Cinnaire joined community leaders and development partners in Oak Park, MI, to celebrate the start of construction for Jefferson Oaks, a new 60-unit mixed-income community designed of high-quality residential homes, which will be built and maintained to be appealing and affordable for hardworking families and individuals.
Developed by Community Housing Network (CHN), the new community is being built on the site of the vacant Thomas Jefferson School building and campus, which will be transformed into 20 apartments and eight new townhome-style buildings with an additional 40 homes. In total, the new community will include 9 one-bedroom apartments, 11 two-bedroom apartments, 24 three-bedroom townhouse and 16 four-bedroom townhouse. Twenty-one of the units are set aside for supportive housing.
Project and development partners include the City of Oak Park, Cinnaire, Community Housing Network, Huntington Bank, the Michigan State Housing Development Authority (MSHDA), Minnesota Equity Fund (MEF), and UnitedHealthcare. Cinnaire, through a strategic partnership with MEF and UnitedHealthcare, is providing a $14.6M Low Income Housing Tax Credit (LIHTC) equity investment. Cinnaire Lending is providing a $2.3M permanent loan, with CHN providing $692,000 through multiple resources for the $17.6M development. Construction financing was secured through Huntington Bank.