Cinnaire Solutions Building Hope in Islandview
Jeanine C. Hatcher is the Executive Director for Genesis Harbor of Opportunities Promoting Excellence (GenesisHOPE) Community Development Corporation, in Detroit, MI. GenesisHope’s mission is to first meet the needs of the people, and then community, to eliminate poverty, blight and powerlessness — to improve the quality of life for those living and working in Islandview, a target Strategic Neighborhood area for the City of Detroit.
The area needed a catalyst of change to help stitch the aging community back together. Partnering with Cinnaire Solutions, GenesisHOPE conceived a mixed-use project consisting of townhouses, an apartment building and commercial/retail space.
With Cinnaire Solutions as a co-developer, GenesisHope Village became a reality. This multi-phase, $22.7 million project will provide critical commercial space and market rate housing to help meet the demand in the neighborhood.
Phase 1 consists of 31 townhouses, providing both affordable housing to the neighborhood and infrastructure improvements and green storm water infrastructure upgrades that will benefit the common good.
Phase 1 has a total development cost of $12.5 million. MSHDA provided 4% tax credits to the project in the amount of $4.5 million and the City of Detroit is committing $2 million from its Affordable Housing Loan Fund. Additionally, GenesisHOPE has been awarded a $400,000 grant from the National Fish and Wildlife Fund that will be used for green infrastructure improvements on the site.
Phase 2 will be a 29-unit, 4-story mixed-use apartment building with 2,000 square feet of ground floor commercial space, for a total of 61 units. The total development cost for Phase 2 is about $10.2 million.
Construction on Phase 1 will begin in December 2022 and lease up is expected to start in April 2024.
Jeanine C. Hatcher
“Cinnaire Solutions has exceeded my expectations in our partnership on a mixed-use low-income housing facility. It’s GenesisHOPE’s first real estate development project and not an easy one. Cinnaire Solutions’ committed team rolled up their sleeves to provide critical assistance and patient capital investments, from pre-development to construction funding, and, eventually, permanent financing.”