Two of Cinnaire’s investments have been awarded the prestigious Charles L. Edson Tax Credit Excellence Award (Edson Award). 1300 Residences, a 50-unit senior and veterans housing projects in River Falls, WI, has been selected as the recipient in the Green and Healthy Housing category, and Rauner Family Veterans Apartments by A Safe Haven Foundation, a 75-unit affordable housing community for veterans, has been selected as the winner in the Housing for Veterans of the Armed Forces.
The Edson awards recognize outstanding affordable housing developments and organizations that have demonstrated especially impactful use of the Low Income Housing Tax Credit. The awards are named in honor of Charles Edson, a longtime champion of affordable housing well-known for his role in establishing the LIHTC.
“Chuck’s role in establishing the Low Income Housing Tax Credit resulted in a program that has provided more affordable housing than any other program in existence,” said Mark McDaniel, Cinnaire President and CEO. “The Housing Credit has supported millions of affordable homes in urban and rural communities across the country. It is an honor to have two of our investments, 1300 Residences and Rauner Family VA Apartments, receive the prestigious Edson Award.”
Since 1986, the Housing Credit has financed more than 3.6 million homes for low-income households, including formerly homeless individuals and families, people with disabilities, veterans of the armed forces, and senior citizens. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, quality, and stable affordable homes in communities where they are needed most.
“As rents have skyrocketed over the past year, these properties have provided sorely needed relief to their residents while improving their communities,” said AHTCC Chief Executive Officer Emily Cadik. “This year’s Edson Award winners have changes lives and neighborhoods for the better and show how much more we could gain if we further expand the program.”
Recipients were honored at an awards ceremony in Washington D.C. that brought together members of Congress, business, and nonprofit leaders to celebrate LIHTC developments that are strengthening communities, improving health, and boosting the local economy in urban, suburban, and rural neighborhoods across the country.
“As is consistently the case, the Edson Award winners this year have demonstrated tremendous capacity and creativity in providing affordable homes to families in need in rural and urban communities, and particularly for at-risk populations including seniors, veterans, and the formerly homeless,” said Matt Josephs, AHTCC Board President and Senior Vice President for the Local Initiatives Support Corporation. “Their properties help to showcase why housing credits are so impactful, and I congratulate all of the awardees on their success.”
1300 Residences, co-developer by West CAP and Gerrard Companies, provides 50 affordable homes to working class families as well as seniors, people with disabilities, and veterans.
“The cost of housing remains a challenge for so many in our state and the Low Income Housing Tax Credit is an important tool that can be used to make it more affordable. The development of 1300 Residences in River Falls is well deserving of this year’s Edson Award for providing affordable homes that serve working families as well as seniors, people with disabilities, and veterans in Wisconsin,” said U.S. Senator Tammy Baldwin. “I congratulate 1300 LLC and Gerrard Development on this award from the Affordable Housing Tax Credit Coalition and I want to thank them for work to foster sustainability and provide affordable housing in Wisconsin. This effort is adding real value to the River Falls community.”
The 4 percent housing Credit was used to finance 1300 Residences. Cinnaire provided a $5.5 million LIHTC investment to support the $11.7 million project. The property’s design fosters environmental sustainability, and includes 580 rooftop solar panels, three large solar flowers encompassing 36 additional solar panels, and state-of-the-art air source heat pumps for heating and cooling. These green features result not only in annual carbon dioxide savings of around 300 tons per year, but also reduce utility and energy costs for residents. Residents also benefit from onsite educational and financial literacy classes, amenities such as a community room, picnic area, playground, and library, and close proximity to downtown River Falls grocery stores, green spaces, educational opportunities and business district.
The Rauner Family Veterans Apartments, owned by A Safe Haven Foundation and developed by KMA Companies, provides 75 affordable homes serving formerly homeless veterans with physical and mental disabilities.
“The 2022 Edson Award goes to A Safe Have Foundation and KMA companies for their outstanding efforts to provide housing to veterans in and around Indiana. I’m inspired to hear how many of the residents have turned their lives around in large part due to access to affordable housing,” said U.S. Senator Todd Young. “This is a huge contribution to veterans across the state of Indiana. This property provides a clear example of how the low income housing tax credit can be used to meet specific needs. Expanding the tax credit is the only way to ensure we can provide more affordable housing for our nation’s veterans. Congratulations to A Safe Haven and KMA Companies on this award and thank you so much for providing housing for Hoosiers who need it most.”
The 4 percent Housing Credit was used to finance Rauner Family Veterans Apartments, with Cinnaire providing a $3.8 million LIHTC investment, a $484,000 predevelopment loan, and a $700,000 permanent loan. The property works collaboratively with the nearby Veterans Affairs Medical Center to provide residents with personalized on-site and off-site services and care, such as voluntary case management, intensive employment assistance, life skills training, job placement and coaching, and mentoring and peer support groups. The property is also located in close proximity to Merrillville’s United States Veterans Administration (USVA) office, which provides case managers, nurses, and peer support specialists to the residents and staff of Rauner Family Veterans Apartments.
To learn more about the Edson Awards, please click here.