Chicago, IL, and Lansing, MI – June 1, 2017 – The Federal Home Loan Bank of Chicago (FHLBC) today announced that Cinnaire, a full-service community development financial institution (CDFI) and member of the FHLBC, was named a Community First® Fund (CFF) partner and is the recipient of a $3 million, 10-year loan. The CFF is a $50 million revolving loan fund that provides direct support to non-depository CDFIs, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin.
“Cinnaire provides vital financial resources to promote the health of communities and economies across our district,” said Suzi Thackston, Community Investment Officer, FHLBC. “As a member of the FHLBC, they have used our competitive Affordable Housing Program to support the development of hundreds of units of rental housing in Illinois and Wisconsin. This Community First Fund loan is an opportunity to expand our Cinnaire partnership and yield even greater benefits for our communities.”
Created in 1992, Cinnaire currently manages more than $3.7 billion in investments across nine states. With the CFF loan Cinnaire will:
- Create or preserve a minimum of 500 affordable housing units and 500 jobs in Illinois and Wisconsin;
- Direct efforts to facilities that foster more equitable access to job training centers, employers, service providers, healthy foods, and recreation facilities.
“Cinnaire’s work in creating and preserving affordable housing throughout Illinois and Wisconsin neighborhoods has been enhanced by our membership in the FHLBC,” said Katey Forth, Cinnaire Lending President. “The Community First Fund partnership will strengthen our ability to drive economic development in these communities, creating jobs, supporting affordable housing, and serving individuals by providing access to education, job opportunities, and the arts. We wish to thank the FHLBC for their commitment to investing in community stabilization and creating economic impact by supporting healthy, vibrant communities.”