A neighborhood growth lender is planning two new tasks within the Chicago space. The lender, Michigan-based Cinnaire, will even finance a 3rd challenge downstate, close to St. Louis.
The three tasks will complete 112 reasonably priced housing models with 227 bedrooms, in accordance with the Chicago Enterprise Journal. The Chicago space developments might be on the West Facet’s Austin neighborhood and within the North Shore suburb Libertyville, however Cinnaire hasn’t given actual areas.
The three developments are a part of the allocation for 2 low-income housing tax credit score funds Cinnaire just lately closed at $193 million. The tasks are half of a bigger effort by the group to develop or protect 1,849 models throughout 22 tasks in 9 states.
“This distinctive funding alternative aligns monetary returns with a social mission, creating worth for buyers and positively impacting the lives of people and households,” mentioned Josh Ghena, senior vp of fairness enterprise funding for Cinnaire.
Cinnaire raised $417 million in fairness investments that went on to assist 3,313 reasonably priced properties in 2023, the outlet mentioned.
Reasonably priced housing has been a serious focus for Mayor Brandon Johnson’s administration, nevertheless it has confronted challenges.
Final week, Johnson named Lissette Castañeda as commissioner of Chicago’s Division of Housing, an appointment that matches Johnson’s deal with rising reasonably priced housing. Castañeda beforehand was the manager director of LUCHA, a nonprofit centered on reasonably priced housing advocacy.
Johnson has sought a referendum on the March poll that will improve the town’s actual property switch tax for all properties over $1 million to assist fund homelessness initiatives. On Friday enterprise teams filed a lawsuit aiming to stop the referendum from going to the voters in March.
One other main participant in Chicago’s reasonably priced housing market, Heartland Alliance, shut down its reasonably priced housing division in December. The group, which was based in 1888, oversaw developments in Chicago and Wisconsin.
By promoting off its housing division, Heartland is trying to keep away from chapter and defend different companies like healthcare.
— Miranda Davis
