Cinnaire is pleased to announce New Parkridge development and 66 West recently received a Charles L. Edson Tax Credit Excellence Award (Edson Award) from the Affordable Housing Tax Credit Coalition. The Edson Awards take place each year on Capitol Hill, bringing together members of Congress, business and non-profit leaders to honor Low Income Housing Tax Credit (LIHTC) developments that are strengthening communities, improving health and boosting the economy in urban, suburban and rural areas nationwide.
“The prestigious Edson Awards honors those working in the affordable housing industry who demonstrate a commitment to supporting vibrant communities, creating jobs, and empowering people,” said Mark McDaniel, Cinnaire president & CEO. “There is a great need for more communities, like New Parkridge and 66 West, that not only provide critically needed affordable housing, but also create opportunities for all people to prosper. We extend our sincere congratulations to the Ypsilanti-Washtenaw Housing Corporation and Beacon Interfaith Housing Collaborative for receiving this significant recognition.”
“The Edson Awards honor developments that harness the Housing Credit to strengthen America’s communities and provide homes that transform the lives of low-income families, veterans, seniors and people with special needs,” said Emily Cadik, executive director of the Affordable Housing Tax Credit Coalition. “All the award recipients today exemplify why the Housing Credit is smart policy, and why Congress should expand and strengthen this proven tool to make more developments like it possible nationwide.”
“New Parkridge not only provides new homes for Michiganders, it also offers access to wrap-around services and support that helps build a stronger community,” said U.S. Senator Gary Peters. “Congratulations to all of the partners on earning this distinction. The success of New Parkridge is a positive example of how local collaboration can improve access to community-driven, quality housing.”
New Parkridge development received an honorable mention in the Public Housing category. Cinnaire, through a strategic partnership with UnitedHealthCare and the Minnesota Equity Fund, provided a LIHTC investment to support the development. Additionally, Cinnaire provided a $1.3 million loan for New Parkridge. An 86-unit affordable housing community developed by the Ypsilanti-Washtenaw Housing Corporation, New Parkridge replaced the aging Parkridge Homes development that was previously located at the site. New Parkridge features a community building with a kitchen, computer lab, and offices. The development also offers on-site support services for residents which will include individualized case management for health, mental health, dental care, Medicaid, and wellness services. Each unit was given parking spaces and yards that provide residents with a sense of ownership.
“We convene each year to shine a spotlight on excellence in the affordable housing industry,” said Michael Gaber, president of the Affordable Housing Tax Credit Coalition. “The Edson Awards honor the developments that take every opportunity to make innovative use of the Low Income Housing Tax Credit as a tool for public and private collaboration, investment and community revitalization.”
The Beacon Interfaith Housing Collaborative 66 West development received the Edson Award in the Special Needs Housing category. Cinnaire, in partnership with the Minnesota Equity Fund, provided a LIHTC investment to support the development. 66 West is a housing complex that provides housing and resources for young people who have previously experienced homelessness. The third project of its kind by Beacon Interfaith Housing Collaborative, 66 West is a collection of 39 affordable homes with access to community space, fitness center, and computer lab as well as full-time staff to support residents in school, work, and community relationships.
The Housing Credit was created as part of the Tax Reform Act of 1986, and today is widely recognized as the nation’s most successful housing production tool. The Housing Credit has financed more than 3 million affordable apartments through private-public partnerships, and supports 96,000 jobs each year, mostly in the small-business sector. It has earned strong bipartisan support, and was recently preserved in the Tax Cuts and Jobs Act of 2017, and expanded and strengthened in the omnibus spending bill for fiscal year 2018. The broadly-supported Affordable Housing Credit Improvement Act would further expand and strengthen the program. Since it was signed into law by President Reagan, it has financed three million homes across the country, which have provided a stable of opportunity to 204,322 families statewide.
About the Affordable Housing Tax Credit Coalition
Founded in 1988, AHTCC is a trade organization of housing professionals who advocate for affordable rental housing financed using the Low-Income Housing Tax Credit (Housing Credit). Our for-profit and non-profit members—including syndicators, investors, lenders, developers, legal and accounting professionals and state allocating agencies—seek to preserve, expand and improve the Housing Credit and complementary programs through legislative outreach and education. The Coalition, a nonprofit corporation chartered under the laws of the District of Columbia, is governed by an elected Board of Directors. Please visit www.taxcreditcoailtion.org for more information about the Affordable Housing Tax Credit Coalition.