Cinnaire Community Connection: Detroit
Advancing Equity and Expanding Opportunity
Cinnaire has been investing in Detroit since our founding in 1993. We have invested more than $620 million with direct impact on Detroit communities since then and we have remained rooted with an on-the ground presence all the while.
• Over $620M in total investments
• 5,731 units/homes created or preserved
• 91 housing developments
• 13 community / commercial facilities
• 85 loans totaling over $68M
• $495M in LIHTC equity invested
• $40M in NMTC allocations placed
• $1.3B in leveraged total development costs
Cinnaire's Goals in the City of Detroit
- Reverse historic under- and dis-investment by providing access to capital
- Stabilize and revitalize community through the creation and preservation of mixed-use development and affordable housing
- Build sustainable community leadership through community
development capacity building
Cinnaire does its work through four divisions:
- Cinnaire’s Equity Group manages its Low-Income Housing Tax Credit (LIHTC) platform, as well as other innovative capital solutions.
- Cinnaire Lending provides debt financing for affordable housing (LIHTC) and other community development projects including the management of the New Markets Tax Credit program.
- Cinnaire Solutions provides consulting support to a broad range of community development projects and can serve as a full service financial partner or as a master developer for innovative community development projects.
- Cinnaire Title offers title insurance services and full escrow services throughout the Cinnaire footprint.
Advancing Communities through the Power of a Permanent Address
A lease purchase initiative designed to create a best practice model to provide families renting single family scattered site low-income housing tax credit homes in Detroit an opportunity to own their homes. The pilot program will ultimately transition up to 188 renters to homeowners. 60 families to date have successfully completed the five-step program: save $1,000, debt to income < 40%, 12 months on-time rent payments, 24 months steady employment or source of income, completion of homebuyer education course.
WE Build / BIPOC Developer Support
Women Empowered to Build provides mentoring and capital to black and women led development firms to accelerate the fundability, stability and growth of their real estate development businesses. We hold bi-monthly roundtables with the cohort and Cinnaire’s women leaders to discuss topics of interest related to the primary phases of the development process.
This program was developed to create the next generation of Detroit real estate developers by Increasing exposure to community and real estate development for Detroit high school students. Cinnaire is partnering with Project Destined, a social impact program offering a six-week paid internship for students of color through immersive sessions with experienced architects, contractors, bankers and developers.
Cinnaire Solutions partners with community development organizations (CDO) in select geographies to implement community-driven affordable housing and mixed-use development projects. Cinnaire Solutions provides a balance sheet, development expertise and experience points to help CDOs grow their real estate development capacity.