Cinnaire is committed to supporting programs that preserve and expand access to capital for affordable housing and community development. By leveraging public-private partnerships, our team fosters creative and impactful financing. We advocate alongside industry partners and community stakeholders for fair local, regional and federal policies because we have an unwavering belief that all people deserve the opportunities provided by living in healthy communities. As a resource for our partners, we have compiled an overview of sources and information on all things impacting the affordable housing and community development industries.
The Low-Income Housing Tax Credit (LIHTC) is the nation’s largest and most successful tool for encouraging private investment in the production and preservation of affordable rental housing. Over the past 30 years, it has financed nearly 3 million affordable apartments, providing homes to over 6.5 million low-income households. However, our nation’s affordable housing needs are growing at a rate that far outpaces available affordable housing resources, with over 11 million low-income households still paying more than half of their income toward rent. The LIHTC is a proven tool to help address this crisis.
The New Markets Tax Credit (NMTC) was designed to increase the flow of capital to businesses and low-income communities by providing a modest tax incentive to private investors. Over the last ten years, the NMTC has proven to be an effective, targeted and cost-efficient financing tool valued by businesses, communities and investors across the country. The NMTC attracts private investment capital to some of the most distressed urban, suburban and rural communities. Through 14 application rounds of the NMTC Program, the CDFI Fund has made 1,105 awards, allocating a total of $54 billion in tax credit authority to CDEs through a competitive application process. Cinnaire will continue to support expansion and permanent extension of the NMTC.
New Markets Tax Credit Report – The 2020 New Markets Tax Credit (NMTC) Progress Report provides a survey of NMTC activities in 2019. This year’s report includes an insert commemorating the 20th Anniversary of the NMTC. There is also an interactive online tool-kit with maps, graphics, and data on the nearly 6,400 projects financed by the NMTC since 200.
The National Community Reinvestment Coalition study HOLC “Redlining Maps: The Persistent Structure of Segregation and Economic Inequality revealed that redlining, economic inequality and residential segregation still persist in many communities. Eighty years ago, a federal agency, the Home Owners’ Loan Corporation (HOLC) created “Residential Security” maps of major American cities. These maps document how loan officers, appraisers, and real estate professionals evaluated mortgage lending risk during the era immediately before the surge of suburbanization in the 1950s. The report finds that gentrification is related to some lessening of segregation, but also with increased economic inequality.
Prosperity Now 2020 Scorecard a comprehensive resource for data on household financial health, racial economic inequality and policy recommendations to help put everyone in our country on a path to prosperity.