Cinnaire was awarded over $3.9 million from the Federal Home Loan Bank of Chicago (FHLBC) Affordable Housing Program (AHP). In their second year of submitting applications for the AHP awards, Cinnaire received the highest allocation of awards for all rental projects. Out of the 44 awards that were made, Cinnaire received seven awards, two of which were included in the Top 10 scoring projects. These awards will allow Cinnaire to assist in the new construction, acquisition, rehabilitation and adaptive reuse of over 300 units of rental housing in Illinois and Wisconsin. These units will serve seniors, special needs populations, Veterans and families.
“With these awards, Cinnaire will be able to deliver much needed investments to the communities we serve. Our Partners will be able to further their work, and Cinnaire will be able to further our mission as a leader in the CDFI Industry,” said Mark McDaniel, Cinnaire President and CEO.
The Burton Foundation was awarded $850,000 for Stonebridge of Gurnee. Stonebridge of Gurnee, located in Gurnee, Illinois, is a Supportive Living Facility (SLF), comprised of 120 units, for persons (ages 22 to 64) with physical disabilities. A SLF combines apartment and home living with the availability of personal assistance and other services. The 85,346 square foot facility will consist of 98 studios and 22 one-bedroom apartments. Each studio and apartment will have fully ADA compliant washrooms and living spaces. Various amenities will be accessible to residents, including a fitness center, in-house therapy area, a library room, a hair salon, and a health and wellness center. The project is currently under construction, with an anticipated date of completion of December 31, 2017.
Since 1989, the FHLBC has awarded more than $398 million in competitive AHP grants. Nonprofit groups, for-profit developer and public entities apply for the competitive AHP grants through one of the FHLBC’s member institutions. “Congratulations to Cinnaire on their recent Affordable Housing Program awards. Exclusive access to our community investment programs is a benefit of membership at the Federal Home Loan Bank of Chicago,” said Suzi Thackston, its Community Investment Officer. “ We applaud Cinnaire and its partners as they work together to produce quality, affordable housing options in the communities they serve.”
During this round of AHP, Gerrard Corporation, as a co-developer, received three award allocations: Cottages of Superior I, Cottages of Superior II, and The Carmichael. All of these projects will be located in Wisconsin. “Gerrard Corporation is delighted to have had the opportunity to work with Cinnaire for many years,” said Paul Gerrard, Gerrard Corporation Vice President. “Through this partnership we have been able to make significant impact in numerous communities. The three awards that we received this year will allow us to continue to do this work. We are extremely grateful.”
The following projects will receive AHP awards through Cinnaire Lending Corporation, a subsidiary of Cinnaire:
Chicago, IL: Montclare/JoAnn Thompson Senior Residences of Englewood Phase I
Cinnaire Lending will provide $850,000 of AHP subsidy to MR Properties for the new construction of 102 units of rental housing. The project will serve seniors in Chicago’s Englewood neighborhood.
Gurnee, IL: Stonebridge of Gurnee
Cinnaire Lending will provide $850,000 of AHP subsidy to The Burton Foundation for the new construction of 120 units of rental housing. The project is a Supportive Living Facility for persons with physical disabilities.
Milwaukee, WI: Century Building
Cinnaire Lending will provide $630,000 of AHP subsidy to Northpointe Development Corporation, for the acquisition, rehabilitation and adaptive reuse of a historic building in downtown Milwaukee that will provide 50 units of rental housing. The project is committed to marketing to veterans and has entered into an agreement with the Center for Veteran Issues, LTD to provide supportive services to homeless and at-risk of homeless veterans.
Hudson, WI: The Carmichael
Cinnaire Lending will provide $540,000 of AHP subsidy to West Central Wisconsin Community Action Agency for the new construction of 36 units of rental housing. The project will be marketed to 55+ population.
Sparta, WI: Bayshore Townhomes
Cinnaire Lending will provide $405,000 of AHP subsidy to Northpointe Development Corporation for the new construction of 32 units of rental housing. With the assistance of the Veterans Assistance Foundation, a portion of the units for the project will be set-a-side for Veterans that are at risk to be homeless or are homeless.
Superior, WI: Cottages of Superior Phase I
Cinnaire Lending will provide $300,000 of AHP subsidy to the Superior Housing Authority for the new construction of 24 units of rental housing. The project is a multi-family, general occupancy development.
Superior, WI: Cottages of Superior Phase II
Cinnaire Lending will provide $345,000 of AHP subsidy to the Superior Housing Authority for the new construction of 24 units of rental housing. The project is a multi-family, general occupancy development.
