Cinnaire recently invested $6M of Housing Credit Equity to build The Courtyard of Fort Wayne in Fort Wayne, Indiana. The project will be located on the site of the former Duemling Clinic – a large multi-story former medical building that has been vacant for over 20 years. The blighted ruins of the building were a major distraction to many other improvement efforts in this otherwise vibrant, older city neighborhood.
The Courtyard will provide 36 apartment homes for young adults aging out of foster care, homeless youth, and those who have a high need for a supportive living environment.
Cinnaire Fund split the Housing Credit (LIHTC) equity investment between Fund XXVI and Fund XIX-II, its second Indiana Community Bank Investment Fund.
The Indiana Department of Child Services Records show that in the year 2012 there were projected to be two-hundred twenty-six youth between the ages of 18-21 aging out of foster care in Allen County alone; not counting contiguous counties identified in the region. This information provides statistical evidence for the demand for this type of housing product in this location.
“The Courtyard is a forward-thinking and proactive-type of development,” President and CEO, Mark McDaniel. “Not only did we look at the area and work with local neighborhood groups to determine the present need, but we worked with state and federal entities and officials to address the needs of a future at-risk population.”
Projects like the Courtyard are sound, catalytic investments that will leverage further economic activity – such as restaurants, retail, and other housing developments.
“1st Source Bank is proud to invest in the communities we serve and people we do business with,” Senior Vice President/Fort Wayne Region President Larry Mayers said. “Healthy, safe neighborhoods are crucial to thriving communities and that’s what investments like The Courtyard are all about.”
The development team for this exciting project includes Stop Childhood Abuse and Neglect (SCAN), who serves as the project’s sponsor and long term General Partner. Biggs TC Development is the project developer, Ideal Suburban Homes is the project’s Contractor, and Biggs Property Management is planned to manage the development upon completion. Anne Mannix of Neighborhood Development Associates serves as the projects consultant; and Morrison, Kattman, and Menze, Inc. serve as the project architect.
The Fort Wayne Housing Authority will provide rental assistance to project residents. Specialized Alternatives for Families and Youth (SAFY) initiated the development of the project and will provide supportive services for the residents throughout the life of the project.
Funding sources for this development include Cinnaire, First Source Bank, Indiana Housing & Community Development Authority, the City of Fort Wayne, the Department of Housing & Urban Development, Federal Home Loan Bank of Indianapolis, Tower Bank & Trust Company, Lutheran Foundation and Mary Cross Tippman Foundation.
