Peoples Partners with Cinnaire

 

Wausau, Wis. (July 6, 2022) 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:

• Forest Edge Apartments – 40 new construction units in Lac du Flambeau, WI
• Bristol Commons – 48 new construction units in Bristol, WI
• Brooke St Lofts – 62-unit historic rehab in Fond Du Lac, WI
• Okato Manor – 74-unit acquisition/rehab in Oconto, WI
• New Richmond Senior – 50 new construction units in New Richmond, WI
• Prairie Pointe Apartments – 49 new construction units in McFarland, WI
• Red Caboose Apartments – 38 new constructions units in Madison, WI

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Peoples State Bank is a community bank headquartered in Wausau, Wisconsin, serving north, central, and southeast Wisconsin from ten full-service banking locations in Marathon, Milwaukee, Oneida, Vilas, and Waukesha Counties, as well as a commercial loan production office in Stevens Point, WI. Peoples provides financial services to business owners and individuals and investment and retirement planning services through Peoples Wealth Management, a division of Peoples. Peoples was founded in 1962 and has $1.3 billion in total assets. PSB Holdings, Inc., the parent company of Peoples State Bank, trades its common stock under the stock symbol PSBQ on the OTCQX Market. Peoples is an Equal Housing Lender and Member FDIC. More information about Peoples can be found at bankpeoples.com.

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. 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