Financial Assistance Award Will Support Low-Income and Distressed Communities
Cinnaire is proud to be one of 284 Community Development Financial Institutions (CDFIs) to receive an award from the U.S. Department of Treasury’s CDFI Fund. The $1 million Financial Assistance (FA) award will be used to provide creative loans and flexible financing to support low-income, distressed communities throughout Cinnaire’s footprint. Cinnaire received awards in three categories – the core financial assistance award, the persistent poverty award and the disability financing award.
The CDFI program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. The FA awards allow CDFIs to sustain and expand their financial products and services. CDFIs that qualify for FA funding must match the award with funds from a non-federal source. To date, Cinnaire has received more than $4.8 million in FA awards.
“We are honored to once again be selected to receive a CDFI Fund FA award,” said Katey Forth, Cinnaire Lending President. “This award will provide us with the capital needed to deliver impactful investments to communities in need. At Cinnaire, we have an unwavering belief that all people deserve the opportunities provided by living in healthy communities. The CDFI Fund provides financial resources that allow CDFIs to create significant impact for low-income, distressed communities.”
The CDFI Fund awarded $188.7 million in FA awards for the FY 2019 CDFI Fund program round. The awards will be used to enable CDFIs to increase lending and investment activity in 45 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded $18.2 million in PCC-FA awards to 125 CDFIs specifically to service Persistent Poverty Counties nationwide.
Supporting Healthy, Vibrant Communities
Cinnaire has previously used FA awards to create jobs, spur community revitalization and create lasting impact for distressed communities. Examples include:
Andy’s Place – Jackson, MI
Cinnaire Lending provided financing to support Andy’s Place, the nation’s first treatment court affiliated Permanent Supportive Recovery Housing (PRSH) community. Designed to address the opioid crisis, Andy’s Place will offer 39 one-bedroom apartments for individuals referred by the courts along with a separate building with 11 two-bedroom apartments to house families with 24-hour security. Andy’s Place will offer onsite supportive services, including case management and recovery program funded and managed by the Drug court and recreational and life skills programs, including financial health and employment classes, sober and wellness activities, a greenhouse, and an area to create music.
Lillia Crippen Townhomes – Philadelphia, PA
Cinnaire Lending provided a predevelopment loan to the Women and Families Housing Corporation to support the Lillia Crippen Townhomes, a 46-unit affordable housing community located within the area of the HUD Choice Neighborhood North Central Philadelphia Transformation Plan, a massive system of investment into affordable housing and infrastructure in this gentrifying neighborhood. Cinnaire’s investment provided financing to support the renovation of the existing townhomes, bringing new life to the development while preserving the affordable rents for existing tenants.
The development includes two community rooms that provide space for tenants to meet with support service partners. Each tenant family receives an individualized assessment and workplan upon move-in. Tenants formulate goals such as improving employment, education, or financial management and are supported by a case management team.
A Safe Haven Veterans Apartments – Merrillville, IN
Cinnaire Lending provided a predevelopment loan to support A Safe Haven Veterans Apartment, a 75-unit supportive housing community for homeless veterans with physical or mental disabilities. Onesite support services will be coordinated by A Safe Haven, in collaboration with clinical and other homeless services provided by the Department of Veterans Affairs. Supportive services will include voluntary case management at the VA or a community service provider, intensive employment assistance, life skills training, job placement and job coaching, emergency assistance, crisis intervention, mentoring and peer support groups.
The Leland – Detroit, MI
Cinnaire Lending has partnered with Capital Impact Partners and Invest Detroit to provide financing to revitalize the historic Leland Hotel into a modern and vibrant 300+ unit apartment building. Located in Detroit’s Central Business District, the 1928 Italian Renaissance building was added to the National Register of Historic Places in 2005. Today the Grand Lobby, Ballroom and night clubs continue to attract visitors. The renovation will preserve the lobby, ballroom and night clubs while transforming the 800-bed hotel to a 339-unit affordable apartment building.
