® Welcome.™ is a service mark of Huntington Bancshares Incorporated. ©2011 Huntington Bancshares Incorporated.

PEOPLE • HOMES • PL ACES The Michigan State Housing Development Authority’s (MSHDA) vision in the 21st century is to improve the quality of life for all Michigan residents and create vibrant communities by focusing on providing safe, affordable housing through homeownership and rental programs; ending homelessness; and revitalizing neighborhoods and downtowns. For information on MSHDA programs, visit the Web site at Equal Housing Lender

517.373.6840 • TTY 800.382.4568

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Generation Y is a huge “powerhouse” group of individuals, 98 million strong, that is about to explode on the economic, political, commercial, and cultural scene. Some of this has become apparent already through the creation of companies such as Facebook, Twitter, and Pinterest--all of which were founded by Generation Y entrepreneurs. This is only the beginning of some of the positive aspects Generation Y has to offer as they are rapidly entering the workforce. A BPW Foundation’s Gen Y study, published April 2011, noted that by 2025 Generation Y will make up roughly 75 percent of the world’s workforce. If this study proves to be true, over one half of the workforce will be engulfed by a generation that society knows little about. Therefore, it is critical to understand who makes up this generation and what they have to offer…good and bad. While no generation has a monopoly on a specific character trait or culture that they subscribe to, certain perceptions have stuck with generations over time. Boomers hyper consume, X’ers are viewed as conceited or over confident, and Millennials (Y’s) have unreasonable expectations in the workplace. A simple look at demographics will help explain some of these perceptions. Boomers did consume and spend excessively, even considering their size, but their size must not be overlooked...they are HUGE, especially compared to the generations that


preceded and succeeded them. Generation X’s confident attitude in the workplace might come from the fact that most entered a ripe job market, especially with positions offering paths for upward mobility, where most high school and college graduates found work. Millennials’(Y’s) expectations are appearing to be “idealistic” in the workplace. Some of you may be asking why Great Lakes Capital Fund would care about a generational issue. It’s simple. Developing a clearer understanding about the people entering the workplace in our industry, the stronger our partnerships can become and the better we can evolve to serve the newer generation of people entering our communities/developments. Innovative ideas, creative new processes and structuring of resources are guaranteed to flourish with a clearer understanding. Author Ken Gronbach points out in his book, The Age Curve, businesses can’t NOT afford to consider the facts. When marketing your product or service, are you marketing to a population that is only shrinking in size and in how much they consume and buy? The best way to sell your product or service is to anticipate who’s going to need it next, and there is only ONE group of Americans, at any given time, who are spending WAY more than everyone else — Americans in their forties. Boomers



in their forties acted different than Generation X is and will continue to, and the same will be true for Millennials when they reach their forties. Thus, your product’s [or service’s] best customers to market to are eight to ten years younger than the peak age in the specific generation you are pursuing. This way your “best customer” market will naturally age toward you as their spending habits increase. Simply put, you want to be working with an “expanding pie” market, rather than the shrinkingpie-market; and, at the very least know which one you are working with! Not only does the transition of generations’ role in the workplace affect culture, but the balance of supply and demand will be affected, but not in a linear fashion. Take for example the aging of the Boomers’ and the rising health care costs, transitions in housing and transportation that will have to be accommodated. Millennials will be able to

make use of some of their leftover infrastructure, but will need to create new, as well, based on the new demands. Developers and contractors shouldn’t rush to build nursing homes or assisted living facilities by the masses. Boomers are not likely to settle in nursing homes, as many of them are taking care of their own parents. Developers and architects should, however, prepare for multi-generational housing. More and more homes will have three or more generations, sharing resources and returning back to a form of communal style of living. This country is being faced with unprecedented challenges and opportunities, with most of the consequences affecting Generation Y and later years. As Gen Y quickly and almost overwhelmingly starts demanding a voice in government, IT, media, trade, finance and business, it would be wise for everyone to think about the changing markets and

The goal for this issue is to offer a factual, but not often discussed, look at society and the marketplace and its relation to the rise and fall of generations over time. Furthermore, it aims to give all generations a better understanding of Generation Y; whom this publication will refer to as babies born from 1980-2005. However, some experts count babies born as early as 1977 as Gen Y.

Baby Boomer Generation, or Boomers Born 1940-1960, 78 million

There are four generations in the workplace, and five generations alive in the United States today. In general, generations are categorized in 20 year spans and share certain memories and events that shape them and their interaction with society, the economy, and government. Veteran, or the GI Generation Born 1900-1920, 56.6 million Characteristics: Fought/Served at Home in WWI and/or II. Lived through the Depression. Savers. Cares little about technology and reads local paper at a rate of 73 percent. Silent Generation Born 1920-1940, 52.5 million Characteristics: Generation after WWI and II vets. Lived through the Depression. Savers. Few still left as chairman and members of boards and CEOs of companies. 10

TODAY, BOOMERS ARE 2 TIMES as big as generation before it

Characteristics: Big spenders, especially via credit cards, borrowing, and housing re-finances/loans. Their spending habits; however, have peaked and they will be contributing much less to the economy, and this decline has already begun. Generation X, Gen X, or X’ers Born 1960-1980, 69 million 11 percent smaller than Boomers

Characteristics: Unfairly characterized as being lazy when in reality there are 9 Gen X’ers competing for every 10 jobs left behind by a Boomer (AKA, there is little competition and not enough of them to run or manage industry). Many are mid-level managers, professionals, and some are entry-level workers, CEOs and entrepreneurs. Generation Y, Gen Y, or Millennials 1980-2005, 98 million Characteristics: This generation spans more than 20 years and is the largest and most powerful group of consumers, leaders, advocates, tenants, entrepreneurs, and students the U.S. has ever seen.


The best way to sell your product or service is to anticipate who’s going to need it next, since there is only ONE group of Americans, at any given time, who are spending WAY more than everyone else — Americans in their forties. trends that will accompany an economy and workforce over the next 15 to 20 years. Think about it this way, the Housing Credit deals we closed this year will reach the end of their compliance period in 2027 (that is 15 years from now). By that time, Generation Y will account for MORE THAN 75 percent of the world’s workforce. They will be the ones living in the developments, and will likely be the ones managing, owning and/or buying the property at the expiration of the period. What sort of neighborhoods and housing developments do folks aged 7-32 want to live in? What sort of cities are they in? What will


their needs versus wants be? These are all questions the community development and housing professionals must seriously consider when making decisions today. The general belief is that if we have a better understanding of American demographics, then we can better understand how to harness our assets and move this country forward. KELLY BERNERO IS AN ADVOCACY/PUBLIC RELATIONS SPECIALIST FOR GREAT LAKES CAPITAL FUND. SHE CAN BE REACHED AT KBERNERO@CAPFUND.NET.



10 characteristics Article: 10 Characteristics of Generation Y

of generation y that will redefine the workforce

by Jennifer Oberst, GREAT LAKES CAPITAL FUND 12


Each generation has a set of common characteristics that defines them from the next generation. Over time, Generation Y has become a ‘melting-pot’ of lessons learned from our previous generations and has adapted to possess what it takes to make an effective, efficient, cohesive working group. Here are a few characteristics of Gen Y that will redefine and essentially change the workplace.


Ability to Multi-Task We like the freedom to text parents, check Facebook, email, catch up on the latest Criminal Minds episode, study for an exam, or catch up on work from the office all at the same time. Multitasking is key to our success and it allows our employers to get more bang for their buck. The combination of the ability to multitask and knowledge of technology enables us to find shortcuts to rapidly complete tasks, resulting in higher productivity. Our vast knowledge of technology will allow employers to increase our workload and as we share that knowledge in the workplace, it will allow other team members to become more efficient, as well.


Spenders and Change-Makers Generation Y is spending at five times the rate that their Baby Boomer parents did and it is believed this will increase with time as more of Generation Y enters the workforce. Meanwhile, the total student loan debt is greater than $1 trillion, and approximately 50 percent of college graduates are underpaid or unemployed. So, as young professional Millennials accept positions that traditionally paid more, interest on their debt and expenses are rising. So how does this generation repay the enormous debt ($20-$30,000 per Millennial on average) with limited job prospects? They don’t. As a result, Gen Y will be forced to create their own jobs and opportunities for employment – leading to a rise in U.S. entrepreneurs (See Characteristic #9).


Most Educated Generation in American History As a group of employees, Millennials are the most educated, knowledgeable, intellectual, and skilled workforce the U.S. has known. We have great follow-through and are dedicated to completing all work we are assigned. Generation Y will also instinctively look for ways to make our jobs more efficient, mostly through the use of technology.


Tech Savvy / Digital Natives Millennials — for the most part — believe that technology has the power to make our lives easier. We believe this more than anyone else alive. In some cases, one might say that we are intolerant of companies and individuals that aren’t as tech savvy. We grew up with easy access to computers, internet, smart phones (thanks to our Baby Boomer and Gen X parents), and are accustomed to using technology in every aspect of our lives. As the world becomes even more AVENUES TO AFFORDABILITY

computer-oriented, we will continue to have a firm grasp on leveraging humans’ latest digital discoveries. It has been said that children have a better chance to learn alternate languages the earlier they are exposed. Technology works the same way. Although Gen X has a similar fascination with technology and a surprisingly large contingent of Boomers have embraced it; Gen Y literally lives and breathes it.


Ambitious – Dreams Without Limits Many articles defining Gen Y address the “idealistic” tendencies of their generation. It’s true that our Baby Boomer and Gen X parents did, in fact, teach their children to be idealistic. We grew up in an age where schools and public facilities were, for the most part, colorblind. Because we were always taught to be open and tolerant of people different than us, we overwhelmingly support gay marriage and interracial relationships. We were also taught and believe that “you can do ANYTHING you put your mind to!” Women were fully engaged in the workforce and economy when we grew up and many of us grew up in a two-car garage home. Not only will Millennials need two-car garage homes for working women, but three and four-car garage home options may need to be explored to house our parents, us and our grown children.


Value of Time Gen Y grew up in households where both parents worked and balanced the priorities of work and family. Although, approximately 50 percent of marriages were unsuccessful, resulting in divorce. As witnesses and products of this lifestyle, we value our precious time. We don’t want to spend any more time in the office than necessary and have no problem working from home remotely to be closer to our families, allowing us to balance family time with working to meet deadlines. Flexibility will be key.


We Will Rewrite The Rules Gen Y is not content with the status quo and will not “go along to get along.” If a policy or process doesn’t seem logical we want to know why, and if necessary, get to work on changing it so it does make sense! As previously stated in Characteristic #6, we value our time, and we don’t want to spend a lot of time getting ready for work in the mornings, hence the revolution of a more laid-back, casual-style work environment. In addition, we will restructure meetings. 13


This is a very complimentary characteristic to have in the Digital Age: Millennials possess knowledge and wisdom about the workplace and intricacies of our industry, and Boomers seek understanding of the latest technologies that could make their lives and workplace better! (#8). Instead of the long, drawn out meetings that the Boomers depend on, Generation Y prefers, quick, non-formal brainstorming sessions. All of which won’t exceed an hour, because in our opinion the most productive meetings are held in numerous, short (30-minute) sessions. This will be a progressive change over the next 10 years as Gen Y begins to dominate the workplace.


“We Will Reinvent the Performance Review”/ Insisting on Feedback Generation Y will insist on constructive criticism. We love it! We use it as a tool to help us improve and succeed. So, we will look to our

leaders (supervisors, managers) for feedback as we strive to be more efficient and knowledgeable in the workplace. Instead of quarterly reviews, we want weekly reviews, where we are able to ask questions and reach out for guidance in areas we need improvement. We believe this will mold us into great mentors for the future generations to come (providing useful feedback to our peers is an essential component in career development).


Entrepreneurship Will Boom By 2025, ALL 98 million Millennials in America will have entered the work-

force. There already is a job shortage and high unemployment rate amongst Millennials of about 53 percent (higher than any other unemployed ethnicity or demographic). Due to this, Gen Y will have to create their own jobs. Small businesses will once again boom. We will abandon Wal-Mart (oh yes, WalMart will go under during the Age of the Millennials), and patron the locally owned and operated restaurants and shops that are founded by our friends and family. Additionally, big companies that will change the world will continue to come from Gen Y individuals such as Facebook and other technologically driven companies.


Expect Employment to Enhance Quality of Life You may think it’s because we act entitled, or have unrealistic expectations, but we believe it is a simple and right thing to do. Companies such as Google, Facebook and Microsoft are paving the way with extraordinary perks to encourage a healthy, happy workplace such as rock climbing walls, free fresh fruit, smoothies, health treats and water. Also, bicycle and mass transit reimbursement, fitness centers and/or paid memberships at gyms are other examples of perks the hardest-working employees will enjoy even more in the future. More modest benefits such as employer-matching retirement programs will be expected from this generation, despite the recent financial crisis, where we witnessed some pretty messed up things happen to our parents’ and grandparents’ pensions. JENNIFER OBERST IS THE CLOSING COORDINATOR, UNDERWRITING FOR GREAT LAKES CAPITAL FUND. SHE CAN BE REACHED AT JENNO@CAPFUND.NET.



Karl L. Gotting Kenneth W. Beall Michael G. Oliva

Congratulations to Great Lakes Capital Fund on its First 20 Years

Jeffrey L. Green Kevin J. Roragen Richard W. Pennings Ted S. Rozeboom



5:38:35 PM

Tracey L. Lackman Michael G. Stefanko Elizabeth Husa Briggs

OVER 40 YEARS OF EXPERIENCE IN AFFORDABLE HOUSING Representing developers and syndicators before the Michigan State Housing Development Authority, U.S. Department of 124 W. Allegan, Suite 700 Lansing, Michigan 48933 Phone 517.482.2400

Housing and Urban Development, Rural Housing and municipalities, and with private lenders. Including: LIHTC, historic and new markets tax credits.




GENERATION TO GOVERNING BODIES EFFECTS HOUSING By Wisconsin State Representative Evan Goyke As we discuss generations in the U.S. and the impact they have on society, one cannot dismiss the role of government and the type of people of which it is made. Policies and politicians should anticipate the rise and fall of spending habits, needs, skill sets, etc., that accompany the aging of generations over time. Millennials, or the successors to Generation X, are taking an increasingly active role in politics, and they are being elected to posts traditionally reserved for much older politicians. Millennial Mayors and Representatives are leading in bold new ways. I sought out to win voters approval in Wisconsin’s 18th Assembly District through high energy, extensive knowledge of Wisconsin State Law and bold leadership – and I am humbled to say my campaign succeeded! Young elected officials across the country, such as Mayors, in places like Holyoke, MA.; Ithaca, NY; Gary, IN; and Flint, MI, have assumed office during tough times, but they aren’t afraid of making the tough decisions. These Mayors and Representatives are bold, some might say over-confident; however, they also have impressive resumes which outshine each of their predecessors. None of the aforementioned cities are in positions of financial stability currently – but, jobs are slowly returning bringing strength to each respective city. Millennials, young as they may be, have a vision for community development. Community development means empowerment. It means helping residents put in place opportuni-


ties to thrive together for years. Community development can be economic, physical, or spiritual – and, is flexible to meet the needs of the community itself. Community development will mean quality affordable housing, among other things, to the Millennials in government, and to the Millennials who will be increasing their political influence as their participation in elections increases over the years. There are two examples of policy that have already been affected by them: the growing unpopularity of anti same-sex marriage measures and the acceptance of immigration reform. However, the Wisconsin State Assembly has never considered or discussed demographics. We will need to discuss reform in housing and transportation policies, considering the 98 million Millennials moving out of their parents’ houses and college campuses over the next 10 years. Urbanization and population density will increase as Generation Y enters the workforce. Changes in our public transportation and housing policies should change accordingly, for example, I believe in investment in multi-modal public transportation. Multi-modal transportation hubs and planning efforts are slowly taking place, most notably in places like California and Seattle. However, it is bold and universal topics, such as these, that Generation Y will address. (For more information on Multi-modal transportation read “Building Multimodal Transit Facilities,” by Andréa White-Kjoss). Urbanization and population density means good things to some and poses challenges to others. Is public safety in our urban cores prepared for Gen


Y? In those areas, the under/unemployment rate is 53 percent. It will likely be a Millennial influenced Mayor or State Representative handling these sort of questions, as young elected officials are beginning to receive widespread support in their pursuit of public service. Wisconsin has several Millennials in government, both elected and behind the scenes. The impacts I see most clearly from this generation include energy and boldness in electoral participation and policymaking. There is also an increase in the use and reliance on data-driven campaigning and outcomes based policy decisions. I welcome information on cutting edge ideas and projects that are taking place throughout the Midwest. I would like to know about, see, and feel these projects as well as share what is happening in my district. I would like to work with and learn from other states and cities that share similar fates as my district. Sharing more information on best practices and innovations is made easy by modern technologies. All generations have learned this by now, it is time government partakes. All across the Midwest, community development and housing advocates are fighting to save funding and scarce resources for vital programs like the Housing Credit and New Markets Tax Credits. Millennials recognize this fight, and are joining it. Community development must play a role connecting communities and preventing the isolation of any particular population – urban, suburban or rural. Tax credits are

a vital tool the community development industries rely on to connect these communities and help them thrive. Entering the Wisconsin State Assembly, I carry with me aspirations to fulfill qualities I believe my father and grandfather also tried to fulfill: Honesty, Compassion, and Patience. Some values and lessons that shape us will transcend generations for years to come. The values my family share are worthy qualities for generations to share. Other values will fade while others rise in importance, in government and elsewhere. Electing the most effective and ambitious people to government is imperative to this industry, like any other. Boomers will soon, and are already, leaving behind a lot of open positions within government. Smart, thoughtful leaders who will overcome the breakdowns of the status quo are quickly rising from within and outside the ranks to fill their seats. • html • • •

Since 1998, Applegate & Thorne-Thomsen has been a national leader in formulating legal solutions in the development, ownership and financing of and investment in real estate, with a particular focus on the challenges attendant to affordable housing and community development projects. In 2011 alone, our professionals were instrumental in the following: AFFORDABLE HOUSING 



Preservation: 210-unit rental project in a 1920  industrial building in Chicago’s Pullman neighborhood, financed using tax-exempt bonds, HUD-insured first mortgage loan, federal low-income and historic credits, FAF, HOME and AHP funding.  New Construction: 117-unit/six-building project in Chicago’s Woodlawn neighborhood, utilizing New Issue tax-exempt bond proceeds, federal low-income tax credits, HOME funds, assumed municipal debt and redistribution of project-based Section 8 subsidy among  other area buildings. Public Housing: 128-unit mixed-income, multi-family residential development financed with tax-exempt bonds, HOME and HOPE VI loans, state donation tax credits and federal low-income tax credits.

COMMUNITY DEVELOPMENT Healthcare: Development of four-story, 65,000 square foot health and wellness center that provides health and fitness services, wellness programs and services, pediatric care, dental care and pre-natal care.

School: Acquisition and conversion of three-story existing timber loft building, as well as the construction of an addition, to re-purpose the facility as the 100,000 square foot home of a charter high school with capacity for 600 students in Chicago’s Pilsen community.

Retail: Multi-phase redevelopment of 180-acre former urban industrial property into grocery and other retail use, community center, public park and affordable housing.

For further information, contact Bennett P. Applegate at: or 312/491.3322. Additional firm information is available at




WHAT MOVES US? WALKABLE BIKEABLE COMMUNITIES An interview with Jessica Yorko, Michigan Complete Streets Program

In light of the fact that the concept and support behind the recent “Walkable Bikeable Communities” campaign seems to be very popular with Gen Y, we contacted front-leader in the Michigan Complete Streets Program, and Lansing City Councilwoman Jessica Yorko. Walkable Bikeable Communities gains support from populations of ALL ages, and is truly a mutually beneficial concept of planning, design and investment for the long haul. Avenues: Is the term “Walkable Bikeable Communities” the real name for this movement/type of planning? Jessica: Yes! Is your experience in this sort of community development limited to Michigan, or have you studied/researched areas outside the state? (GLCF’s footprint is nationwide and focuses on the Great Lakes states of Michigan, Indiana, Illinois, Wisconsin, upstate New York and minnesota). My involvement in the Michigan Complete Streets Initiative led me to study communities in the state of Michigan as well as model cities across the United States, including Madison, Wisconsin; Chicago, Illinois; Davis, California; Ann Arbor and Lansing, Michigan, due in great part to policies institutionalized by the City of Lansing and State of Michigan in 2010. Complete Streets integrates with the current road system to design and build roads for all modes of transportation. This includes all users of all ages and abilities to have proper access to walking and biking; use of strollers, walkers, and wheel chairs; along with transportation of buses, mass transit AND cars. Has the Walkable Bikeable movement been embraced by all generations? Do you see acceptance or lack of acceptance correlating with generational lines? In my experience, the concept crosses generational lines. People in their 20s and 30s want an active lifestyle and don’t necessarily want to utilize cars. Older folks, who are retired for instance, have the time to enjoy the city by bike-ride or walking. Many times, seniors who can no longer drive embrace movement. They may not be able to drive, but can bike, walk, take buses or mass transportation. This creates flexibility in their lifestyles as well as encourages a healthier lifestyle, thus, AARP is a big supporter of the program. People with kids want safe streets and neighborhoods. Are there any distinctive attitudes for or against Walkable Bikeable Communities within specific generations? The issue spans every generation. It’s about safety, environment, health, and the freedom of having options. 18


Considering demographics, what does the future look like for Walkable Bikeable Communities? My younger brother is a Millennial, he is married and has 2 kids, works and recently graduated. His wife and he didn’t want to pay for gas so he rode his bike to the bus stop and took the bus to school. It was a long bike ride, but he lost 30 pounds and is now sold on the Walkable Bikeable Communities concept. They had just purchased a house, so saving money was important to them. If trends keep up, the Walkable Bikeable concept will keep growing, and Millennials have high environmental ethics, too. What advice might you lend to developers, contractors, and the entire affordable housing industry as we enter this new age of societal living? It is important that builders learn and connect with this movement. Site location choice, for example: Is the developer locating properties where people can walk, bike, or have easy access to mass transportation/bus routes? There are siting questions to address on where to choose to build or redevelop. Once the development is completed, is there ample bicycle parking provided? Ample sidewalks? Housing developments should happen in a network and in a way that make this lifestyle possible. Are there grocery and convenient stores, restaurants, other shopping within reasonable walking or bussing limits? Are Walkable Bikeable Communities necessary or ideal? Necessary, if we don’t invest as a society, we pay in other ways, like Healthcare—and all the costs associated with that including obesity [Editor’s Note: which is plaguing the current generation of children]. There are environmental costs to not investing in programs like Complete Streets, along with the degradation of social well-being. It makes no sense economically or socially to skimp on infrastructure. AVENUES TO AFFORDABILITY

Affordable Housing Specialists Development • Management • Investment • Consulting 3333 Founders Road, Ste 120 | Indianapolis, IN 46268 | James Wilson | 317.257.8922 ext. 11 |

{Questions answered.} A knowledgeable team of CPAs and specialists who are well-versed in low income housing tax credits, brownfield development, historic rehabilitation, and new markets tax credits investments is

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Face of Homelessness

The New Face of


Although Generation Y may produce the most educated, powerful group of leaders and consumers American society has ever known, in its unprecedented size, Y will demand more jobs and more places to live than our current sized economy has to offer. These factors lead 20

us to the present reality: young people are the MOST likely to be unemployed, and MOST likely to be without health insurance – in other words, HIGHLY AT RISK of becoming homeless. In Michigan, during 2011, about 30

percent of all the homeless counted in the Michigan Statewide Homeless Management Information System (HMIS) were 18 to 34 (Generation Y). A majority were single mothers, 32 years old with children age seven and younger. About 28 percent homeless were categorized as “working poor.” Furthermore, although 2012 marked the first year Michigan’s homeless population declined since HMIS began keeping count in 2006, 50 percent of those families were first-time homeless. “The fact that just under half of the people being served are homeless for the first time tells us that the people who are becoming homeless are younger than ever before. There is a significant difference in the number of people homeless for the first time in the early 2000’s than the last three or four years,” stated Eric Hufnagel, Executive Director, Michigan Coalition Against Homelessness. As the Department of Defense continues to bring young servicemen/women home from duty, the need for employment and housing will continue to increase. Veterans face unique challenges as they re-enter civilian life and, already, shelters are seeing these young vets from Iraq and Afghanistan on their doorsteps. In 2011, homeless veterans (regardless of age) seeking services in Michigan were predominantly male; however, females seeking services were much younger than their male counterparts. The vast majority (72 percent) of females were under age 50 and 23 percent were under age 30. For males, the majority (58 percent) was over age 50 and only 7 percent were less than 30 years of age. Nine-percent of all homeless veterans in Michigan are between the ages of 18-30. “Older, single, unemployed males, with no regular income are most at risk of becoming homeless, and most likely NOT to receive the help they need,” said Hufnagel. “It’s a sad Catch 22, where most federal and state assistance programs are allocating resources to folks deemed most likely to be successful in a housing placement, and those with even a meager income are looked at more favorably than those with no income at all.” GREAT LAKES CAPITAL FUND

Key risk factors associated with homelessness include: a history of prior evictions (80 percent of individuals experiencing homelessness in Michigan in 2011 had a history of one or more eviction), short term unemployment, moving two or more times in the past year, lack of reliable transportation, physical disability, lack of healthcare & high amount of medical debt/medical crises that impact employment, or experienced domestic violence within the past 30 days. Young people ending up homeless in Michigan and around the country are especially prone to unemployment and medical crises affecting their ability to pay for a place to live. An additional risk factor amongst Millennials in Michigan: young heads of households who are age 25 or younger (Millennials) with children/pregnant. In other words: there is little safety net for the single, young, unemployed Millennials who end up homeless. And no, they can’t move back home either. Younger Millennials (those still in college or graduated last year, and younger) may very well end the trend of twenty-something’s moving back home with mom and dad. While older Millennials were welcomed back home as they finished high school and college (myself included), the economy’s slow recovery has prohibited that option for many young Millennials. Moms and dads today often do not have the resources to support a twenty-something at home when their income can’t keep up with the cost of living and their debts and mortgages are putting them at risk of losing their own home. The good news? One risk factor leading to homelessness could be nearly eliminated by 2014, and that is the lack of healthcare coverage: “The Affordable Care Act of 2010 (ACA), when fully implemented in 2014, will make virtually all homeless and at-risk citizens eligible for Medicaid, the state-administered health care program for low-income people. The Medicaid expansion will cover as many as 16 million people who now lack health insurance; under new eligibility rules, nearly all chronically homeless adults will finally have the opportunity to enroll in Medicaid” (The State of Homelessness in America 2011, NaAVENUES TO AFFORDABILITY

tional Alliance to End Homelessness). Note: This assessment is contingent upon states opting for Medicaid expansion and individuals enrolling for the coverage. In light of more young adults being on the streets after the Great Recession, the U.S. Interagency Council on Homelessness set up the Youth Count! initiative. Nine communities across the U.S. are participating in the program, including: Hennepin County, MN; Cleveland, OH; Los Angeles, CA; and, Boston, MA. As previously mentioned, Michigan’s 2011 overall homeless population did decrease for the first time since 2006. Michigan’s Campaign to End Homelessness, undertaken by the Michigan State Housing Development Authority; the Michigan Coalition Against Homelessness; and more than 60 other statewide and local agencies, should be applauded for its effort to help lead the way. Wisconsin’s HMIS has also made significant progress. The participation of service agencies and their ability to measure outputs efficiently and then use that information to better service delivery is key to a successful statewide HMIS. Many states, in fact, do not have statistics like Michigan’s available, according to Eric Hufnagel, Executive Director for Michigan Coalition Against Homelessness. Looking back to a “generational” frame of mind: Generation X’s relatively small size and decreased need for mental health and shelter services contrasts sharply with the needs of the Millennials; who are turning out large amounts of unemployed, uninsured, and potentially at-risk homeless people.

McCartney & Company, P.C. Certified Public Accountants Specializing in services to real estate partnerships, including cost certifications, audits, low income housing credits, and tax preparation. Edward Rebman, CPA 517/347-5000 phone 517/347-5007 fax Okemos, Michigan

Mitchell Milner and Joseph Caringella congratulate Great Lakes Capital Fund for its commitment to the development of housing for homeless veterans.

Resources Consulted • html?ncid=edlinkusaolp00000003 • • Michigan Coalition Against Homelessness www. • Michigan’s Campaign to End Homelessness • html?_r=2&

special thanks to eric hufnagel and the michigan coalition against homelessness

Milner & Caringella, Inc., are consultants specializing in housing development for MC the homeless, veterans, and other special needs groups.


Milner & Caringella, Inc. 312-339-1678

for their contributions to this article.



Frustrated the


Digging Wells of Opportunity in the Desert of Postmodern Recession By Brendan McClenahan

A line of people wrapped around the block as young men and women eagerly waited to get into Solace and the Moonlight Lounge, the newest restaurant in old town Encinitas, California. The restaurant was to be opened in the brand new Pacific Station, a small urban development in the epicenter of Southern California surf culture featuring lofts and condos, a Whole Foods market, restaurants and easy access to public transit. The paint was still drying and hammers echoed in the busy interior. All day for three days, Solace was interviewing applicants for all positions from dishwashers to servers. And there I was among them, 3 years out of college with a master’s degree, applying for a job as a busboy. Only a few blocks away was my home, a deteriorating beach cottage behind a burrito shop and a smog check garage, one of four just like it. Because the rent was at least two standard deviations below average, there had been no real turn over in decades and the place had become a relative dump. Even so, the price made it far more appealing than the new lofts. The day we left for Michigan, a friend moved in, ahead of a dozen others waiting for the next vacancy. But the sleek condos and lofts above Pacific Station were empty. At first, I couldn’t understand why. They fit the bill as far as the ideals of our generation: creatively and sustainably uniting work, play and home. But standing in the masses below, I understood. The members of Generation Y, loosely defined as the generation born between 1980 and 2000, are children of resource, fully equipped with high levels of education and technological prowess. We were carted around to extracurricular activities and programs by doting, overprotective parents. We were raised to believe we could do anything we set our minds to, and we were given everything we needed to do it. But the Census Bureau reads, “the unemployment rate for young workers [ages 16-24] reached a record 19.6 percent in April 2010”. With 8.7 million of us unemployed, waiting in line around the block for insufficient jobs, jobs we never thought we’d be begging for, we can’t afford to live in Pacific Station. We can’t afford much of anything, and our potential has been frustrated. Jonathan graduated three years ago with a communications degree from Biola University and has literally traveled the world in search of a job. He’s now working sporadic hours at Peet’s Coffee & Tea and liv-


ing at his parent’s house. He wants to move to Seattle for a new start. Patrick graduated from Cal Poly University four years ago, after which he moved to Southern California and began work as a teller for Wells Fargo part time. Now he is back at his parent’s house, still working at Wells Fargo and still applying for jobs. Chris is newly married and had to leave his job at a factory due to back pain. After two months of searching for a job, he is working hourly as an after school mentor. Kevin is married and has a degree in mechanical engineering, but he can’t seem to find a job. He has had one serious interview in the last four months. Although some of these degree-holding twenty-somethings may classify as “employed”, they would be more accurately described as “underemployed”, which, according to the Census Bureau, is more common than a coin toss. “1.5 million, or 53 percent, of bachelor’s degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years.” And that’s just the college graduates! Alyssa and Mark didn’t go to college. They became pregnant last year, two weeks into dating. Angered by the ensuing drama, her parents kicked them out of their house, leaving them pregnant, jobless and homeless. Months passed before twenty-year-old Mark got a job working twelve-hour shifts making soups and sauces for Campbell’s. Soon after the birth of their son, they married and moved into the duplex next to us. The previous tenant had trashed the place and the landlord hadn’t the wherewithal to do anything about it, except to reduce the rent and offer it “as is” (which, in this case, means cocaine-laden couches, urine stains in the corners of the basement, and a rotten, leaky



We are the frustrated young adults of Generation Y: underemployed idealists who are bursting with potential, begging for opportunity, and striving for a new culture. ceiling). It’s far from ideal, but for Alyssa and Mark, this is best they can do. So when I hear people tell stories of my generation flooding the workforce with optimism and capability, I wonder if we are witnessing the same generation. Our technological advantage, extensive education, and seize-the-moment mentality all feel like mirages in the distance, with meager job offerings like rations of water. We are crying out for somebody to see us for who we are, to notice our potential and to put us to good use. We are the frustrated young adults of Generation Y: underemployed idealists who are bursting with potential, begging for opportunity, and striving for a new culture. In the desert of the great recession, we are digging new wells. We are digging for a world that isn’t so much up in the clouds, a world that makes sense again, a world we can feel and touch. Social work, holistic health, organic farming and non-profit work are all worthy vocations that give us purpose and make sense out of our lives. But living in the fallout of modernity, where such jobs are rare and rarely make ends meet, we have to make hard choices. Some choose to continue in education. Elizabeth spent a year at Harvard for her master’s of public health and is now back at UCSD working toward her doctor of medicine degree. She is investing in her education, honing her skills and effectively postponing her contribution. I hope that by the time she finally emerges, we are able to utilize her wealth of knowledge and skill. Others, like me in line at Solace, take jobs for which they are overqualified or inexperienced, accepting small pay as better than no pay. They hold out hope for something better to come of it, but in the meantime they are deeply disappointed. The education on which they spent a fortune seems irrelevant as they are pushed to the back of a long line. I hope their hard work leads to new opportunities in the near future. Some dig wells of entrepreneurship. Daniel decided to begin a farm-to-cup coffee roasting company in North Park ( He’s working hard all day, every day, devoting any money he has to his business, shelving his student loans, abandoning a “career”, and delaying relationships and a family. He’s digging hard and I hope he not only survives, but thrives. My generation began with hope but we have been disappointed. We have been highly educated and prepared to the hilt, but our potential seems to have been left uncultivated. We are a frustrated generation, but we still have hope. We will dig new wells for the sake of our future and for the future of our families. We will depend on our communities, upon people we trust, and we will create opportunities for each other. We will cultivate the desert and, persevering, we will become forerunners of a new world. 24




Are You? By Jennifer Oberst, great lakes capital fund

Take a break and answer the following questions to see just how millennial you are‌you may have more in common with Generation Y than you thought! Do you only have a cell phone? o Yes o No

Do you have a hunger for knowledge and enjoy learning new things? o Yes o No

Do you spend a lot of time online? o Yes o No

Do you sleep with your cell phone next to your bed? o Yes o No

Do you have high goals for yourself? o Yes o No

Do you own an ipad, ipod or smart phone? o Yes o No

Do you have your own profile on a social networking site such as Twitter, Facebook or LinkedIn? o Yes o No

Are you a multitasker and a fast learner? o Yes o No

Do have high self esteem? o Yes o No Were you born between 1980 and 2005? o Yes o No


Do you spend 30 minutes or more on your cell phone per day (talking, texting, social networking or surfing the web)? o Yes o No Do you enjoy being challenged and often find yourself bored with meaningless tasks? o Yes o No


Are you concerned about the environment? o Yes o No Are you impatient and want results “right this minute!”? o Yes o No Do you seek guidance and expect constant feed back? o Yes o No scoring Yes Answers = 1 point No Answers = 0 points 12–15 points You are Generation Y If you scored 12-15 points you are in the Y now. You’re a multi-tasking, digitally dependent, on-the-go sort of person, and likely complete most all your work on a computer or tablet (NOT the kind with paper and pen).


12–10 Points You’re Almost There If you scored 12-10 points you share many similar characteristics with Generation Y, but the characteristics of your own generation likely outweigh those of Gen Y. You have embraced many trends that characterize Millennials, and take many on as your own. 10–7 Points In the Know, Not the Y If you scored 10-7 points you are in the know, not the Y. You understand and are aware of the trends Generation Y will bring, but you have not fully embraced them as your own. 7–0 Points Millennial Who? Why? When? What? If you scored 7-0 points you are not in the Y and likely know very little about this generation. You likely still receive and read the daily newspaper, and look to television or a printed publication for current events.





The field of law, like any other, will soon be mostly practiced and managed by Millennials. Lawyers work each day behind the scenes to codify values and benefits that certain groups of people want. They become judges who interpret the law and set precedents on how the law will be applied in the future. The justice system is a delicate piece of the checks and balance system in place in this country. In the community development industry, we depend on our legal-minded friends to make our deals bullet-proof, to assure financial veracity in our investment partners, to draft, read and interpret pages upon pages of agreements and closing documents. Gen Y will supply plenty more skilled and talented lawyers to do this - and then some! Young lawyers belonging to Generation Y will strive to meet client expectations more than their older counterparts. They will be thorough in their examinations and factfindings, because they are used to TMI (Too Much Information). Feedback from clients will be welcomed and listened to more than ever because we value it so much. Future lawyers, and likewise future doctors, executives and so on, will be better than their predecessors. This is not an opinion, it is simply a matter of numbers and mathematics. The enormous influx of talent and people within that Gen Y range in the workplace is going to produce smarter, harder working lawyers. It’s a great thing for the law profession. The talent pool today is much broader 28

and deeper than with past generations. This equates to people at younger ages doing things, making contributions, and getting jobs that were historically reserved for older people. The landscape for law students and the fields they enter thereafter has changed significantly in the past 5 years, compared to 20 years ago or more. It is harder to get work at a law firm right out of law school, and, fewer are using their law degrees to practice law. The present situation is because of the Recession during 2007-2009 where you saw people going back to school not just law school but lots of post grad studies. Typically, with lawyers you think, “go to school, go to law school, then get a job practicing law.” That doesn’t happen nowadays. Now, people are using the J.D. or law degree as a means of advancement in the workplace. Today, more than ever, graduates are using their law degree for what people used to have an MBA degree for, Wallace continued. There are more people in law school than there was 20 years ago. We’re a service industry, and more folks turned out from law schools does not necessarily coincide with an increase in society’s demands for legal services. The descent of Gen Y as society’s guardians of justice will do so in a liberal fashion. It may come as no surprise to our readers that Millennials interpret most everything more liberal than their predecessors. Things that are customary or well-accepted in society today, were not forty or fifty years GREAT LAKES CAPITAL FUND

ago, regardless of moral or political beliefs. Our moral system is determined by the political landscape we live in. The U.S. Supreme Court and the Michigan Supreme Court are where business, social and political issues that affect us every day are determined. And the lawyers our industry is working most closely with? They “get it” when it comes to community development, and building sustainable communities that everyone can live and thrive in. Millennials will work to preserve affordable housing and tax credit investments such as the New Markets, Brownfield and Historic deals because we’ve seen them work. The Boomers’ goal was get a job and move out to the suburbs, this happened right here in Lansing and it happened in Detroit, too. This creates the hole in the donut syndrome, where everyone thrives but the urban core. Today we know that young people are not moving out to the ‘burbs after they get a job; nor when they start their families, necessarily. The generation of today - lawyers, accountants, restaurant workers, and teachers alike - are settling down smack dab in the middle of urban cores their own parents tried so hard to get away from. What you’ve seen in recent years is a revitalization, or Renaissance, of the urban core. It’s now cool to live downtown, and investors and developers are looking at downtown city development in new light. Recent grads and current students want a trendy little loft or place downtown where they can walk to the restaurants, bar, and urban market. Furthermore, Generation Y is likely to work to codify these practices and lobby for incentives to encourage this type of smart growth, where sustainability and re-purposing the old for use in the new is practiced. Judges will look more harshly at plaintiffs who are obstacles to progress, voters will vote out politicians who are set on doing things one way “for old times’ sake.” Lawyers will leverage all they have to continue the trends of equal, fair, decent housing and safe neighborhoods for all, which is what this industry is all about. g. alan wallAce is a senior attorney at miller canfield’s lansing office. he can be reached at,


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Eva Robinson joined Art of Leadership in one of its first programs, when she was in the 7th grade. From the moment that she entered the room, it was evident that she was a special young person. Eva’s sparkling personality and apparent self confidence were captivating, and she quickly won the hearts and minds of the Art of Leadership family, including mine. As I have grown to know Eva over the years, through the good times and the bad, she has become even more special to me. It has always been easy to like and respect her, but as I have watched Eva struggle with difficult life challenges, go through “slumps,” and enjoy victories, she has demonstrated a focus and tenacity seldom seen. One of Eva’s greatest strengths is that she is absolutely clear about her purpose in life. Eva knows that God has a plan for her, and she is committed to fulfilling on that plan. As you read Eva’s article below, you will quickly see that she was born to lead, took the time to learn to lead, and now, she lives to lead! It seems to me that we would all benefit from...taking Eva’s lead.


o some, leadership is a position distinguished by age, shape, size, color, and or title. This interpretation misses the very essence of leadership due to insignificant standards placed by society. Leadership is simple, colorless, accessible to all, and most of all, natural. Everyone is born with leadership capabilities that can range from a household to the White House. It is true that not everyone is meant to lead a country, but everyone IS born with gifts and talents that, when cultivated, can become valuable leadership tools. Although everyone is born with leadership qualities, the opportunities or encounters that some people have (or find) with leading experiences distinguish leaders from followers.


When a person is oblivious to their leadership capabilities, they have no choice but to look to another for guidance; they need to have someone else “take the lead.” If the person doesn’t receive — or seek — assistance in developing their leadership skills, they could be destined to follow forever. When I was in middle school, I was given just such an opportunity for discovering and developing my leadership skills. Unbeknownst to me, the Principal of my school (Mr. Wrosch) nominated me for a new leadership program, Art of Leadership. When called out of class to go to Mr. Wrosch’s office for a “meeting,” I was confused. I was a pretty “good” student, so I knew that I was not in trouble, unlike some of my classmates

who were also called down. Little did I know that that short walk down the school’s hall was the beginning of a whole new path for my life. In Art of Leadership’s middle school program, I began to appreciate the many leadership qualities and skills that I already possessed. In addition, the program helped me to focus, very clearly, on my vision for the future – my Personal Life Vision. As I worked through the leadership lessons with my classmates and coaches (mentors), I had no idea the extent to which I was becoming a strong and confident leader. I did not realize that my core values and my vision were becoming a natural part of my personality and presence – they were becoming a part of who I was. The


To some, leadership is a position distinguished by age, shape, size, color, and or title. This interpretation misses the very essence of leadership due to insignificant standards placed by society. Leadership is simple, colorless, accessible to all, and most of all, natural. Art of Leadership program consistently challenged me to go beyond my comfort zone and to support others in doing the same. When continuing my education in high school, using the refined leadership values that grew in Art of Leadership became second nature to me. During my freshman year, my classmates in the Women’s Glee Choir elected me to be the Soprano Section Leader. The section leader is responsible for ensuring that everyone (in their section) knows the music and performs to the conductor’s approval. In my sophomore year, I was voted Soprano Section Leader over another choir, Concert Choir. Then, in my Junior year, I was elected to be the Madrigals Soprano Section Leader. By this time, I was working with a variety of classmates with various music skills. By the time senior year arrived I had become the president of all of the high school choirs. The responsibility consisted of knowing all of the voice parts for all five choirs, conducting rehearsal if our instructor was not available, and being a liaison between my classmates and our teacher. I did not campaign for these positions, I never asked for the jobs, I was voted into the leadership positions by my classmates due to the consistent leadership qualities that I demonstrated in my every day activities in all aspects of my high school happenings. As I look back on this experience, I can see that the


work that I did in honing my leadership skills in middle school had “turned me into” a strong and respected leader. Moving along to my collegiate experiences at the University of Michigan in Ann Arbor, I must admit that I was pretty selfish. All I could think about was freedom, independence, social events, and lastly class. Holding leadership positions was the last thing on my mind. Somehow, though, I slowly, but surely, found myself in leadership positions in a variety of programs and organizations! Within my four years at UofM, I was a part of the Undergraduate Research Opportunities Program (UROP), on the Executive Board of the National Association for the Advancement of Colored People (NAACP), and a Community Resident Advisor for one of the student housing apartments. Again, I must be honest and say that I was not considering the actual leadership role and responsibilities. I was a part of these programs because of the experience it created for me. My leadership training, however, would not be put to rest... it shone through despite my best efforts to “just be one of the group.” After graduation and once I started working, I began to feel a void. I felt like I was meaningless to society. All I did was go from home to work. I rarely interacted with my church or the community in general. My world became very small and I did not like it. After about six

months I realized that I needed to use my experience to give back. Since a child, I had envisioned combining my passion for music and academics by creating a program for youth and adolescents. I imagined the program coming into fruition when I was in my forties. But after four years of undergrad and six months of a job, I thought that I had been selfish long enough. I began the creation of “Note by Note, International Music Services” immediately. I recruited board members, created by-laws, and began to create programs to bring the healing powers of music to those in need, especially youth and seniors. Since focusing my energy on realizing the vision that I had held for so long, the void has disappeared, and I feel relevant to the community once more. Overall, my experiences have taught me that everyone is born to lead; we are each given leadership qualities and skills. However, in order to become a great leader, we must learn to lead, and then live to lead. At birth, we are all diamonds in the rough, but when someone makes the investment in us to refine the shining leader within, we become precious “stones” for a lifetime. DENISE STEIN IS THE president of art of leadership advisors. SHE CAN BE REACHED AT




n of Renters


Gen Y, also known as the Millenials or Echo Boomers were born between 1980 and 2005. This generation is considered the largest and most powerful group of consumers, leaders, advocates, renters, entrepreneurs and students the U.S. has ever seen. Many of this generation are just entering the workplace and rental housing market. Due to the economy and less job stability, the Millenials are choosing to either continue to live with their par-

ing between several apartment communities they are now choosing what type of living arrangements they are seeking. Mom and dad are now a feasible and very acceptable option for our Gen Y renters. This is very different from the Gen X renter who was eager to move out and would often be embarrassed if they needed to remain living under the same roof as their parents. In order to compete with Chez Mom &

The Gen Y is trendy and very social but also socially conscious. They are more apt to use smart phones, laptops and tablets for their apartment search and gravitate towards social media, rating sites, apartment community websites and Craigslist as their resource of choice. ents or are moving back in after a short stint of living on their own, maybe the Gen Y generation should be renamed the Boomerang Generation. Living with parents or family is the new normal for the Echo Boomers in the tough economic times. So in households that can afford it, parents and families are making it possible for their Gen Y family members to live at home and save money and in some circumstances assist parents in meeting their budget obligations. Our younger renter is now not just choos32

Dad, the Affordable Housing Industry has to realize and take a position that will attract the newest generation of renters. The best way to do this is to understand how the Gen Y’s cultural experiences have influenced his or her communication style and life choices. Understanding the Generational culture of the Millenials will allow for better marketing to our young renter as well establish a connection and a level of trust that will encourage resident retention and reduce resident turnover. It is believed that people develop a peer GREAT LAKES CAPITAL FUND

Lighten-Gale Group personality through shared influences and events that occur during their formative years approximately ages 10 to 18, which impacts their generation value system and methods of interaction. It is important to consider the following: • What were the events of the typical Gen Y’s childhood? • What impact did those events have? • What changes did they lead to? • What values or beliefs were created by those events? Understanding the values and life experiences of the Generation Y renter will create a stronger marketing campaign and allow for site staff to connect and build a better rapport with your younger renters. Keep in mind that generations transition over time and they do not change abruptly. The descriptive norms and trends do not fit all people of the Gen Y population, they are just guidelines. Remember that not every member of the Gen Y generation will exhibit all of the characteristics described for their generation, but it is fair to say that many members have these tendencies. Also, members born very early in the Gen Y generation will often have more in common with the proceeding X Generation and may take on a bridge status between the X Generation and the Y Generation. The Echo Boomers generation was brought up during a time where most parents worked outside the home leaving them in day cares. This environment taught this younger generation to be independent and self-sufficient. This generation was exposed to more group interactions through playgroups, team sports and other group activities than the previous generation. This was due in part to their parents using day cares and other activities to occupy the Gen Y’s time. The Millenials experienced technology as a way of life. Generation X had technology AVENUES TO AFFORDABILITY

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grow into their lives and Generation Y never did without it. The older generation was slow to adapt and use technology as a social tool. The Generation Y group had technology as a normal part of life and do not know what it is to be without a computer, cell phone or any other electronic device the older generation had to adapt into their lives. This Echo Boomer generation is used to getting what they want when they want it. The speed of technology and information coupled with rapid delivery systems has made this generation expect things to be done faster and better. The advent of social networks and electronic communication gave this younger generation exposure to more detailed information about each other than the older generation. The Gen Y can thrive on electronic communi-

cation and prefers this type of communication than face-to-face conversation. Generation Y prefer using the Internet as a means of learning and making purchases. They are exposed to vast amounts of information, music, and media than the older generations. Generation Y is prone to communicating via electronic devices and is capable of multi-tasking while carrying a text messaging conversation. The Gen Y is trendy and very social but also socially conscious. They are more apt to use smart phones, laptops and tablets for their apartment search and gravitate towards social media, rating sites, apartment community websites and Craigslist as their resource of choice. If they do not have a smart phone or their own lap top, the Gen Y is resourceful and will seek out the use of the computer at

their local library or use the computer in the computer center of the apartment community they currently reside in. Often, it is thought that lower income households do not have computers, but Pew Internet Study, 2010 shows that households with less than $30,000 annual income 40 percent have broadband at home, 57 percent use the Internet and 75 percent own a cell phone. Another Pew Internet Study, Washington, 2011 found that Latinos and African Americans are more likely than the general population to access the Internet by cellular phone so they don’t necessarily have to have access to a computer. When communicating with Generation Y group for marketing purposes and/or for customer service reasons use action words and humor to peek interest. Keep the message


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clear, concise and short, the Gen Y typically will only read the first couple of lines in an ad and often will only read the subject line of an email. The call to action should never include a phone number or having to call someone, real friends text. The Echo Boomers are a visual group so use pictures, icons and videos to draw them into your apartment community. The Millenials prefer text communication or email if necessary, they do not want to be contacted via the telephone because it infringes on their privacy. Generation Y group appreciates feedback and being kept updated on the latest developments, so remember to seek their feedback. Keep in mind what is important to the Millenials when advertising and trying to attract them to your apartment community. Although, the Generation Y is trendy and very techy, they are not looking for extravagant flashy extras and amenities. The Gen Y renter is somewhat conservative and seeks out housing based on location, safety and overall value. This generation often will not have a land line telephone, so cell phones/smart phones are their most used communication tool so it is vital to make sure the cell reception is great everywhere in the apartments as well as your apartment community. A great perk to offer the Gen Y renter is wireless access and ensuring that it is available throughout the community will create an incredible value to your Echo Boomer renter. Elaine M. Simpson is the Founder & Owner of Occupancy Solutions, LLC. She can be reached at

We Do More Than Just Answer Your Questions...

WE CREATE THE SOLUTIONS! “My properties have shown incredible improvement since you started working with them. I can’t believe how much better the sites are doing today. I don’t know what took me so long to get you involved!” Lora D. Gilbert, Vice President of Asset Management, Larc Properties, Inc.

Operations • Marketing • Leasing • Training Specialists Call Today to Reduce Expenses and Increase Your Occupancy 800.865.0948 | www.OccupancySOlutiOnS.cOm

Wisconsin PartnershiP for housing DeveloPment Since 1985, we have offered comprehensive services to state and local governments and local community development agencies related to affordable housing. We have assisted with: • Design and management of down payment program, disaster recovery programs, and homeless assistance programs. • Development of affordable rental properties or homes for sale. • Consulting on the operation of nonprofit organizations, including the formation of new organizations and strategic planning for existing nonprofits. • Technical assistance related to the HOME, CDBG, NSP and homeless programs. Wisconsin Partnership for Housing Development works with local governments and nonprofit agencies throughout the Midwest to develop affordable housing and related programs that work in YOUR community. Call us or check our website to get more information about our experience.







GLCF is honored to be named one of crain’s 2012 cool places to work in michigan 36

ell phone coverage and a AAA membership may be the items that earned Great Lakes Capital Fund (GLCF) a spot on the Crain’s Detroit Business Cool Places to Work in Michigan 2012 list, but employees say those are just two of the many perks at GLCF that keep them passionate about the work they do. “It’s the culture,” said Kelly Bernero, advocacy/public relations specialist at GLCF, a Lansing-based nonprofit community development finance organization. “You’re really inspired and pushed and given the resources to develop your own personal life vision.” That personal life vision, which each employee has displayed in his or her work space throughout the GLCF office housed in a refurbished REO Town building in downtown Lansing, is developed during the new hire academy. GLCF offers the program to new employees through a partnership with Art of Leadership Advisors. CEO and President Mark McDaniel, like the rest of his team, has his personal life vision displayed among a variety of sports memorabilia in his office. A key word in McDaniel’s vision is “family” and it’s that same word that inspires McDaniel to offer programs to his employees that in turn make GLCF a cool place to work. To him, cell phone coverage and a AAA membership just seem like natural perks to offer employees. “It just says they’re family,” said McDaniel. An honor like the one given to GLCF by Crain’s is one McDaniel takes personal pride in. He said when he and others began GLCF 20 years ago, they did so with the employees in mind. His idea of helping families doesn’t end with his employees. McDaniel said he takes pride in the fact that GLCF helps families every day in a variety of ways. McDaniel has enacted a variety of programs to help his employees and those they serve through GLCF’s 20 years. For many years GLCF gave employees $1,000 to invest in three charities of their choice. Whatever the employees gave was matched by GLCF.


“...When a company thinks of its people as its major capital asset, there’s no cooler place to work.” — deb toby Another program included a holiday card art competition between their younger residents. GLCF employees would vote on a winner who would be awarded $100, and often times featured in his or her local newspaper or on the local news. Today, along with receiving leadership training, GLCF employees are encouraged to learn to lead the training courses they take as new employees and present them to area students. Bernero, for example, teaches classes at a local Lansing high school — something that is allowed to be done on company time. In fact, GLCF employees are welcome to volunteer for any organization, even during business hours. While this is the first major recognition of its type for GLCF, McDaniel said the firm has participated in surveys similar to the one by

Crain’s Business Detroit since the beginning. He said that knowing what employees think is going right and what isn’t, is valuable. In addition, participating is McDaniel’s way of setting an example for other companies and organizations. “It’s important that others in their workplace see that there are better ways,” he said. Along with the recognition, McDaniel said an additional sense of pride came from the fact that 100 percent of GLCF employees filled out the survey. “That says a lot,” said McDaniel. “The recognition is really for everyone … I think everyone here is really proud.” As for McDaniel, he said what makes GLCF a cool place to work for him is knowing that there are people in the organization who made

GLCF Staff AND FAMILY Prepare and Serve Food at the Annul Marsh Pointe BBQ in Haslett, MI.



Art of Leadership staff and volunteers pose fiercely at GLCF’s Holiday Luncheon.





it a professional goal to work with GLCF. It is tangible proof that the vision McDaniel had for the company is working. “It is great to see GLCF amongst such an innovative and inspiring list of companies. We are committed to cultivating passion and an environment where each employee can thrive,” said McDaniel. “Our whole culture is based upon trust and respect and we’ve been able to build upon that to not only invest $2.7 billion across the Midwest in community development projects, but also become a pretty cool place to work — which is worth celebrating.” With satellite offices in Indianapolis, Chicago, Detroit and Madison, GLCF was founded in Lansing, Michigan in 1993. Today, at the headquarters in ReoTown, there are about 40 employees. Kevin Crawley, vice president asset management, is one of those employees. He said in his nine years with GLCF employee surveys have been a part of the culture. What’s more impressive is that “something tangible has been done each year to meeting those needs.” Proudly pointing out her personal life vision displayed at her desk, Mary Welch, an asset manager with GLCF said, “The amount of passion in the people that are here is just phenomenal.” Yulonda Byrd, an asset manager in the GLCF Detroit office echoes her team’s feelings on GLCF being a family. “This is just a great group of people,” she said. Adding that she often gets a smile on her face driving to work, because she knows she is entering a place where she and her ideas are welcome. Vice President for Administrative Services, Deb Toby, said the fact that family and a work/life balance comes above all else is what makes GLCF a cool place for her to work. Of course just as her co-workers, Toby added that “Dedicated, people orientated, socially conscious leadership,” also adds to the cool factor. “The reason all of us love this company is because our maxim has always been ‘It’s About the People.’ When a company thinks of its people as its major capital asset, there’s no cooler place to work.” GREAT LAKES CAPITAL FUND

Accident Fund, another Lansing-based company, which competed in the 249 employee or more category topped the cool list. “I’m thrilled to see the Capitol City represented in Crain’s ‘Cool Places to Work.’ The Accident Fund’s inclusion comes as no surprise to many, but some may have been surprised to see Great Lakes Capital Fund on the same list,” said Lansing Mayor Virg Bernero. “While the mission and accomplishments of Great Lakes Capital Fund may be less iconic than the revitalized Ottawa Power Plant; the impact that GLCF has made in this community and hundreds more like it across the Midwest is tremendous.” Crain’s Detroit Business featured standout businesses in their November edition, which is part of an effort with the Best Companies Group to help employers identify best practices and areas of improvement. “Participating in the survey was an opportunity to be recognized for the incredible team we’ve built and to increase our already significant visibility in our industry,” said Toby. “Aside from tremendous positive impact on our marketing efforts, and the fact that we’re tickled pink to receive the honor, winning this award is a vindication of our culture,

GLCF’s Detroit Office Staff

which we work hard to nurture and guard jealously.” GLCF will review employee feedback from the survey — to become “an even cooler place to work!” Toby added. Emily Caswell is the Publications Director for M3 Group. She can be reached at

ENERGY CHOICE: IMPROVING CHARITABLE FUNDRAISING AND YOUR BOTTOM LINE The ART of Leadership Foundation, a non-profit organization dedicated to provide leadership training and mentoring for young people, was founded to assist our youth to learn and practice positive decision making while keeping focused on a bright future. In an effort to increase the financial stability of the non-profit to further support and develop their programs, the ART of Leadership has teamed up with Michigan Gas & Electric (“MIG&E”), a U.S. Gas & Electric company, in their Partners in Power program. MIG&E is a leading energy supplier in Michigan for residential and commercial customers and provides highly competitive pricing for natural gas. The state of Michigan has deregulated its natural gas industry, providing residents and businesses with the ability to purchase their energy from a supplier of their choice.

Not only is the switch to MIG&E seamless, but customers will still receive one bill from their utility which will simply list MIG&E as the natural gas supplier. Visit and help improve charitable fundraising and your bottom line with energy choice.

(888) 518-9328

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©2012, U.S. Gas & Electric

Through the MIG&E Partners in Power program, for every ART of Leadership supporter who enrolls with MIG&E, the non-profit will receive a residual payment for as long as the account remains active. Customers receive better natural gas pricing, and the ART of Leadership receives additional funding – a true win-win for all involved.

8/30/2012 5:34:44 PM




Two years ago, MBA Service Corporation and Great Lakes Capital Fund generated $10.25 million in commitments from banks across the region to support the development and rehabilitation of high quality, affordably priced housing for lower income residents. This year, banks came through again‌ committing $11 million for a second Michigan Community Fund. 40

Michigan Community Fund II Investors:

These Funds provide investors with 15 years of tax benefits supported primarily by federal Low Income Housing Tax Credits. This newest Fund has a projected after tax IRR of 6 percent. “Along with tax benefits generated for each bank, the investment provides significant social benefits as well,” stated Dennis Koons, President and CEO of MBA. “In addition, Housing Tax Credit investments are viewed favorably by regulators who are conducting bank CRA exams.” “The Michigan Community Fund is an excellent way for us to invest in the West Michigan communities we serve. The housing developments supported by the Fund provide much needed affordable housing and stimulates revitalization in neighborhoods,” according to Laurie Beard, President and CEO of Founders Bank &Trust. A total of 19 banks are supporting the Funds. Six banks are involved in both Funds which are generating the following results: • 14 affordable housing developments supported in 11 different cities (a total of 1006 apartments) • $145 million in total development costs • 1500 jobs will be created/retained (construction, property management, etc.) • $102 million in local income is being generated through these jobs • $12.6 million in local taxes and revenue for local businesses are being generated through construction and ongoing operations during the 15 year tax credit compliance period (Leverage factors are based upon statistics from the National Home Builders Association) These investments are making a significant difference in our communities and the lives of residents who reside in the apartments being built or renovated, including those who work at lower wage jobs, seniors who live on limited fixed-incomes, and individuals who have physical or developmental disabilities. According to Mark McDaniel, President and CEO of Great Lakes Capital Fund, “The investments made by community banks enable us to support developments in AVENUES TO AFFORDABILITY

Investors in Fund I & II Include:



1000 S o u t h W a S h i n g t o n a v e n u e , S u i t e 101 L a n S i n g , M i c h i g a n 48910-1647

Join Us Today!





CEDAM is a nonprofit tax-exempt organization. We are a voluntary association of community development corporations (CDCs), individuals, and other organizations interested in promoting and expanding community-based housing and economic development across the state of Michigan.




We are a family of companies serving the needs of families.



Medallion Management, Inc. Medallion Management, Inc. 834 King Highway Suite 100 Kalamazoo, MI 49001-2578 Fax: 1-269-381-3609 Phone: 1-269-381-0350 TTY: 1-800-649-3777

"We specialize in Non-Profit Consulting and Joint Ventures"

Block AffordABle Housing consulting, llc Specializing in LIHTC application preparation in Illinois and Michigan

smaller cities such as Adrian and Webberville. In larger cities and larger scale developments, we’re able to provide ‘side-by-side’ investments, matching resources from the Michigan Community Fund with those from our Regional Funds which are supported by large banks and insurance companies. When banks invest in our affordable housing funds we’re also able to generate other lending opportunities for them, including construction loans, FHLB-CIP permanent loans and equity bridge loans.” One development supported by the first Michigan Community Fund, “Reflections Senior Living” in Grand Rapids, was an apartment building originally constructed in the 1970’s which was in serious need of total rehabilitation. “Even though we had to temporarily relocate the seniors during the renovations, they were thrilled with the final product! There was so much excitement around the freshly renovated building we decided it needed a new name,” said Denny Sturtevant, Executive Director of Dwelling Place - the apartment building’s developer and owner. Dwelling Place held a contest among the returning residents to come up with a new name for the renovated apartments. The senior who provided the winning name, “Reflections” wrote a simple yet eloquent note stating that she “…thought ‘Reflections’ would be fitting, because it would be a Reflection of the old as well and the new.” She read her heartfelt letter aloud at the Dedication Ceremony as a beautiful sculpture was unveiled at the development’s main entry. The “Reflections” Dedication Ceremony shows how important Housing Tax Credit investments are. When Great Lakes Capital Fund, MBA and its member banks support the development of quality, affordable housing…we are truly improving the quality of life for people and communities. Tom Edmiston IS THE Senior VP Tax Credit Investing, Great Lakes Capital Fund. HE CAN BE






THREE GLCF INVESTMENTS CAPTURE GLASTAR AWARDS FUND SPONSORS MLK SCHOLARSHIP CONTEST; DMI LAUNCHES NEW WEBSITE Three GLCF Investments Capture GLAStar Awards Three GLCF Investments were recognized at this year’s Property Management Association of Michigan’s Great Lakes Area Star (GLAStar) Awards. The event honors “excellence in the multifamily housing industry.” GLCF would like to congratulate ALL the GLAStar 2012 Winners Including: • Hope Woods, 5749 Stadium Drive, Kalamazoo, MI 49009 Best Overall Marketing Plan (1 to 150 units), Property Manager: Unified Property Management • Oakhaven Manor, 1320 Ashbury Lane, Howell, MI 48443 Best Senior Property, Property Manager: The Associated Management Company • Grand Haven Manor,  3223 W. Mt Hope Road, Lansing, MI 48911 Best Affordable Community, Property Manager: The Associated Management Company GLCF Sponsors MLK Scholarship Essay Contest The Greater Lansing Area Martin Luther King Jr. Commission, whose annual luncheon on MLK day is among the largest in country, has partnered with Great Lakes Capital Fund to deliver $10,000 in college scholarship money to Lansing area graduating seniors.


DMI Launches New Website Develop Michigan, an innovative not-forprofit development finance organization, is pleased to announce our new website - www. Develop Michigan was formed through a partnership between the State of Michigan, Great Lakes Capital Fund and the Development Finance Group. Develop Michigan plays a dynamic role in financing commercial real estate projects and is designed to supplement current efforts to transform and rehabilitate the Michigan economy. Take a few minutes to navigate through the site to learn more about us and the exciting financial products we can offer. Equity Closings Stadium Drive – Kalamazoo, MI • Family/Senior Housing • $3.9M LIHTC equity Herkimer – Grand Rapids, MI • Supportive Housing for Special Needs • $12.6M LIHTC equity Commerce– Grand Rapids, MI • Supportive Housing for Special Needs • $12.6M LIHTC equity Adrian Village – Adrian, MI • Family Housing • $8.0M LIHTC equity Illinois Place – Indianapolis, IN • Family Housing • $2.3M LIHTC equity Park Shore Commons – Gary, IN • Family Housing • $5.5M LIHTC equity Berlin Senior – Berlin, WI • Senior Housing • $2.6M LIHTC equity

Mortgage and Lending Capital Fund Services (CFS) is a subsidiary corporation of GLCF and offers loan products to help our partners acquire, build and rehabilitate high-quality housing developments. Recently, CFS closed on the following loans and acquisitions: Ironman Apartments - Nowata, OK • $1,305,000 Fannie Mae permanent loan Bulldogger Apartments - Dewey, OK • $1,435,000 Fannie Mae permanent loan Trilogy portfolio – includes the acquisition of approximately twenty general partnership interests on affordable housing properties in rural Michigan. • CFS - $500,000 acquisition loan Great Lakes Preservation Corporation – the acquisition of the historic School for the Blind site in Lansing MI • CFS - $625,000 acquisition loan CFS received a disbursement on its 2012 CDFI award of $500,000 in December. CFS received the full disbursement of a grant from the JP Morgan Chase Foundation of $500,000 in December.



GLCF MOVES TO NEW HEADQUARTERS Please note that Great Lakes Capital Fund will be moving its Lansing Corporate Headquarters in March 2013. Our new address will be 1118 S. Washington, Lansing, MI 48910.  All phone numbers, extensions, fax, and email addresses for GLCF will remain the same.  The newly rehabbed GLCF headquarters will bring further revitalization and development to Lansing’s beautiful Reo Town district.  Our corporate neighbors, Community Economic Development Association of Michigan (CEDAM), with whom we currently share a building, will also be moving locations with us.  Thank you! An exact move date will be announced in future communications.

High end. Low cost.

Kelly Graf, Title Operations Assistant, Lansing HQ Kelly Graf serves as an Assistant in Title Operations for Great Lakes Capital Fund. She graduated from Michigan State University in 1998 with a B.A. in Spanish. After graduation, Ms. Graf was employed for a real estate attorney and local title company before taking time off to raise her three sons, Colin, Dylan and Riley. She is active with her children’s school activities and is a 4-H project leader.

Our buying power makes high-end living affordable for developers and residents.


Tim Shand, IT Director/Network Administrator, Lansing HQ Tim Shand has been a successful entrepreneur through Dynamic Computer Systems, for the past 15 years. Dynamic Computer Systems began contracting Great Lakes Capital Fund’s IT work approximately 12 years ago. Prior to joining GLCF as Director/Network Administrator, Tim’s primary focus was assisting and directing small and medium size businesses (including GLCF) with their IT challenges, budgeting, development and planning. Throughout his time as an outside consultant for GLCF, Tim got to know the people, understand the culture, and the technology needs and direction of the organization. He is thrilled to have been a part of the team that has helped bring Great Lakes Capital Fund to what it is today. Josh White, Asset Manager, Lansing HQ Joshua White is an Asset Manager at Great Lake Capital Fund’s Lansing headquarters. Prior to joining GLCF, Josh was an asset manager of a $200M portfolio of distressed multifamily assets in receivership. In addition, Josh worked as Assistant General Manager for a local developer and Sales Manager for Philip Morris USA. He holds an MBA from Northwood University and a real sales license from the State of Michigan. Josh is active in his community, sitting on the board of Community Planning Association.


Paul DeKruiff, Loan Originator, Chicago (Tinley Park) Office Paul DeKruiff has joined Great Lakes Capital Fund’s lending department, in the Chicago area, as a loan originator. With over 20 years of multifamily experience, Paul began his professional career working for a not-forprofit that, among other endeavors, developed community centers in at risk cities across the United States. He has managed a portfolio of over half a billion dollars in commercial loans (as Portfolio Manager) and a 26,000 unit multifamily portfolio (as VP Asset Management), served as a multifamily advisor/ broker for institutional intermediaries for over 8 years, and holds a B.S. in Finance from Illinois State University.   His community involvement includes service on several not-forprofit boards: President of the Naperville Jaycees, Board Member of Sunrise Rotary, regular volunteer for Du Page PADS shelter, and currently serve as President of the Naperville Central Band Boosters.

What Does It Take to Keep a Winning Team on Target? The Coaches at ART OF LEADERSHIP Know Since 1987, the Art of Leadership team has been coaching people in business, education, government, and non-profit organizations, supporting their personal growth and development as leaders; building winning teams. We promise measurable results and ask our clients to hold us accountable for that promise. How can we help your teams? Call or write, and together we’ll find out.

Trey Phillips, Asset Manager, Chicago (Tinley Park) Office Trey Phillips joined GLCF in August of 2012. Phillips, a decorated U.S. Army Veteran, oversees a portfolio of multi-family assets located throughout the Midwest. He possesses an MBA with a dual concentration in Real Estate Finance and Investment and Investment Management from DePaul University. Prior to his experience in Real Estate, he served as an Infantry Staff Sergeant in the U.S. Army, where he received the Army Commendation Medal for service in Iraq.

248.325.9669 or Art of Leadership Advisors is a subsidiary of Great Lakes Capital Fund



ADVERTISER’S INDEX Allgeier Company.................................................................................... 14

Lighten-Gale Group................................................................................ 33

Applegate Thorne-Thomsen.................................................................. 17

Loomis, Ewert, Parsley, Davis & Gotting, P.C...................................... 15

Baker Tilly Virchow Krause, LLP........................................................... 2

McCartney & Company, P.C.................................................................. 21

Block Affordable Housing Consulting, LLC........................................ 42

Medallion Management, Inc................................................................... 42

Blystone & Bailey, P.C............................................................................. 34

MHT Housing, Inc................................................................................. 47

Chesapeake Community Advisors, Inc................................................. 15

Michigan State Housing Development Authority................................. 7

Clark Hill.................................................................................................... 7

Milner & Caringella, Inc......................................................................... 21

Community Economic Development Association of Michigan......... 42

O’Brien Construction Company, Inc..................................................... 25

Crestline Communities........................................................................... 19

Occupancy Solutions............................................................................... 35

Dauby O’Conner & Zaleski................................................................... 29

Plante Moran............................................................................................ 19

Economides Incorporated Architects.................................................... 33

Pung and Read Housing Conultants, LLC........................................... 42

Gill Group, Inc........................................................................................... 4

St. James Capital...................................................................................... 46

Herman & Kittle Properties, Inc........................................................... 48

Vogt Santer Insights................................................................................ 34

Huntington National Bank...................................................................... 6

Wolverine Building Group..................................................................... 44

Keystone Construction Corp................................................................. 34

Wisconsin Partnership for Housing Development............................. 35



Promises Made, Promises Kept. Syndicators and lenders will attest to our rock solid reputation.

For more information, contact Krystal Covington 248.833.0558

Great Lakes Capital Fund 1000 S. Washington Lansing, MI 48910

Housing that makes sense. 34NORTH

Today and tomorrow.

We believe that sustainable communities and sustainable business are one in the same. That’s why for over 50 years we have supported sustainability by creating affordable housing opportunities, developing urban infill sites, rehabilitating historic buildings, and constructing LEED certified buildings. At Herman & Kittle Properties, Inc., we create value through real estate.

Indianapolis, IN • • 317.846.3111

Do U Know Y?  

Volume 19 | Issue 4 | 2012