$2.5B to Support Greener Multi-Family Projects Through Cinnaire Partner Community Preservation Corporation
Cinnaire is thrilled to share the news that Climate United has been selected to receive nearly $7 billion of funding from the EPA’s Greenhouse Gas Reduction Fund (GGRF). Climate United is a CDFI coalition comprised of Community Preservation Corporation (CPC), Calvert Foundation and Self Help. We are proud to partner with Climate United through our permanent mortgage agency business with CPC. This groundbreaking program is designed to make our economy greener, stronger, and more environmentally equitable for all.
The $6.97 billion award includes $2.5 billion to support the decarbonization of multifamily housing and greener developments nationwide managed through CPC. Climate United has committed to deploy at least 60% of the funds in low-income and disadvantaged communities, at least 20% in rural communities, and at least 10% in Native American communities. Cinnaire plans to play a significant role in the strategic deployment of these funds in partnership with CPC.
GGRF is widely considered to be a once-in-a-lifetime opportunity for the affordable housing industry, providing access to funding so that mission-centered organizations can prioritize communities that are often underserved by traditional lenders. Cinnaire looks forward to working with CPC and all our partners to ensure these funds reach communities in need.
Climate United’s work delivers benefits like cleaner air, quality jobs, lower energy bills, and increased energy security—all while accelerating our path to a clean energy future. One of the biggest and most significant direct spending programs within the Inflation Reduction Act, the GGRF presents a once-in-a-lifetime opportunity to reduce carbon pollution while building a stronger economy for all Americans.
“This is a game-changing investment for the future of our planet and economy and we are grateful for the opportunity to work alongside CPC and Climate United to create greener, more sustainable affordable multi-family housing accessible for all Americans,” said Mark McDaniel, president and CEO of Cinnaire.
The EPA announced a total of $20 billion in grants through the Greenhouse Gas Reduction Fund to mobilize private capital and provide clean energy to communities across the country. Additional grants – including OFN’s $2.29 billion award and Justice Climate Fund’s $940 million award through the Clean Communities Investment Accelerator – could also catalyze Cinnaire Lending and Cinnaire Solutions projects.
The award was just announced and the process and timing for applying for pass-through funds from the awardees has not been determined. See the full announcement and list of awardees here. If you have questions, contact Corinne Hyzny, chyzny@cinnaire.com.
This is an incredible way to celebrate Earth Month and we are truly excited about what this award can bring to our communities, our customers, and to our planet.
