Cinnaire’s Keith Broadnax and Lucius Vassar recently joined Mayor James Mueller, City Council members, community leaders, Property Bros LLC, and CDFI Friendly South Bend to announce $500,000 in financing to bring safe, high quality, and affordable homes to South Bend, IN. At a time when more than one in four households struggle to pay rent, preserving and developing affordable housing is more important than ever.
Jordan Richardson, founder of Property Bros, LLC, is building a sustainable development model for taking formerly vacant homes, renovating them to high quality, and making them available for families that need affordable housing options.
“When I started Property Bros, I began with the memories of affordable housing, their dilapidated nature inside of communities that needed assistance the most,” said Jordan Richardson. “Property Bros is just one solution and contribution to a worldwide problem.”
Jordan inquired with CDFI Friendly South Bend about how they could expand his work. “I want the houses that no one wants, the ones that really blight our community. From trash to gold.”
CDFI Friendly South Bend works to connect people with sources of flexible capital to finance vital community projects. “Jordan had a plan, not just to become a developer, but to develop high quality, affordable units for local families,” said Sam Centellas, Executive Director at CDFI Friendly South Bend. “I knew Cinnaire would want to be involved.”
“Cinnaire has been changing lives and transforming struggling neighborhoods in Indiana for more than 25 years,” said Keith Broadnax, Cinnaire Senior Vice President, Business Development. “We have an unwavering belief that all people deserve the opportunities provided by living in healthy communities. Access to affordable housing is a critical component of creating healthy communities and we are proud to partner with Property Bros and CDFI Friendly South Bend to bring high-quality, affordable homes to local families. Cinnaire is committed to supporting emerging developers and we look forward to working with Jordan to make meaningful and transformative change in South Bend neighborhoods.”
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