Recoverable Grant Program
Recoverable Grant Program
Cinnaire Community Connection (CCC) has created a fund to support the pre-development phase of equitable real estate development projects to spur community investment in Detroit, MI and Wilmington, DE’s disinvested neighborhoods and where approved projects undertaken by Cinnaire’s
WE Build program participants are located.
The fund is intended to help community developers, particularly those of color, to compete for project opportunities and capital, by providing recoverable grants to help emerging developers cover the cost of pre-development services such as market feasibility studies, due diligence, and professional services.
The fund places emphasis on supporting projects that align with principles of equitable community development and developers who demonstrate an understanding of the impact of institutional racism and other bias in communities of color. The fund will support commercial real estate projects (NOAH multifamily, transit oriented and mixed-use development, and adaptive reuse).
Projects must be in the pre-development phase, not planning or construction, with demonstrated site control – preferably ownership – as funds are intended to make actionable projects possible – not to test feasibility of good ideas or assist with projects already in construction.
Cinnaire’s CCC Recoverable Grant facility serves as bridge financing to support emerging developers in the early phases of their projects.
What distinguishes a recoverable grant from other grant facilities is that it must be repaid upon achievement of mutually agreed upon outcomes. In this instance, it is expected that repayment of the grant occurs upon closing on construction financing or achievement of other milestones as agreed. Repayment of the grant will allow the fund to support future emerging developers, deepening community impact over time.
How to Apply
You must be invited to apply. Invitees may submit an application upon request. Â Award announcements will take place approximately 8 weeks after full application review.
Purpose
The CCC recoverable grant will fund qualified expenses in the pre-development phase of approved projects. The grant term is 18 months, and projects must be located in Detroit, MI, Wilmington, DE or be an approved project undertaken by participant in Cinnaire’s WE Build program. Grant awards will not exceed $50,000 per project.
Grant Details
Grant Application Requirements
- A complete application
- Copy of your project pitch deck including project narrative, development team, qualifications, development experience, etc
- A pre-development budget and complete project financial model
- Proof of site control
- Entity organization documents (e.g. articles of incorporation, bylaws, operating agreement)
- Documentation of other funding sources (e.g. grant award letters, lender letters of intent, term sheets)
- Community support letters (see Applicant Eligibility)
Grant Application Requirements
- Eligible applicants are businesses or nonprofit organizations that administer real estate development projects in accordance with the values, principles and plans of the community in which the projects are occurring. The entity must be compliant with all applicable law and wholly owned, managed and operated by an individual or governing body that meets all applicable criteria of the fund as an emerging community developer. The CCC Recoverable Grant prioritizes emerging female and female-identified community developers.
- The individual completing the application must be the managing member or general partner of the awarded entity, with a minimum of 51% ownership in the entity or nonprofit equivalent.
- The applicant must have a demonstrated positive track record in the community where the project is located. This means having established relationships with representative community leaders and organizations who can substantiate any claims that your project is in accordance with the community’s values, principles, and plans.
Project Eligibility
Eligible projects must include housing such as multifamily, transit-oriented, mixed-use, and adaptive reuse. Standalone single-family housing and two- to five-unit projects do not qualify.
Eligible Use of Funds
Reimbursement for qualified expenses completed and paid between 1/1/2024 until grant awards are issued.
Qualified expenses for services quoted or invoiced but not yet completed.
Qualified Expenses:
- Architect and engineer services (planning, conceptual design, schematic design and/or structural testing)
- Other consultants (e.g., development consultants)
- Environmental expenses (e.g., Phases I/II, Hazardous Materials Survey, Remediation Plans)
- Land survey
- Legal expenses (e.g, zoning, finance, acquisition)
- Market study to confirm the real estate use
- Application fees (e.g., loan applications)
- Third-party community engagement and planning (feedback and input directly related to project site)
Ineligible Grant Uses
- Property acquisition, option or holding costs
- Project hard costs, construction labor, materials
- Developer fees
- Grant application preparation
- Soft cost contingencies
- Property Insurance
- Earnest money deposits
- Professional services reimbursements or expenses to the Grantee or to any of its affiliated entities
- Use of funds to influence legislation, influence the outcome of elections, carry on voter registration drives or any nonexempt activities pursuant to Internal Revenue Code 501(c)(3).
Who We Are
Cinnaire Community Connection (CCC) is about connecting Cinnaire resources and expertise with local partners to achieve maximum community impact and create opportunity rich communities in both Detroit and Wilmington. Our ability to clearly identify needs, fill gaps, and connect our stakeholders to resources that will advance transformational and sustainable community development is critical to bringing about our "Why" and holistically building healthy communities.
Contact Us
For more information on the Recoverable Grant Program, please contact Jessica at jhinton@cinnaire.com
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
