Cinnaire Provides Loan to support the Village at McKee Branch in Dover, DE

Cinnaire, a full-service Community Development Financial Institution (CDFI) based in Lansing, MI with offices in five states, supports community stabilization and economic development, recently provided a $2.25M permanent mortgage loan to support the rehabilitation of the Village at McKee Branch, a 66-unit townhome style apartment community developed by the Milford Housing Development Corporation (MHDC) and Green Street Housing. The Village at McKee Branch was financed with support from the Delaware State Housing Authority (DSHA), Discover Bank, The Richman Group and Affordable Housing Program (AHP) funds provided by Federal Home Loan Bank of Pittsburgh (FHLB-Pittsburgh).

The Village at McKee Branch, formerly known as Walker Woods, underwent extensive renovations including the demolition of 12 existing townhomes, taking them down to their concrete foundations and constructing 66 new affordable apartment homes. Each unit is equipped with brand new cabinets and appliances. High efficiency heating and air systems, Energy Star appliances, high thermal factor windows and doors and increased insulation systems were included to keep utility bills low for residents. A new community center, security cameras, a central laundry facility, new walking paths and recreational areas provides residents with a safe, healthy, vibrant community to call home. MHDC will provide on-site social services for the residents, including nutritional services, financial literacy, computer and technology literacy. The social services program will empower residents and foster self-sufficiency.

“The Village is a great example of what can be accomplished when public and private partners join to support community stabilization and economic development,” said Jim Peffley, Cinnaire Executive Vice President. “We commend MHDC and Green Street Housing for their commitment to providing much needed, safe, affordable housing to low-income families in Dover. The efforts of the project partners and development team have brought new life to this community.”

“To see this complex before and after the transformation is amazing,” said David W. Moore, MHDC President and CEO.  “With it now completed and families living here and loving it, makes all the hard work of purchasing the property, securing the financing through special assistance and support from Discover Bank, construction, and marketing the new complex worth it.”

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