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The Cinnaire Connection: Mission-Driven News – January 2021

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A Message from Mark McDaniel
2021 – A Year for Hope
 
Every New Year as the calendar rolls over, it’s typical for CEOs to post a letter waving a mission-driven flag and sharing an upbeat rah-rah message for the upcoming year. As a country, we are weathering unprecedented times.The pandemic is not going anywhere simply because 2020 ended. The chaos inflicted on our democracy won’t be repaired overnight. The division, prejudices, and hate are going to be with us for awhile. We are in the middle of some traumatic, and for many, life changing times. In the past year, we have had to face our own mortalities. We had to finally consider and realize that persistent systemic racism is a national crisis. And, we came to see firsthand the social and economic disparities that really exist. 
 
Being part of the Dr. Martin Luther King, Jr. Commission of Mid-Michigan, I have had the opportunity to dig deep and discuss these realities this month. The national holiday for Dr. King gives us all an opportunity to ask the questions – Have we really come that far? Is the work we are doing in the community development world making a difference? Are we doing enough? – I ask myself, what would Dr. King think today? Indeed, what do you think he would say?
 
2021 can be a transformational year for the community development world. One of Dr. King’s quotes – “Out of a Mountain of Despair, a Stone of Hope” – is a fitting charge for where we find ourselves and our path forward. There is hope and it is in our hands.
 
 
Dr. Martin Luther King, Jr. Commission of Mid-Michigan Day of Celebration
The Philosophy and teachings of Dr. King are at the heart of our Why – we have an unwavering belief that all people deserve the opportunities provided by living in healthy communities. Cinnaire is committed to fostering and preserving a culture of diversity, inclusion and equity in the places we live, work and serve. We are proud to support the mission of the Dr. Martin Luther King, Jr. Commission of Mid-Michigan and encourage you to join us for the virtual celebration on Monday, January 18th, from 7:00 – 8:00 p.m. Mark McDaniel is excited to return as Honorary Chairperson and MC for the annual celebration.
 
Click here for details on the 2021 Day of Celebration. The event will be broadcast live on the MLK Commission website: https://mlkmidmichigan.com/day-of-celebration
 
Cinnaire Cares Generates $20,992 to Support Mission-Driven Organizations
The Cinnaire Cares giving program is a staff-funded and driven initiative that was developed by our employees. The program gives our team members an opportunity to support our mission-driven partners in the communities we live, work and serve. Our employees contribute twice monthly to a fund established to support staff nominated charities. Since inception, Cinnaire Cares has raised more than $90,000 to support our nonprofit partners!
 
 
14 Michigan Banks Generate $16 Million to Develop Affordable Housing in Michigan Communities
Cinnaire and the Michigan Bankers Association Service Corporation (MBASC) recently announced the closing of the partnership’s sixth affordable housing investment fund – the largest fund in its joint history – generating $16 million to support the development and rehabilitation of at least eight apartment communities across Michigan. These developments will provide 915 units of affordable housing to local communities. Since 2010, Cinnaire and MBASC have partnered to create five Low Income Housing Tax Credit (LIHTC) equity funds raising more than $58 million.
 
 
Cinnaire Solutions & Partners Break Ground on $7.2 Million Plan to Turn Transfiguration School into Affordable Housing
Mayor Mike Duggan and the Detroit Housing & Revitalization Department recently joined developers Cinnaire Solutions and Ethos Development Partners to kick off the $7.2 million renovation of the former Transfiguration School in the Banglatown neighborhood that will see the historic building turned into affordable housing.
 
The Transfiguration Place Apartments will feature 19 units of affordable housing, all of which will be available at 60 percent area median income (AMI) through project-based vouchers through the Detroit Housing Commission. The project, which is located in one of Mayor Duggan’s Strategic Neighborhood Fund areas, is slated to be completed in 2022.
 
 
Affordable Housing Property Management Companies Address Managing Strategies through the Pandemic – New Podcast
COVID-19 posed many challenges for affordable housing owners, managers, and tenants in 2020. In this Advancing Communities Podcast, Cinnaire CSO Jim Peffley checks in with Paul Spencer, President & CEO, KMG Prestige and Dana Hanchin, President & CEO, HDC MidAtlantic, two organizations actively engaged in the management of affordable rental properties in a number of states. Paul and Dana were guests on Episode 14 of our podcast in April, less than a month into the pandemic, where they discussed the challenges they anticipated facing and their plans to lead their teams and the properties they manage through unprecedented times.
 
In this informative and inspiring follow-up, Paul and Dana return to discuss their experience and what they’ve learned after nine months navigating through COVID. They candidly share the impact this year has had on residents and their services, the programs that have provided relief, and what they anticipate for 2021. Josh Ghena, Cinnaire’s Vice President of Asset Management, joins the conversation to share his perspective on COVID’s impact on the residents and properties within Cinnaire’s portfolio.
 
 
Cinnaire & Partners Announce Closing on Financing for First Phase of Purpose Built Communities Redevelopment in Wilmington, DE
Cinnaire announced the investment of $9.8 million in Low-Income Housing Tax Credit(LIHTC) equity to support the first phase of construction for Riverside Redevelopment, a community-led master planned redevelopment of Northeast Wilmington’s Riverside neighborhood. The project is a partnership between REACH, the Wilmington Housing Authority, and Pennrose, a national affordable housing developer. Cinnaire Lending also provided $5 million in permanent financing and a $412,700 predevelopment loan to support the vital first steps toward the initial 74 of 500 planned affordable homes in the community. The development is designed on the principles of Purpose Built Communities, a national organization dedicated to supporting holistic community redevelopment.
 
Deb Toby has been promoted to Executive Vice President, Human Resources and Administrative Services. In this role, she’s charged developing our current workforce, attracting top talent and making Cinnaire an exceptional place to work. Deb will also lead Cinnaire’s ongoing commitment to creating an environment focused on Diversity, Equity and Inclusion. Building on the organization’s long term strategic plan goals, she will drive our efforts to harness Cinnaire’s resources and expertise to incorporate diversity, equity and inclusion across business lines to support employees, partners and communities we serve.
Vicki Mincey has been appointed Senior Vice President, Business Funding Midwest Region. For nearly a decade Vicki has been on Cinnaire’s capital management team, most recently as Senior Vice President, Capital Management. In her new position, Vicki manages Cinnaire’s key investors relationships for the LIHTC while developing and implementing tax credit fund strategies across the organization. The LIHTC is a powerful tool for creating and preserving affordable housing to support healthy communities.

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