Fifth Third Bank Loan Opens Doors for Cinnaire’s Community Development Work in Illinois, Michigan
CHICAGO, February 12, 2024 /3BL/ - Cinnaire Lending Corporation (CLC), a certified Community Development Financial Institution has been awarded a $5 million Equity Equivalent investment, or EQ2, from Fifth Third Bank.
Cinnaire Lending will leverage Fifth Third’s $5 million commitment to provide financing to developers for the rehabilitation and construction of affordable for-sale homes, multifamily housing and community facilities in Illinois and Michigan. Additionally, Cinnaire Lending and Fifth Third are partnering with emerging developers in both states leveraging the investment as a catalyst to further work in underinvested communities.
“This flexible financial resource provides cost-effective funding to our borrowers in Illinois and Michigan, allowing them to take on projects that build on the assets in their communities,” said Sarah Greenberg, Cinnaire Lending President. “Our collaboration with Fifth Third will support developers and communities that have experienced decades of disinvestment.”
Cinnaire Lending is a trusted partner with nonprofit organizations, government agencies, and mission-driven for-profit businesses to connect communities, regardless of income or ZIP code, with financing that supports economic growth and opportunity.
“Our unique relationship with Cinnaire allows the Fifth Third Community Development Company and Fifth Third Bank to transform neighborhoods and improve the quality of life in the communities we serve,” said Susan Thomas President, Fifth Third Community Development Company. “This investment provides an avenue for the Bank to partner and thereby deliver crucial components of the financing structure that traditional banks can't do.”
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 $4.7 billion to support the development of 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. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spur $8.8 billion in economic impact. https://cinnaire.com
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.