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Cinnaire | Meeting the Urgent Need for Safe and Affordable Housing for Our Heroes

Michigan Business Network
November 29, 2021 11:00 AM

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Far too many veterans in the United States struggle to find an affordable place to call home. More than 37,000 veterans are homeless. At Cinnaire, we are committed to creating safe, affordable places to call home for all who have served our country. But we cannot solve this problem alone.

The federal Low Income Housing Tax Credit (LIHTC) has been essential to addressing this need. Using the Housing Credit, Cinnaire has invested in the development of five veteran housing communities in Michigan and Indiana designed specifically for veterans’ needs. Developed in collaboration with the U.S. Department of Veterans Affairs (VA), these high-quality communities provide special features and support services that create positive outcomes for veterans and foster a powerful sense of community.

The Housing Credit is a proven, effective tool for financing the production and preservation of affordable housing, resulting in 3.5 million affordable homes. It is particularly important for meeting the needs of our veterans. By enacting the bipartisan Affordable Housing Credit Improvement Act, Congress can take major steps to help our veterans to obtain safe, stable and affordable homes.

Silver Star Apartments – Battle Creek, MI

The first affordable housing community for veterans in Michigan, Silver Star Apartments opened its doors to provide veterans a safe, secure, and supportive place to call home. Comprised of two phases, Silver Star provides 76 affordable homes in Battle Creek adjacent to the Battle Creek VA Medical Center. The property includes a basketball court, library and computer center, workout rooms, art classrooms, counseling offices, and a metal and woodshed. Services are provided by Zero Day, a nonprofit founded to help prevent chronic homelessness, provides veterans with accredited vocational training, apprenticeship opportunities, supportive services, life skills mentoring, career coaching, and job placement. To make this development possible, Cinnaire facilitated the provision of LIHTC.

 

Lincoln Apartments – Indianapolis, IN

Lincoln Apartments serves 75 of Indianapolis’ formerly homeless veterans. The apartments are located at a former iron foundry. The Department of Veterans Affairs maintains an office at Lincoln Apartments and residents have access to services at the nearby VA hospital. Volunteers of America Indiana offers onsite coordinated support services and ongoing care for residents. In order to realize financing sources for the $11.6 million development, Lincoln partners had to engage private, public and nonprofit entities. The Indiana Housing Development Authority awarded a LIHTC allocation and Cinnaire’s $11 million equity investment provided the financing.

 

Piquette Square – Detroit, MI

Piquette Square for Veterans is a 150-unit apartment project located on 3.3 acres in Detroit to house and care for homeless veterans. It fosters a warm, welcoming environment where residents can take advantage of mental health counseling, substance abuse treatment, on-site job training, computer labs, educational programs and other supportive services to help them develop healthy and independent living skills. Piquette is only the second project of its kind in Michigan and is one of the largest in the nation. Developed by Southwest Solutions, Piquette Square was financed through LIHTC and a variety of public and private resources.

“We are not debits on a balance sheet, people aren’t credits that belong on some list. We are people and sometimes, we need help. I thank you for being here and for seeing me. I thank you for investing in places like Piquette Square. I thank you for investing in me.” – Glenda, US Army

 

Chambers Park Apartments – Marion, IN

Located in Marion, IN, Chambers Park Apartments provides 50 units of permanent, supportive affordable housing for homeless and disabled veterans. It employs a full-time Support Services coordinator to match residents with support services including on-site case management, employment assistance, life skills training, job placement and job coaching, emergency assistance, crisis intervention, mentoring and peer support groups. Developed by Cinnaire Solutions, the development was made possible through a LIHTC equity investment from Cinnaire and financing through IHCDA, the Department of Housing and Urban Development (HUD), the Federal Home Loan Bank of Indianapolis and the National Bank of Indiana.

 

Northwest Veterans Village – Gary, IN

Northwest Veterans Village is an affordable apartment community in Gary, IN. The development features 44 high-quality affordable homes and offers a range of support services for residents. The 56,000 square-foot, 3-story building includes a dining hall, culinary arts training center, fitness room, arts and crafts room, computer lab, a library, a walking trail and picnic area. The rooftop patio and community garden provide a peaceful, healing, communal environment. A cooperative partnership with Cinnaire, property manager Continental Management and the VA provides residents on-site coordinated support services and ongoing care. The VA provides case management while community colleges and universities provide financial counseling and education to increase job-readiness and daily living skills for residents. The $10 million project was made possible through a LIHTC award from IHCDA and syndicated through Cinnaire, resulting in $8.7 million in equity.

About Cinnaire
Cinnaire is a non-profit financial partner that supports community and economic revitalization initiatives through creative investments, loans, and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families, and has provided community development loans to support the creation/retention of more than 187,000 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 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com 

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