Bringing Social Impact and Nonprofit Mission to Mortgage Lending
Affordable
Providing access to financial products for the construction, acquisition and refinance of multifamily communities, particularly those affordable to people making less than area median income, has been a core mission at The Community Preservation Corporation since its inception in 1974. CPC Mortgage Company focuses on this mission by offering customers access to loan executions for the acquisition, refinance, and rehabilitation of multifamily affordable properties.
Fannie Mae Multifamily Affordable Housing
Fannie Mae Multifamily Affordable Housing (MAH) loans preserve the affordability of subsidized rental housing through long-term financing. CPC can offer flexible terms and competitive pricing, fixed- or variable-rate financing options, and certainty and speed of execution. Eligible projects include various affordable housing modalities such as expiring Low-Income Housing Tax Credit deals, refinancing of tax-exempt bonds, RAD-eligible properties, HUD Section 8 HAP Contract properties, existing Rural Housing Services Section 515 loans, and loans insured under Sections 202 or 236 of the National Housing Act.
- Flexible loan terms, and fixed- or variable-rate financing options
- Flexible underwriting to specific affordable developments
- 5 – 30-year terms
Eligible Uses
- Acquisition
- Refinance
- Rehabilitation
Freddie Mac Targeted Affordable Housing
Freddie Mac Optigo Targeted Affordable Housing (TAH) loans are available to preserve affordable rental housing in underserved communities. Eligible properties are affordable to families with low and very-low incomes and may include Section 8 financing, Section 236 financing, tax abatement, or other affordability components. CPC is able to provide cash loans, bond credit enhancements, tax-exempt loans, and other options.
- Fixed or floating-rate financing
- Interest-only options available
- Up to 80% – 90% LTV
- 30-year or 35-year amortization
- Up to 3.5 year forward rate-lock available
Eligible Uses
- Acquisition
- Refinance
- Rehabilitation
FHA Section 221(d)(4)
CPC Mortgage Company is a MAP-approved lender. The 221(d)(4) product is a fixed-rate construction and 40-year permanent loan covering the substantial rehabilitation or new construction of a multifamily property.
- Multifamily construction or substantial rehabilitation financing
- 40-year terms
- Minimum loan size: $2 million
Eligible Uses
- New Construction
- Rehabilitation
FHA Section 223(f)
CPC Mortgage Company is a MAP approved lender. This loan product is for the purchase or refinance of existing multifamily housing with rehabilitation work allowed.
- Multifamily refinance and acquisition
- Long-Term fixed rate
- Up to 90% LTV
Eligible Uses
- Acquisition
- Refinance
Celebrating 30 Years! Cinnaire is a mission-driven organization. Our team of more than 130 individuals are united by our core purpose. As dedicated problem solvers, we start each day thinking ‘what kind of difference can we make in people’s lives today?’ and then go about revitalizing communities, empowering individuals and creating economic opportunities.
Our Locations
Home Office - Lansing
1118 South Washington
Lansing MI, 48910
Indianapolis
320 North Meridian, Suite 516
Indianapolis IN, 46204
Wilmington
100 W. 10th Street, Suite 502
Wilmington, DE 19801
Chicago
225 West Washington, Suite 1350
Chicago, IL 60606
Madison
10 E. Doty Street, Suite 617
Madison, WI 53703
Grand Rapids
100 Cesar E. Chavez Ave., Suite 202
Grand Rapids, MI 49503
Detroit
2111 Woodward Avenue, Suite 600
Detroit, MI 48201
Milwaukee
231 E. Buffalo Street, Suite 302
Milwaukee, WI 53202
