An award totaling $5 million will allow Cinnaire to support -five affordable housing projects in the Midwest including the acquisition, rehabilitation and construction of 269 units.
The developments will be across Illinois and Wisconsin, with an emphasis on housing people with disabilities, people experiencing homelessness and senior citizens.
The Affordable Housing Program (AHP) grants come from the Federal Home Loan Bank of Chicago which has been awarding grants since 1989, and during that same timeframe, has provided more than $262 million in Downpayment Plus® (DPP®) Programs to help provide housing for low- and moderate-income eligible households.
“Economic pressures, like rising interest rates and material costs, provide significant challenges for development. These factors further compound the already critical need for affordable housing support in both rural and urban communities across our District,” said Michael Ericson, President and CEO, FHLBank Chicago. “We are answering the call with AHP subsidies to provide support in partnership with our member institutions and developers, community organizations, public housing authorities, tribal governments, and other units of government.”
Projects include:
Meadowlark Eco-Cottages: Meadowlark Eco-Cottages will bring 54 new affordable family apartments to Ellsworth, WI. The development will include a solar field to power the apartments and aims to achieve as close as possible to a net zero energy impact. West Cap will provide residents with supportive services, and 11 project units will be set aside for veterans, individuals with disabilities and individuals who have been homeless.
Bristol Place Senior: A partnership between Bridge Builders Community Development Corporation and AHDVS, LLC, Bristol Place Senior is the second phase of a Cinnaire-financed senior housing development in Champaign, IL. It will add a 3-story, 60-unit apartment building adjacent to existing affordable single-family and duplex homes. The building will feature an onsite management office, medical center, fitness center, and community room, and 12 units will be set aside for individuals with disabilities and individuals experiencing homelessness.
Riverview Lofts: A partnership between Lutheran Social Services of Wisconsin and Upper Michigan, Inc. and Gorman & Company, Riverview Lofts will bring 56 affordable apartments to Wausau, WI. Twelve units will be set aside for individuals with disabilities and individuals experiencing homelessness. The development site overlooks the Wisconsin River and in walking distance to downtown Wausau.
Woodale Crossing: Jewish Family Services, Inc. is developing Woodale Crossing, a 56-unit affordable senior housing development in Brown Deer, WI. This innovative project will utilize Medicaid and other funding to provide a high level of supportive services to some of the most vulnerable residents of Milwaukee County, creating supportive living environment that provides on-site support while fostering and encouraging independence. Twelve units will be set aside for individuals with disabilities and individuals experiencing homelessness.
Maritime Flats: A partnership between Movin’ Out, Inc. and Wire Capital Group, Maritime Flats will bring 59 affordable apartments to Manitowoc, WI. The project will redevelop the former Mirro Aluminum site, less than ½ mile from the City’s riverfront. Eleven units will have project-based rental assistance and 12 will be set aside for individuals with disabilities.
“To be among the organizations who were selected and ranked on the top of the list is an honor,” said Elisabeth Rask, loan underwriter at Cinnaire. “But most notably, we are pleased that two of the projects will be developed in partnership with emerging or established BIPOC-led development firms. The need for affordable housing is a persistent issue we work to address and through the AHP, we can bring that to fruition.”
FHLBank Chicago annually contributes 10 percent of its net earnings to affordable housing programs, including both the AHP and the DPP® Program, which distributes forgivable grants to cover down payment and closing costs for eligible households throughout the year, as well as additional programs aimed at increasing diversity in affordable housing and small business growth.
