Cinnaire Lending Corporation (CLC), a certified Community Development Financial Institution has been awarded a $5 million Equity Equivalent investment, or EQ2, from Fifth Third Bank.
Cinnaire Lending will leverage Fifth Third’s $5 million commitment to provide financing to developers for the rehabilitation and construction of affordable for-sale homes, multifamily housing and community facilities in Illinois and Michigan. Additionally, Cinnaire Lending and Fifth Third are partnering with emerging developers in both states leveraging the investment as a catalyst to further work in underinvested communities.
“This flexible financial resource provides cost-effective funding to our borrowers in Illinois and Michigan, allowing them to take on projects that build on the assets in their communities,” said Sarah Greenberg, Cinnaire Lending President. “Our collaboration with Fifth Third will support developers and communities that have experienced decades of disinvestment.”
Cinnaire Lending is a trusted partner with nonprofit organizations, government agencies, and mission-driven for-profit businesses to connect communities, regardless of income or ZIP code, with financing that supports economic growth and opportunity.
“Our unique relationship with Cinnaire allows the Fifth Third Community Development Company and Fifth Third Bank to transform neighborhoods and improve the quality of life in the communities we serve,” said Susan Thomas President, Fifth Third Community Development Company. “This investment provides an avenue for the Bank to partner and thereby deliver crucial components of the financing structure that traditional banks can’t do.”
