Peoples State Bank has announced a $1 million investment to support affordable housing development through Cinnaire’s 2022 Community Fund, a Low-Income Housing Tax Credit (LIHTC) equity fund. The investments reinforce Peoples’ commitment to expanding access to high-quality affordable housing, a key driver of economic mobility and family stability.
“Peoples’ investment is earmarked to help build 40 new apartments in Lac du Flambeau, a community that is in dire need of affordable housing,” said Scott Cattanach, Peoples State Bank president and CEO. “It is another example of our commitment to community banking, helping communities and our customers grow and prosper.”
Cinnaire’s 2022 Community Fund will support affordable housing communities in Illinois, Indiana, Michigan, Minnesota, and Wisconsin including Forest Edge Apartments in Lac du Flambeau. The project includes the new construction of 40 affordable homes for families. The complex will include four 10-unit townhouse-style apartments, with each unit benefitting from a single-stall attached garage. A fifth building will house a community room, exercise room, property management office, and community service facility intended for use in job training in conjunction with various local nonprofits.
“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 such strong support of our mission to create collaborative financial solutions to expand the creation and preservation of affordable housing. We are grateful to Peoples State Bank along with our investors and 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 LIHTC equity funds provide a tax-advantaged and return to investors, positive Community Reinvestment Act consideration from bank regulators, and support Environmental, Social, and Governance (ESG) investment strategies.
Projects in Wisconsin receiving financing from Cinnaire’s 2022 Community Fund include: