The U.S. Department of Treasury’s CDFI Fund has awarded Cinnaire $10 million through the Capital Magnet Fund, a competitive grant program designed to support the creation and preservation of affordable housing. The CDFI Fund Fiscal Year 2021 awards total $336.4 million to 59 organizations, marking the largest award round since the creation of the Capital Magnet Fund.

The Capital Magnet Fund awards grants to CDFIs, like Cinnaire, and qualified nonprofit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing, particularly housing targeted to low-, very low-, and extremely low-income families.

“The Capital Magnet Fund plays an essential role providing capital to support affordable housing options for those that need it most,” said Katey Forth, Cinnaire executive vice president – public funding. “Since 2011, Cinnaire has used Capital Magnet Fund grants to leverage private financing to address housing instability in vulnerable communities across our footprint, creating a positive impact for families and local economies.”

Awardees are required to leverage their awards to produce housing and community investments at least ten times the size of the award amount, guaranteeing that from this funding round a minimum of $3.36 billion will be invested to support people and communities across the country. For the FY 2021 round, awardees estimate that nearly $12.8 billion will be invested in total, including more than $9.8 billion in private investment.

“I am proud to announce the recipients of the FY 2021 Capital Magnet Fund awards, our largest award round ever,” said CDFI Fund Director Jodie Harris. “The lack of affordable housing is a persistent problem for our country. Expanding the reach of the Capital Magnet Fund to more organizations — one third of which are first-time Capital Magnet Fund awardees — will support vital financing for affordable housing and related economic development and community services facilities that our community urgently need.”

The 59 awardees will collectively serve 47 states, the District of Columbia, and Puerto Rico. Thirty awardees plan to invest a portion of their award dollars in Rural Areas, with nine of those awardees planning to invest at least half of their award dollars in Rural Areas. Of the 59 total awardees, 32 are Community Development Financial Institutions (CDFIs) and 27 are non-profit housing organizations. The 59 awardees were selected pursuant to a merit-based competitive review of applications submitted from 146 organizations that requested more than $991.8 million from the FY 2021 Capital Magnet Fund round.

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Ivy Tech Automotive Technology Center One of Five Businesses Receiving 2022 Novogradac Journal of Tax Credit Award

Cinnaire has announced its NMTC development, Ivy Tech Automotive Technology Center in Indianapolis, has been recognized with a prestigious 2022 Novogradac Journal of Tax Credits Real Estate QLICI of the Year Award. The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards recognize organizations that have made exceptional qualified low-income community investments (QLICIs) in the past year. Cinnaire received the Real Estate QLICI of the Year Award for its investment in the Ivy Tech Automotive Technology Center, a workforce development training center located in Indianapolis, IN. Cinnaire provided a $9 million New Markets Tax Credit (NMTC) investment to support the $14 million project. Additional NMTC financing was provided by PNC Community Partners, Inc., and the Indianapolis Redevelopment CDC.

The 60,000-square-foot state-of-the-art Ivy Tech Automotive Technology Training Center provides space for classrooms, training labs, and student commons for up to 600 students as well as faculty offices and corporate labs for Ivy Tech’s manufacturing partners. An onsite admissions professional assists students seeking to enroll in Ivy Tech’s programs, including a paid cooperative education opportunity with 100% job placement for those who meet eligibility with corporate partners Toyota and General Motors. Located in a city with an unemployment rate of 11.7% and poverty rate of 39%, the program offers a pathway out of poverty for graduates who are expected to earn an average salary of $50,000 per year upon completing the program.

“The Automotive Technology Center at Ivy Tech provides hands-on training to equip students with skills and resources to thrive in the booming automotive industry,” said Peter Giles, Cinnaire senior vice president, business development. “From Toyota to General Motors and Tesla, graduates that gained real world experience at Ivy Tech are launching successful careers and often breaking the cycle of generational poverty following completion of the program. The Automotive Technology Center was made possible with support from the NMTC program and demonstrates how the NMTC is a powerful tool incentivizing private investments in distressed communities. Cinnaire is honored to join our CDE partners in receiving the Novogradac QLICI of the Year Award.”

The winners of the 2022 Novogradac Journal of Tax Credits QLICIs of the Year Awards were honored during the Novogradac Spring New Markets Tax Credit Conference in Washington, D.C.

“These investments really display the variety of ways that new markets tax credit investments can make a difference,” said Gregory Clements, chair of the conference. “The winners are a wide range of properties and businesses, all in different parts of the country. These are great examples of the good that the NMTC does for all types of low-income communities.”

The Ivy Tech program offers careers and opportunities to prepare students for employment with companies that require training in areas including electrical systems, engine performance, transmissions, brakes, steering and suspension systems, air conditioning systems, and engine repair. Classes at the Automotive Training Center are taught by Automotive Service Excellence (ASE) Master certified instructors using more than 100 training vehicles to help students build career advancement skills and explore manufacturer-specific diagnostic service tools and information. Students develop skills that help them land secure jobs as technicians, service writers, service managers, dealerships, independent retail shops, and part stores.

Community colleges are the most common type of U.S. two-year colleges offering millions of students more affordable pathways to reaching their goals. Ivy Tech Community College is committed to serving the people of Indiana through accessible and affordable world-class education and adaptive learning. With over 40 locations teaching classes in more than 75 communities in the Hoosier State, Ivy Tech is the largest and most affordable college in Indiana.

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Bankers’ Bank, a leading correspondent bank for community banks located in Wisconsin, Illinois, Iowa, Indiana, Michigan and Ohio, has announced the promotions of six team members.

David Gremillion – Bankers’ Bank recently promoted David Gremillion to first vice president – bankcards. Gremillion joined Bankers’ Bank in 2018 as the department’s operations manager. Since joining the Bankers’ Bank team, Gremillion has expanded his role within the bankcards department and has been instrumental in growing the department over the last two years. Under Gremillion’s leadership, the team has executed various strategic initiatives highlighted by the recent launch of Bankers Bank’s new prepaid card program, Community Prepaid.

Joe Hauser – Bankers’ Bank is pleased to announce the promotion of Joe Hauser to senior vice president – director of internal audit. Hauser joined Bankers’ Bank in 2017 as an internal auditor. In 2020, he was promoted to director of internal audit. Over the last two years, Hauser as done an excellent job in working with both the Bank’s internal team and board of directors. He plays a vital role in the adoption of FDICIA at Bankers’ Bank.

Kevin Means – Kevin Means was recently promoted to senior vice president at Bankers’ Bank. Means joined the Bankers’ Bank team in 2013 as part of the bank’s commercial lending department supporting the Wisconsin market. Means has leveraged his substantial product knowledge and customer service to expand the Bank’s Wisconsin market presence and build relationships with community banks. In addition to his market responsibilities, Means has participated as subject matter expert in system conversions, other process improvement projects, and has led the United Way Campaign at Bankers’ Bank.

Paul Watson – Paul Watson has been promoted to first vice president at Bankers’ Bank. Watson started at Bankers’ Bank in 2020 in the commercial banking department for our Indiana market. He has served the Central Indiana banking market for over 32 years. Watson has leveraged his strong commercial lending experience and prior working relationships with central Indiana bankers to expand the Bank’s Indiana market presence and better serve community banks with their commercial lending needs.

Rian Uelmen – Bankers’ Bank announces the promotion of Rian Uelmen to senior vice president – director of human resources. Uelmen joined Bankers’ Bank in 2020 as director of human resources. She has done an outstanding job in exceeding the Bank’s expectations during a unique environment due to the pandemic. Prior to joining Bankers’ Bank, Uelmen was with Entegral-Enterprise Holdings in human resources – talent acquisition & talent development.

Scott Platto – Scott Platto has been promoted to first vice president & controller at Bankers’ Bank. Platto has been instrumental over the last three years in modernizing the bank’s accounting department. He has implemented new online tools to streamline the reconciliation processes, incorporated additional review procedures for journal entries, and greatly improved the Bank’s accounting processes overall. Platto has also taken a leadership role in preparing the Bank for FDICIA in coordination with our internal audit team.

Cinnaire has announced the closing of a $145 million Low Income Housing Tax Credit (LIHTC) equity fund that will finance the development or preservation of more than 1,600 affordable homes in five states. Nineteen investors, many of them repeat investors, are participating in the fund.

“Our LIHTC equity funds bring together public and private partners to advance healthy communities, creating opportunities for families, seniors, and residents with special needs,” said Brett Oumedian, Cinnaire chief financial officer. “We’re proud to have had such strong support of our mission to create collaborative financial solutions to expand the creation and preservation of affordable housing. We are grateful to our investors and 85% repeat developer partners that join Cinnaire in our goal to build healthy communities and provide more individuals and families with a safe, quality, and affordable place to call home.”

Cinnaire’s Fund for Housing Limited Partner 37 (Cinnaire F37) will support 22 properties in Illinois, Indiana, Michigan, Minnesota, and Wisconsin. Ten percent of the overall investment support residents with special needs, including Prominence Commons which includes the acquisition and rehabilitation of several scattered sites in Portage, Ind., totaling 38 affordable units, and the new construction of a 12-unit building totaling 50 units. Thirty of these units will serve those who are homeless or at risk of becoming homeless. The fund will also support Red Caboose Apartments, the new construction of 38 affordable homes for families in Madison, Wis. Eight of these units will be held for households that include a family member with a disability. Movin’ Out, the project developer, will also be constructing a 28,000 square foot daycare facility for low- and moderate-income families.

“Our purpose at Cinnaire has always been about changing lives and transforming struggling neighborhoods into thriving communities,” said Mark McDaniel, Cinnaire president and CEO. “This fund builds on our strong history in the affordable housing industry while strengthening the foundation we have created to lift up and empower families and communities across the Midwest and MidAtlantic.”

The fund brings Cinnaire’s total equity raised since inception to $3.7 billion.

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Cinnaire has announced the appointment of Deborah Toby to chief human resources officer and chief diversity officer for the organization. Toby brings more than 25 years of experience to the role, serving most recently as executive vice president, human resources, where she played a key role in implementing best practices for the integration of Cinnaire’s principles of diversity, equity and inclusion across Cinnaire. Toby has also successfully led the development of Cinnaire’s talent acquisition process, ensuring that prospective talent is engaged in an equitable selection process that is competency-based and accessible to people across all dimensions of diversity.

A full-service Community Development Financial Institution (CDFI), Cinnaire provides creative capital solutions to disinvested communities that may not have access to services offered by traditional financial institutions. As its chief human resources officer and chief diversity officer, Toby is responsible for developing and executing Cinnaire’s human resources strategy in support of its overall mission and strategic direction. Toby brings to this role her expertise in workforce planning, total rewards, talent acquisition, training and development, succession planning, and organizational development. She will continue to lead Cinnaire’s strategic priority of providing an environment that empowers the authentic expression of diverse voices and building a workforce that reflects the communities served by the organization.

“Deb is respected across the industry for her commitment to the principles of diversity, equity and inclusion,” said Mark McDaniel, Cinnaire president & CEO. “Her strong communication skills, knowledge of best HR practices, and passion for our culture focused on creating healthy communities will serve her well in this key leadership position.”

Prior to joining Cinnaire in 2005, Toby worked for more than 10 years with a global career management and organizational consulting firm as an organizational development consultant, and as a member of its sales and marketing team. She earned a bachelor’s degree in psychology from Fayetteville State University in North Carolina, and has completed graduate coursework at Michigan State University and Central Michigan University. Toby is a member of the Society for Human Resource Management (SHRM), the leading voice of all things work, workers, and the workplace, and has served on the boards of Haven House in East Lansing, Michigan, and Junior Achievement of Mid-Michigan.

Apartment Building

Rose Oswald PoelsBy Rose Oswald Poels

This year, Wisconsin Bankers Association welcomed Cinnaire as a new Gold Associate Member. With this expanded relationship, Cinnaire is launching a $10 million Low Income Housing Tax Credit (LIHTC) equity fund that will support the financing of the new construction or rehabilitation of affordable housing in communities across Wisconsin. The fund is open to all C corporations in the state and will close by the end of Q1 2022. Cinnaire’s Pam Hetz and Chris Jillings will be visiting with WBA members at this week’s WBA Bank Executives Conference in Wisconsin Dells.

Cinnaire has already demonstrated success in similar arrangements with the Michigan Bankers Association and the Indiana Bankers Association, and we are excited to bring this opportunity to banks in our state. Cinnaire has office locations in Milwaukee and Madison, and their Wisconsin team includes 14 staff members who are on the ground supporting community and economic development while creating opportunities to empower families and lift up neighborhoods. The organization has invested in 81 affordable housing communities across Wisconsin. Cinnaire Solutions, the development division of Cinnaire, has developed or has in its pipeline five projects totaling 222 units and $54 million total development costs in Wisconsin.

There are many reasons why banks would choose to get involved with tax credit investing. Expanding access to high-quality, affordable housing is a key driver of economic mobility and family stability — getting involved demonstrates the bank’s commitment to their community’s wellbeing. In addition to helping their communities prosper, the investment can generate positive Community Reinvestment Act (CRA) consideration from regulators. Another key benefit from equity investments in these LIHTC funds is that banks receive federal tax credits along with other tax benefits that reduce their federal corporate taxes.

The 2022 Wisconsin Community Fund is currently open to investors. The minimum investment amount is $500,000. Investor equity will be used to support the new construction of rehabilitation costs of identified apartment communities in underserved areas. Federal tax credits will become available as each housing community is completed and leased to eligible households and the housing tax credits will continue each year during the 10-year tax credit delivery period. Cinnaire will asset manage each real estate investment throughout the 15-year LIHTC compliance period.

A full press release on this opportunity is available on Cinnaire’s website. If you would like to learn more about the 2022 Wisconsin Community Fund, please contact Daryll Lund, WBA EVP and chief of staff, or contact Pam Hetz, Cinnaire senior vice president, business funding.

Cinnaire ushered in the new year by announcing five appointments to its lending and underwriting teams. These industry leaders will support the organization’s growth as both a community development lender and equity investor funding affordable housing developments.

Sarah Greenberg

Sarah Greenberg has joined Cinnaire as senior vice president, underwriting – debt, in the organization’s Madison, Wis., office. She leads and manages the affordable housing lending team, overseeing workflows and business processes, and ensuring sound decision-making regarding portfolio performance. A nationally recognized leader in affordable housing and community development, Greenberg is committed to advancing racial, social, and economic equity. She has worked in community investment and economic development for more than 18 years, holding leadership positions at High Impact Financial Analysis, Forward Community Investments, Northwest Side CDC, and NeighborWorks America. During her tenure at NeighborWorks, Greenberg was one of the founders of the National Community Stabilization Trust (NCST). At Forward Community Investments, she launched the Emerging Developer Loan Program to provide financing to BIPOC real estate developers. Greenberg is on the executive committee for the national CDFI Women’s Network and holds board positions with Historic Milwaukee, Housing Resources, inc., Tempo Milwaukee Foundation, and MobiliSE.

Sabrina Iga has joined Cinnaire as senior vice president – finance in the organizations Wilmington, Del., office. She will play a key role developing and implementing the financial and funding strategy for Cinnaire’s lending business, managing investor and loan participant relationships, and identifying new investors in target markets. Intent on helping communities overcome systemic failures, Iga has dedicated her career to working for a wide range of mission-driven organizations. Most recently, she served as treasury manager with Enterprise Community Loan Fund, creating and maintaining strategic relationships with investors to help developers create affordable homes and community facilities.

 Elaine Magil

Elaine Magil recently joined Cinnaire’s Wilmington team as senior vice president of underwriting – equity to lead its equity underwriting. Magil joined Cinnaire from Tax Credit Asset Management (TCAM), where she helped to build and lead the firm’s Advisory and Transactions practice area. At Cinnaire, she will provide underwriting review on prospective projects across the nine-state footprint and will focus on building organizational infrastructure to support the company’s ongoing growth. Magil serves on the board of directors for Action Housing Inc. and the Steering Committee for Women in Housing and Finance of Pennsylvania.

Larry Chan

Larry Chan has joined Cinnaire’s Wilmington team as an equity underwriter, supporting Cinnaire’s LIHTC investing cross its nine-state footprint. Chan adds to Cinnaire’s staff based in Pittsburgh and comes to Cinnaire having most recently managed community development lending and investing for BNY Mellon’s community development lending and investing efforts in the Pittsburgh market. Prior to his role at BNY Mellon, he held various positions in affordable housing, local government, and community development over the prior 10 years.

Erik Ingbretson

Erik Ingbretson has been appointed portfolio manager, community development, in Cinnaire’s Chicago, Ill., office. Ingbretson monitors borrowing for reporting and covenant compliance, manages and mitigates potential defaults and credit losses, and conducts annual review of borrowers in Cinnaire’s portfolio. A financial professional with more than 20 years of experience in corporate, middle-market, and small business commercial banking, Ingbretson has excelled in the management of complex and large credit/deposit portfolios. Prior to joining Cinnaire, he served as vice president of commercial lending at Pan American Bank and Trust and Chase Bank where he was responsible for new loan origination, portfolio management, establishing new commercial banking relationships, and the sourcing and closing of multi-million-dollar commercial clients.

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WBA has welcomed nine new Associate Members since the start of 2022. The WBA Associate Member program connects service providers with member banks throughout the state in an effort to make the most out of your WBA membership. Thank you again to Arctic Wolf, Agrograph Inc., Bank Holding Company Association, Community Bank Mortgage, DCI – Data Center Inc., Hilltop Securities, Inc., Open Lending, Primax, and WIN Technology for the services offered to our members.

Arctic Wolf is the global leader in security operations, delivering the first cloud-native security operations platform to end cyber risk.

Agrograph Inc. is a global agrifinance company focused on data-based solutions that help industries supporting farmers. Our powerful A.I. solutions help companies anticipate trends, manage risk, and trigger important business decisions with our Boundless technology.

Bank Holding Company Association exists to provide education and business connections critical to the vitality of bank holding companies.

Community Bank Mortgage is a full-service mortgage origination, fulfillment, and servicing company that works with financial institutions throughout the United States.

DCI – Data Center Inc. provides private ATM network/card management, FrontLine™ teller software, custom analysis, risk/vendor management, and more.

Hilltop Securities, Inc. provides an array of financial products and services through our broker-dealer, mortgage origination and insurance segments. Hilltop has four primary lines of business: (i) public finance services, (ii) structured finance, (iii) fixed income services, and (iv) wealth management.

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States.

Primax provides community banks with payment processing services and an expansive array of value-added technology and solutions.

WIN Technology delivers an uncommon blend of private fiber-line network transport combined with IT professional services, managed services, and cybersecurity to the upper-Midwest.

WBA Associate membership should not be construed as an endorsement of the company’s products or services by the WBA. Visit the WBA Associate Member directory to learn more about member services.

By Daryll Lund

The Wisconsin Bankers Association Employee Benefits Corporation, Inc. (WBA-EBC) was formed in 1982 and as our Association Health Plan (AHP) begins its fourth year, I would like to thank each WBA member that has chosen to trust us for their insurance needs.

The flexibility of our high-quality health benefits (dental insurance, medical insurance, prescription drug plans, and vision) as well as life and disability insurance are typically reserved for large employers but — through the purchasing power of WBA-EBC — are offered exclusively to WBA members at preferred prices. In the last three years alone, our member banks have collectively saved $1.8 million thanks to their member-driven AHP.

This year we are pleased that nearly 40 banks throughout the state have chosen the WBA-AHP through UnitedHealthcare for their health insurance program. Through your enrollment in our AHP, 1,800 members will have access to affordable, high-quality benefits and insurance throughout Wisconsin. In addition, our partnership with Lincoln Financial provides life and disability coverage for 10,000 members and our Delta Dental plans cover 7,000 members.

I, along with WBA-EBC vice president Brian Siegenthaler and our dedicated team look forward to continuing to assist you and your employees through our one-stop-shop for members enrollment and administration. We thank you once again for choosing WBA-EBC to provide for the wellbeing of all employees in your organization.