Home ›› Culture ›› History

History

Cinnaire is effectively positioned  as a “one-stop shopping” resource for affordable housing development partners. As a Community Development Financial Institution (CDFI), we offer equity and loan packages that are individually structured to meet specific needs. 

HISTORY:  The Tax Reform Act established the Low-Income Housing Tax Credit program. Its primary purpose was to produce affordable housing in an efficient and market-driven manner. It provided a modern alternative to the failed public housing policies of prior years, better aligning social equity and economic efficiency. Today, the program is commonly accepted as the most successful housing program in our nation’s history.

1992 –  Michigan Capital Fund for Housing (MCFH) was created in partnership with the Michigan State Housing Development Authority (MSHDA) to meet the immediate and critical need for affordable housing in Michigan. Nationally-based equity funds were active in Michigan, but did not adequately meet the needs present, with funds being largely unavailable for smaller scale developments, projects with nonprofit sponsors, and/or serving special needs populations.

1993 –  The first CEO/President was hired. Mark S. McDaniel, a seasoned real estate professional with a history of dedication to serving communities.

1995 – Fund I closed, providing $10M of equity for five affordable multi-family developments. Less than three years after inception, the $500,000 grant for operations provided by MSHDA was paid off.

1996 –  Entered into a partnership with Enterprise Foundation and its subsidiaries to formalize the holistic community development lending and investing initiatives. This arrangement was in place until 2002 and was the foundation for Cinnaire becoming a CDFI in future years.

2002 –  Partnered with local real estate professionals in Indiana to recreate the successes achieved in Michigan. Indiana Capital Fund for Housing (ICFH) was created. The first fund financed eleven affordable communities utilizing $26M of investor equity.

2003 –  MCFH and ICFH merged and the organizations name changed to Great Lakes Capital Fund (GLCF). As reputation and expertise grew, so did the demand for services, resulting in the formation of Capital Fund Services (CFS).

2005 –  GLCF expanded into additional areas and began managing a New Markets Tax Credit (NMTC) allocation of $60 million on behalf of the Michigan Magnet Fund (MMF). The expansion included Wisconsin and Illinois to meet affordable housing needs Through CFS, began offering debt products for affordable developments.

2006 – Realizing a need for title services, Capital Fund Title Services was formed. That same year, a major milestone was achieved: surpassed $1 billion in economic impact.

2007 –  CFS was designated a Community Development Financial Institution by the United States Treasury and gained access to an even broader pool of capital to finance community development activities in its footprint. GLCF enters into a partnership with MSHDA and the Michigan Economic Development Corporation (MEDC) that created the Michigan Magnet Fund (now Michigan Community Capital) a Community Development Entity (CDE) that received a New Market Tax Credit Award. GLCF acted as the fund manager for the partnership.

2009 – Served as Fund Manager for an $88M New Markets Tax Credit allocation received by a national CDE. Also, received $60M allocation from Michigan Magnet Fund.

2010 – Approved by Fannie Mae as a seller/servicer of affordable loans. Received $4M Capital Magnet Fund Award from the Federal CDFI agency, $25M allocation from Michigan Magnet Fund and served as Fund Manager for $238M NMTC allocation.

2012 – 20-year anniversary. Launched Commercial Real Estate initiative and formed a partnership with Greater Minnesota Housing Fund. Won Crain’s Cool Places to Work Award.

2013 – Acquired the Delaware Community Investment Corporation, expanding the footprint into the Mid-Atlantic region serving New Jersey, Pennsylvania, Maryland, and Delaware.

2014 – Embarked on a strategic plan to grow the organization to be sustainable for the next 5 – 10 years. The first step was rebranding. Won Crain’s Cool Places to Work Award and the Nonprofit Times Best Nonprofit Award.

2015 – Cinnaire, the new name, is announced along with a new look and more precise messages geared to the varied targeted audiences. Cinnaire Fund Services also received a $55M NMTC Allocation award and closed $28.4M in loans.

2016 – Receive a $1M in CDFI Financial Assistance Award, $5.5M Capital Magnet Fund Award, $75M in NMTC Allocation Award and closed $26.2M in loans. Won Crain’s Cool Places to Work Award and the Nonprofit Times Best Nonprofit Award.

2017 –  Cinnaire is currently managing over $3.7B portfolio of loans and equity in nine states. Came in 35th of 50 for Best Nonprofits to Work for Award for best nonprofit overall and 20th in the best medium nonprofit sized organizations.