First National Bank of Michigan Announces Partnership with Cinnaire to Invest in Affordable Housing for Communities Across Michigan
June 3, 2022
Source: Daniel Rorick
First National Bank of Michigan has announced a $1,000,000 investment to support affordable housing development through Cinnaires 2022 Community Fund, a Low Income Housing Tax Credit (LIHTC) equity fund. The investments reinforce First National Bank of Michigan's commitment to expanding access to high-quality affordable housing, a key driver of economic mobility and family stability.
"FNBM has partnered with Cinnaire over the past 16 years in several of these investments supporting the communities we serve," said Dan Bitzer, FNBM CEO
Cinnaires 2022 Community Fund will support affordable housing communities in Illinois, Indiana, Michigan, Minnesota, and Wisconsin, including the preservation of Delhi Stratford in Holt, MI. The project includes the preservation and revitalization of a 96-unit senior apartment community consisting of 43 one-bedroom and 53 two-bedroom units. Ten of the 43 one-bedroom units receive Project Based Vouchers and serve seniors at or below 50% Area Median Income.
"Our LIHTC equity funds bring together public and private partners to advance healthy communities, creating opportunities for families, seniors, and residents with special needs", said Brett Oumedian, Cinnaire Chief Financial Officer. "We're proud to have such strong support of our mission to create collaborative financial solutions to expand the creation and preservation of affordable housing. We are grateful to First National Bank of Michigan, along with our investors and developer partners that join Cinnaire in our goal to build healthy communities and provide more individuals and families with a safe, quality, and affordable place to call home."
Cinnaires LIHTC equity funds provides a tax advantaged investment and return to investors, positive Community Reinvestment Act consideration from bank regulators, and supports Environmental, Social and Governance (ESG) investment strategies.
Projects in Michigan receiving financing from Cinnaires 2022 Community Fund include:
- Spring Lake Senior 37 new construction units in Lansing
- Bronson and Coldwater 40-unit acquisition/rehab in Coldwater
- Delhi Stratford Place II 96-unit acquisition/rehab in Holt
- Hildebrandt Park 100-unit acquisition/rehab in Lansing
- Jefferson Meadows II 83-unit acquisition/rehab in Detroit
- LaRoy Froh 100-unit acquisition/rehab in Lansing
- Morningside Commons 64-unit acquisition/rehab in Detroit
- Remus Apartments 48-unit acquisition/rehab in Remus, MI
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families and has provided community development loans to support the creation/retention of more than 4.7 million square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 80,000 jobs and spur $9.3 billion in economic impact. https://cinnaire.com