Cinnaire, a full-service Community Development Financial Institution (CDFI) based in Lansing, MI with offices in five states, supports community stabilization and economic development, recently joined developer D.W. Jones, Inc. and project partners to celebrate the grand opening for The Meadows, a 24-unit new construction development designed for low-income families, physically disabled and homeless persons. Cinnaire, through a strategic partnership with the Greater Minnesota Housing Fund (GMHF) provided a $1.7M Low Income Housing Tax Credit (LIHTC) equity investment. Project partners include the Minnesota Housing Finance Agency (MHFA), the Minnesota Equity Fund (MEF), and the City of Perham. The celebration included a rifle ceremony and canon salute.
MHFA provided a $2.5M investment through the Economic Development and Housing Challenge Program (EDHC). The EDHC program provides funding to assist in the development of affordable permanent rental housing that supports economic development and redevelopment activities, job creation or job preservation. The intent of the program is to provide housing that is affordable to the local workforce. Local employer KLN Family Brands, Housing & Redevelopment Authority of Perham, and the Perham Economic Development Authority support the project.
“Cinnaire is excited to work with the development team in bringing this much needed safe, affordable housing to residents at The Meadows,” said Mark McDaniel, Cinnaire President & CEO. “It is important for communities to provide high quality workforce housing that is affordable so that families are able to afford basic resources and provides the added benefit of spurring economic development in the community by attracting essential workers.”
The two- and three-bedroom townhome style apartment homes include highly desirable amenities such as central air, brand new appliances, luxurious cabinets and countertops and private entrances with attached garages. The development also includes an onsite management office and centrally located laundry facilities. Children enjoy the outdoor recreational activities including a playground area.
“We know how critically important workforce housing is to the city of Perham, its working families, and its employers and are happy to provide a $200,000 gap loan to help finance the new development,” said Warren Hanson, Greater Minnesota Housing Fund President & CEO. “We have worked with D.W. Jones on many developments throughout the years and always find their work to be high-quality and their management to be excellent. All of their developments are assets to the communities they work in.”
Cinnaire is a full-service financial partner that supports community and economic revitalization initiatives through creative loans, investments and development services. The company has invested more than $3.7B in communities in 10 states resulting in more than $7B in community impact. By matching strategic community investment opportunities with community-focused investors, Cinnaire has supported 676 housing developments, provided 47,000 affordable apartment homes and created or retained more than 65,000 jobs. www.cinnaire.com