Cinnaire awarded $6.5 million in CDFI fund grants
Friday, September 30, 2016
Grants work to help low-income families and economically distressed communities
Cinnaire, a community development finance organization, was awarded $6.5 million in grants from the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) to further its mission of supporting community stabilization and economic development.
On Wednesday, Sept. 21, Cinnaire was awarded $5.5 million in grants through the CDFI Fund Capital Magnet Fund (CMF) program. The CDFI Fund received 125 applications for CMF dollars and awarded nearly $91.5 million in grants among 32 organizations. Cinnaire, headquartered in Lansing, Mich., but serving multiple regions in the country including Michigan, Illinois, Indiana, Wisconsin and Delaware, was given the largest of the grants awarded. CMF supports financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
“The impact of this program will be tremendous,” said CDFI Fund Director Annie Donovan. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds, meaning today’s awards will support over $900 million of investment in low-income communities.”
Awardees plan to develop 17,000 affordable housing units, including more than 15,000 rental units and nearly 2,000 homeownership units. Thirty-eight states (including the District of Columbia) will be served by award recipients.
On Tuesday, Sept. 27, awards were announced for the CDFI Fund’s Financial Assistance (FA) and Technical Assistance (TA) programs. A total of 457 applications were submitted and 158 organizations received awards totaling over $170 million. Cinnaire was awarded an additional $1 million in grant funding through the FA program to increase its lending and investment activity in low-income and economically distressed communities.
“It is an honor to have received these two grants. This degree of trust truly validates our organization’s dedication to grow and positively impact more communities,” said 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. We match exceptional community investment opportunities with community-focused investors. To learn more, visit, www.cinnaire.com.