A community development finance organization headquartered in Lansing was awarded two grants totaling $6.5 million through the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) to support community stabilization and economic development.
In late September, Cinnaire
received $5.5 million through the CDFI Fund Capital Magnet Fund program. Cinnaire was among 32 organizations selected from 125 organizations to share $91.5 million in grants. The CMF supports financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic and community service facilities such as day care centers, workforce development centers, and health care clinics.
Cinnaire will be among grant recipients nationwide that will develop 17,000 affordable housing units, including more than 15,000 rental units and nearly 2,000 homeownership units. The award recipients will serve 38 states, including the District of Columbia.
Cinnaire also received an additional $1 million in grant funding through the CDFI Fund's Financial Assistance (FA) and Technical Assistance (TA) programs. The grant funding is designed to increase funding and investment activity in low-income and economically distressed communities. Cinnaire was among 158 organizations chosen from a pool of 457 applicants to receive the award.
"It is an honor to have received these two grants. This degree of trust validates our organization's dedication to grow and positively impact more communities," says Mark McDaniel, president and CEO of Cinnaire. "Our team works tirelessly for the communities we serve and this funding helps us further impact economically distressed areas."
Cinnaire is a full-service financial partner that supports community and economic development initiatives through creative loans, investments, and best-in-class services. The company matches community investment opportunities with community-focused investors and serves multiple communities in Michigan, Illinois, Indiana, Wisconsin and Delaware.
Source: Katey Forth, President of Lending, Cinnaire
Writer: Ann Kammerer, News Editor
Got a story idea for Capital Gains? Email Ann Kammerer here.