Cinnaire has announced that The Meadows, a new affordable housing community in Darlington, WI, has earned top honors as the recipient in the Rural category for the Charles L. Edson Tax Credit Excellence Award. The Edson awards recognize outstanding affordable housing developments and organizations nationally that have demonstrated especially impactful use of the Low-Income Housing Tax Credit (LIHTC). The awards, presented by the Affordable Housing Tax Credit Coalition (AHTCC), are named in honor of Charles Edson, a dedicated advocate of affordable housing well known for his role in establishing the LIHTC program.
Cinnaire Solutions partnered with Southwestern Wisconsin Community Action Program (SWCAP) to develop The Meadows, a 32-unit project designed exclusively to support agriculture and farmworkers and their families. Cinnaire provided a $4.1 million LIHTC investment to support The Meadows. Key funding partners include USDA Rural Development, the Wisconsin Housing and Economic Development Authority (WHEDA), the Federal Home Loan Bank of Chicago (FHLBank Chicago), United Migrant Opportunity Services (UMOS), and the Wisconsin Department of Administration.
“Few vocations are as noble as that of a farmworker, and my colleagues at Cinnaire are grateful to serve them by providing equity, predevelopment financing, and real estate development services,” said Chris Laurent, Cinnaire Solutions President. “When we live a life of purpose and commitment to the common good, anything is possible. We are honored the Affordable Housing Tax Credit Coalition has selected The Meadows as a recipient of one of the most prestigious awards in our industry.”
The LIHTC is our nation’s primary tool to create and preserve affordable rental housing. Since its inception in 1986, the LIHTC has financed more than 3.7 million affordable homes for over 8 million low-income households, including formerly homeless individuals and families, people with disabilities, veterans of the armed forces, and senior citizens.
“Skyrocketing rents continue to burden millions of American families, even in areas once considered affordable,” said Emily Cadik, AHTCC CEO. “The Low-Income Housing Tax Credit is the best solution we have to address this growing crisis, and this year’s Edson Award recipients are innovators who demonstrate how affordable housing financed with the Housing Credit changes communities for the better.”
The Meadows offers fully appointed apartment homes with large closets, extra storage, spacious kitchen with all appliances and pantry, separate dining, and in-home washer and dryer. Given the large farmworker population in the region, SWCAP is proud to facilitate the Multicultural Outreach Program, a volunteer-led initiative that works with immigrant families, the majority of whom are Latinx farmworkers. Volunteers lead English as a second language courses and provide advocacy during landlord, employer, or lender dispute. These resources are available in the community building at The Meadows. Residents also receive support and resources from SWCAP’s Farm Well Wisconsin program, which supports the mental health and wellbeing of Wisconsin farmers.
As the in-house development affiliate of Cinnaire, Cinnaire Solutions brings to the table a wealth of experience, real estate connections, and financial resources to help less-experienced partners bring their visions to life. SWCAP is a catalyst for building communities of hope, inclusion and social justice, where poverty is overcome, and all people are empowered and thrive. The partnership between Cinnaire Solutions and SWCAP received widespread community support, including support from local, state and federal partners.
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans and real estate development services. Since 1993, Cinnaire has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families and has provided community development loans to support the creation/retention of more than 4.7 million square feet of commercial, mixed-use, and community space. Cinnaire is a cooperate owner in CPC Mortgage Company, a national mortgage lending company specializing in Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) finance products. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 80,000 jobs and spur $9.3 billion in economic impact. https://cinnaire.com