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The Cinnaire Connection: August 2020 Announcements

August 4, 2020

Michigan Business Network

$9 Million NMTC Investment Supports FinTech Building at the University of Delaware
A New Markets Tax Credit (NMTC) investment from Cinnaire is supporting the development of a new, 100,000-square-foot building dedicated to financial technologies, commonly called fintech, at the University of Delaware’s Science Technology and Advanced Research (STAR) Campus in Newark, DE.

Cinnaire provided a $9 NMTC allocation to the Delaware Technology Park to support the FinTech building, the latest project on the growing STAR Campus. Construction is expected to be completed in November 2021.

Cinnaire Cares Generates $19,400 to Support Mission-Drive Organizations

The Cinnaire Cares charitable giving program is a companywide staff-funded and driven initiative that was created by our employees. Where we live, work and serve, each member of our team is continuously seeking ways to advance communities and enhance the lives and prospects of their residents. Since inception, Cinnaire Cares has raised more than $70,000 to support our nonprofit partners. We are pleased to announce the most recent Cinnaire Cares donations! From education and youth leadership initiatives, to providing a safe space for homeless women, to advocating for equitable communities and civil rights, the Cinnaire Cares recipients are a diversified group of missions and organizations.

CHECK OUT THE FULL LIST OF RECIPIENTS HERE

Policy Pulse: Solidarity and Action

Cinnaire’s Policy Pulse newsletter provides an overview of federal policies that influence our ability to bring resources to communities left out of the economic mainstream. As we continue to reflect on the horrific murders of George Floyd, Breonna Taylor and so many others that have spurred a movement for racial justice, we are reminded that we are called to action to dismantle systems and institutional racism in this country. For Cinnaire to do its part, we are bringing a renewed focus to our working making healthy communities a reality.

In this issue, Chris provides an update on the Paycheck Protection Program (PPP), Rental Assistance, Community Reinvestment Act (CRA) Regulations and more.

Click here to read the latest issue of Cinnaire’s Policy Pulse.

Mission-driven Organizations Join Forces to Advance Affordable Homeownership Opportunities

Cinnaire is one of 21 founding members of the Homeownership Alliance, a new initiative that will advocate for more resources and better policies to increase affordable homeownership opportunities for American families. The initiative is led by the National Community Stabilization Trust (NCST), a non-profit organization that works to restore vacant and abandoned properties to productive use and to protect neighborhoods from blight.

Allen Place Project Revitalizes Eastside Lansing Neighborhood

Cinnaire has announced a $300,000 predevelopment loan to support the Allen Place Project, one of four community revitalization projects in Michigan approved by the Michigan Strategic Fund to help create the vibrant communities that attract talent through innovative place-making. Cinnaire Solutions, the in-house development division of Cinnaire, has partnered with ANC Holdings, LLC to co-develop to the project. The Allen Place Project is expected to generate a capital investment of $11 million and create 14 full-time equivalent jobs, resulting in a $15 million Michigan Community Revitalization Program performance-based grant.

Katey Forth Named Executive Vice President, Community Development

Katey Forth has been appointed Executive Vice President, Community Development, at Cinnaire. Katey brings more than 20 years of finance and lending experience to the new role, serving most recently as Cinnaire Lending President. She has played a key role leading the strategic direction of Cinnaire Lending, developing capacity building and fundraising initiatives and providing strategic direction on operations and lending products lines.