Cinnaire was awarded $3.8 million from the Federal Home Loan Bank of Chicago (FHLBank Chicago) competitive Affordable Housing Program (AHP). The FHLBank Chicago announced more than $24.1 million in AHP awards to help finance 42 affordable housing projects located primarily in Illinois and Wisconsin. Cinnaire received six awards that will assist in the new construction, acquisition, rehabilitation and adaptive reuse of over 340 units of rental housing in Illinois and Wisconsin.
“The AHP awards are a critical financing tool supporting affordable housing development,” said Mark McDaniel, Cinnaire president and CEO. “This award will allow Cinnaire to further our mission to create healthy, vibrant communities and provide access to affordable housing for people of all backgrounds. We value our partnership with the FHLBank Chicago and look forward to continuing to work together to positively impact communities in need.”
Since 1989, the FHLBank Chicago has awarded more than $425 million in competitive AHP grants. A member of the FHLBank Chicago since 2015, Cinnaire has received 16 AHP awards, which have supported 894 units of affordable housing. For- and not-for-profit developers, units of governments, public housing authorities, and tribally designed entities apply for the competitive AHP grants through a member of the FHLBank Chicago.
“Congratulations to Cinnaire on their recent Affordable Housing Program awards. We thank Cinnaire and its partners for giving the Federal Home Loan Bank of Chicago an opportunity to invest in quality projects that are responsive to the needs of the communities they serve,” said Suzi Thackston, its Community Investment Officer.
The following projects will receive AHP awards through Cinnaire Lending Corporation, a subsidiary of Cinnaire:
Abbey Grove – North Hudson, WI
Cinnaire Lending will provide $570,000 of AHP subsidy to West Central Wisconsin Community Action Agency to support the new construction of 38 units of affordable housing. Eight of the units will provide supportive housing for handicapped, frail or disabled persons. The project is being developed by Gerrard Development, LLC. Cinnaire is also providing a Low Income Housing Tax Credit (LIHTC) equity investment to support the project.
Garden Terrace Apartments – La Crosse, WI
Cinnaire Lending will provide $714,000 of AHP subsidy to Impact Seven, Inc. to support the new construction of 50 units of affordable housing. Fifteen units are targeted for Veterans, individuals who are homeless, or at risk of becoming homeless. The project is being developed by Impact Seven. Cinnaire is providing permanent financing.
The Depot at 300 River – River Falls, WI
Cinnaire Lending will provide $450,000 of AHP subsidy to West Central Wisconsin Community Action Agency to support the new construction of 50 units of affordable housing for seniors. The project is being developed by Gerrard Development, LLC. Cinnaire is also providing a Low Income Housing Tax Credit (LIHTC) equity investment.
Bristol Place Residences – Champaign, IL
Cinnaire Lending will provide $750,000 of AHP subsidy to Oak Grove Development Corporation to support the new construction of 90 units of affordable housing. AHDVS, LLC, is developing Bristol Place, providing affordable housing for families. Cinnaire is also providing permanent financing to support the project.
Montclare Veteran’s Village of Roseland – Chicago, IL
Cinnaire Lending will provide $600,000 units of AHP subsidy to Featherfirst to support the new construction of 75 units of affordable housing for veterans and their families. The project is being developed by MR Properties. Cinnaire is providing a Low Income Housing Tax Credit (LIHTC) equity investment.
McKinley School Apartments – Milwaukee, WI
Cinnaire Lending will provide $600,000 of AHP subsidy to the Wisconsin Preservation Fund to support the adaptive re-use of 40 units of affordable housing. Eight units are targeted to veterans or those who require access to supportive services to maintain housing. The project, which will receive a Low Income Housing Tax Credit (LIHTC) equity investment from Cinnaire, is being developed by Gorman & Company.
Click HERE to take an in-depth look at the Federal Home Loan Banks in our latest issue of Avenues to Affordability.
