The U.S. Department of the Treasury’s Community Development Financial Institutions Fund awarded Cinnaire $825,750 in grants through the 2020 round of the federal program.
The award will advance Cinnaire’s work bringing capital, development capacity and expertise to communities and people in need, especially those often left out of the economic mainstream.
The fund recently awarded more than $204 million to support economic growth in low-income and economically distressed communities across the nation.
Cinnaire has an office in Wilmington.
“In the wake of the tragic death of George Floyd and so many others, we at Cinnaire have recommitted to doing our part to dismantle a system of institutional racism, break barriers to creating generational wealth and to deploy capital to advance the causes of equity and justice,” said Donsia Strong Hill, Cinnaire lending director of development. “This award will create meaningful opportunities for the people and the communities that need us the most. We are grateful to our partners at the CDFI Fund for continuing to provide funding critical to advancing the needs of diverse communities.”
A $557,000 Financial Assistance (FA) grant was awarded to support Cinnaire’s efforts to advance economic opportunities for developers of color. As part of the organization’s strategic plan, Cinnaire is committed to delivering a range of flexible, competitive loan products to meet the needs of communities of color and to ensure equitable access to resources to support healthy, vibrant communities. An Emerging Developer Loan will strengthen the organization’s recently launched Jumpstart Wilmington program, a free mentorship and training program empowering community members to become developers of their neighborhoods.
Additionally, Cinnaire was awarded more than $268,000 through the CDFI Fund Disability Fund–Financial Assistance (DF-FA) program, an initiative to address the challenges of individuals with disabilities. This funding will grow Cinnaire’s focus on providing affordable, supportive housing for vulnerable individuals throughout the Midwest and MidAtlantic regions.
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. Cinnaire has helped to create or retain over 76,000 jobs and spur $7.9 billion in economic impact.
