Cinnaire was awarded over $2.6 million from the Federal Home Loan Bank of Chicago (FHLBC) Affordable Housing Program (AHP). These awards will allow Cinnaire to assist in the acquisition, rehabilitation, new construction and adaptive reuse of over 200 housing units. These units will serve low income, disabled and historically homeless residents in Michigan, Wisconsin and Illinois.
“Cinnaire is thrilled to receive these awards from the FHLBC,” said Mark McDaniel, Cinnaire President and CEO. “This is our first round of AHP participation and we are ecstatic to have received awards for more than half of the AHP subsidy we requested. As we continue to grow and expand our expertise in the CDFI Industry, we look forward to our work with the FHLBC and thank them for allowing us to bring this much needed investment into the communities we serve.”
Since 1989, the FHLBC has awarded more than $398 million in competitive AHP grants. Nonprofit groups, for-profit developers and public entities apply for the competitive AHP grants through one of the FHLBC’s member institutions. “Congratulations to Cinnaire on their Affordable Housing Program awards. The Federal Home Loan Bank of Chicago is proud to invest in our members, their partners and the communities they serve,” said Suzi Thackston, its Community Investment Officer. “Because of their collective efforts more than 200 families will have a quality, affordable place to call home.”
Inner City Christian Federation (ICCF), a nonprofit organization based out of Grand Rapids, MI, will use the award at LaGrave at Tapestry Square. “We are honored to receive this award,” said Ryan VerWys, president and CEO of ICCF. “The strength of any community depends on the diversity of its residents and the variety of its housing options. ICCF is grateful to work with Cinnaire to increase housing opportunities for all who live and work in our community.”
The following projects will receive AHP awards through Cinnaire Lending:
Grand Rapids, MI: 435 LaGrave at Tapestry Square
Cinnaire Lending will provide $272,000 of AHP subsidy to Inner City Christian Federation (ICCF) for the acquisition and new construction of 20 units of rental housing; a portion of the units will serve youth aging out of foster care. Supportive services will include case management, individual goal setting, financial literacy and budget training, peer mentoring and mental health support groups. Total jobs supported: 43 (13 direct; 30 indirect)
Tinley Park, IL: The Reserve at Tinley Park
Cinnaire Lending will provide $675,000 of AHP subsidy to Buckeye Community Hope Foundation for the acquisition and new construction of 47 units of rental housing. This family project will provide supportive services including assistance for applying and receiving benefits and financial literacy training. All units will be handicap accessible or adaptable. Total jobs supported: 95 (30 direct; 66 indirect)
Milwaukee, WI: Haymarket Lofts
Cinnaire Lending will provide $850,000 of AHP subsidy to Lutheran Social Services of Wisconsin and Upper Michigan, Inc. for the acquisition and adaptive reuse of an existing building into 72 units of rental housing. This family project will provide supportive services including health care coordination, employment readiness, financial literacy training and an educational empowerment program. Cinnaire, as needed, may consider transferring the deal to another member bank. Total jobs supported: 120 (40 direct; 80 indirect)
Racine, WI: 1520 Clark Street
Cinnaire Lending will provide $850,000 of AHP subsidy to Lutheran Social Services of Wisconsin and Upper Michigan Inc., for the acquisition and rehabilitation of 74 units of rental housing; a portion of the units will be visitable by individuals with disabilities. This family project will give preference to veterans and provide services including employment readiness, financial literacy courses, and educational empowerment programs. Cinnaire, as needed, may consider transferring the deal to another member bank. Total jobs supported: 25 (10 direct, 15 indirect)
