Cinnaire Awarded $60M NMTC Allocation

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Cinnaire a $60 million New Markets Tax Credit (NMTC) Allocation. These tax credits incentivize private sector investors to partner in community financing efforts, stimulating economic growth in low-income urban and rural communities across the country. Cinnaire plans to focus its allocation of the award to fund projects that support education, vocational training, and job opportunities across its footprint. Since 2009, Cinnaire is an eleven-time recipient with awards totaling $594 million.

Three Cinnaire Projects Named Affordable Housing Finance Readers’ Choice Award Winners

The Affordable Housing Finance (AHF) annual Readers’ Choice Awards honor and recognize outstanding affordable housing developments nationally in ten categories. Each project is unique and highlights the diverse range of affordable housing for families, seniors, formerly homeless individuals and those with special needs. Three of Cinnaire’s investments have been named 2024 AHF Readers’ Choice Award Winners, a prestigious award recognizing the very best in affordable housing developments across the nation.

Cinnaire Properties: Winning Categories

Restoring Waters: Permanent Supportive Housing

Brooke Street Lofts: Historic Rehab

Rise on 7: Mixed-Use

Cinnaire Solutions & Olympia Development Begin Restoration on Detroit’s Historic Henry Street Apartments

Marking a momentous day in the District Detroit, Cinnaire Solutions and Olympia Development of Michigan were joined on August 28 by Mayor Mike Duggan, Michigan State Housing Development Authority, Housing and Revitalization Department and other city officials to commence the restoration of Henry Street Apartments. Located in the Cass Henry Historic District, this seven-building project will consist of 170 newly renovated units that both preserve history and incorporate modern design with 49% of the units at affordable rates ranging from 30% to 60% Area Median Income. Henry Street Apartments is an $80 million public-private partnership and a historic restoration project that includes critical funding from the State of Michigan and the City of Detroit in addition to Olympia Development’s investment and Cinnaire’s contributions.

Keith Broadnax Receives IAHC Leadership Award

Keith Broadnax, Cinnaire Senior Vice President, Business Development, was honored with the prestigious Indiana Affordable Housing Council (IAHC) Award for Leadership in Affordable Housing, recognizing his outstanding contributions and unwavering commitment to the industry. The award celebrates individuals who not only excel in their professional roles but also embody the true spirit of leadership and passion, making a tangible difference in the lives of others.

“Keith embodies the spirit of servant leadership. His sincere care and compassion radiate through his work and volunteer efforts, creating a profound positive impact on communities and empowering families. His unwavering dedication and genuine empathy enable him to make a meaningful difference in the lives of those he serves. Deeply respected by his colleagues, Keith is always willing to share this time and talents, creating a lasting legacy that will be felt for generations. I am incredibly proud to see Keith receive this well-deserved award!” – Susan Frank, Cinnaire EVP, Business Development

Honoring the Career & Legacy of Jim Logue

Cinnaire team members, board of directors and partners gathered in Lansing to celebrate the retirement of Jim Logue, Cinnaire’s longtime Chief Operating Officer and most recently, Chief Policy and Advocacy Officer. Jim has retired after 21 years of dedicated service to Cinnaire. With over 40 years in the affordable housing industry, he has profoundly impacted disinvested communities at national, state, and local levels. Cinnaire’s very existence and evolution over the past 30 years is a testament to his dedication to championing affordable housing and to addressing the lack of investor capital for affordable housing. Jim’s work at Cinnaire and the Michigan State Housing Development Authority, along with his advocacy work in Washington, D.C., have made him an icon in the industry across the nation.

Jim’s departure marks the end of an era for Cinnaire, and we are immensely grateful for his visionary leadership and dedication. His legacy will continue to inspire and guide us as we move forward in our mission to advance economic equity and provide safe, affordable homes to underserved communities.

New State-of-the-Art McClellan Early Childhood Center Opes on Detroit’s East Side

This fall, project partners gathered to celebrate the opening of the new McClellan Early Childhood Center (McClellan) in the Gratiot Woods neighborhood on the East Side of Detroit. The state-of-the-art facility, spanning an impressive 15,000 square feet, is situated on the former site of the Detroit Public Schools’ Pingree Elementary School. With eight well-equipped classrooms, McClellan is poised to accommodate 96 early learners from the community, effectively bridging a significant gap of 521 seats in the surrounding neighborhoods. Funding and financing for the $8.75 million project is provided by Cinnaire, JPMorgan Chase, The Kresge Foundation, the City of Detroit, PNC Bank and IFF.

Corp! Magazine Honors Cinnaire with Diversity Award

Cinnaire has been honored with a Salute to Diversity Award for Diversity Focused Company at Corp! Magazine’s Annual Salute to Diversity Awards and Conference. The program recognizes businesses, organizations, and leaders who champion diversity, equity, inclusion and belonging initiatives and achievements within their organization or community.