East Bay Flats: 64 new affordable homes coming to Traverse City

What’s happening: Cinnaire, a nonprofit financial partner that supports community and economic revitalization initiatives through creative investments, loans and development services, has successfully raised $134 million from investors to help finance 12 affordable housing developments in five states, including Michigan.

The housing developments: The projects – financed through the Cinnaire Fund for Housing 44 – will create or preserve 950 homes for families, seniors, and individuals with special needs — supporting more than 2,185 people — and generating significant local economic activity in communities facing growing housing challenges. 

In Michigan: In Traverse City, East Bay Flats will create 64 affordable homes for individuals who are homeless or at risk of homelessness. All units are supported by project-based rental subsidies from the Michigan State Housing Development Authority, with on-site supportive services provided by Goodwill Northern Michigan, including mental health care, substance-use recovery support, and employment assistance. The development team includes Goodwill Northern Michigan and TJ Acquisitions. 

What they’re saying: “Through these investments, we’ll be able to help communities meet urgent housing needs while also supporting job creation, economic activity, and long-term neighborhood stability. This is what impact looks like when public and private partners work together,” said Josh Ghena, president of Cinnaire Equity Partners. 

About Cinnaire Since 1993, Cinnaire has invested $6.8 billion to develop more than 1,183 housing communities in 11 states, providing 76,000 affordable apartment homes for more than 164,000 individuals and families and has provided community development loans to support the creation/retention of commercial, mixed-use, and community space.