5/16/2018
Hollander Development Celebrates Metea Court Open House with I&M and Cinnaire

Buchanan, MI – Indiana Michigan Power (I&M) presented Hollander Development Corporation with a $243,460.80 check on Tuesday, May 15, for energy efficiency measures at Metea Court Apartments, a 100-unit community for low-income seniors.

Hollander Development participated in one of I&M’s energy efficiency programs and installed LED lighting throughout the complex, placed energy efficient appliances in units along with ductless heat pumps. The energy efficiency measures installed by Hollander Development will save approximately 855,138 kilowatt-hours of electricity, enough energy to power more than 70 Michigan homes for one year.

“Through I&M’s energy efficiency programs, customers who will move into these beautifully renovated apartments by Hollander Development will be saving energy every time they turn on the lights,” said Maggie Beggs, I&M Community Affairs Manager. “As the hometown energy provider, Indiana Michigan Power is dedicated to working with local economic partners and customers.”

Incentives for I&M’s business customers in both Michigan and Indiana are available for qualifying energy efficiency upgrades. Energy saving incentives are available to help offset the cost of implementing the new efficiency measures. Details of I&M’s energy efficiency programs for both homes and businesses can be found at ElectricIdeas.com.

“Hollander Development set out to give the city of Buchanan a community that will be an example of energy efficiency for years to come,” said Matt Hollander, President of Hollander Development. “We were able to accomplish this goal with the help of Indiana Michigan Power’s energy efficiency programs and the financial backing of Cinnaire.”

Cinnaire, in partnership with InSite Capital, provided a $3.4 million Low Income Housing Tax Credit (LIHTC) investment to support the development of Metea Court. Additionally, Cinnaire Lending provided a $1.8 million Fannie Mae immediate permanent loan and a $1.5 million construction loan.

“Hollander Development Corporation is an industry leader in providing high-quality, energy efficient housing,” said Tom Edmiston, Cinnaire Senior Vice President, Business Development. “For 25 years, Cinnaire has partnered with Hollander Development Corporation to create healthy, vibrant, and affordable apartment communities. We appreciate their commitment to protecting our natural resources, promoting sustainability and reducing energy costs for residents.”

# # #

About Hollander Development

Hollander Development Corporation, based in Portage, Michigan, has developed and operated multifamily residential communities in Michigan since 1979. Completing more than 40 multifamily communities totaling over 4,000 homes to date, HDC excels in the use of conventional, HUD, FNMA and MSHDA financing. HDC’s equity investors have included Cinnaire, InSite Capital, Related Capital, Boston Capital, Enterprise Social Investment Corporation, Fifth Third Bank, National Equity Fund, City Real Estate Advisors, Bank of Holland and others. HDC is a three time winner of the Michigan Battle of the Buildings, winner of the Michigan Governor’s Energy Excellence Award, and has developed multiple LEED and Enterprise Green Communities Certified projects.

About Indiana Michigan Power Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its 2,450 employees serve more than 589,000 customers. More than half of its generation is emission-free, including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, 22 MW of hydro generation in both states and approximately 15 MW of large-scale solar generation in both states. The company’s generation portfolio also includes 2,600 MW of coal-fueled generation in Indiana. American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers.

AEP’s more than 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.

About Cinnaire

Since 1993, Cinnaire has invested $3.7 billion to revitalize communities, resulting in more than $7 billion in community impact. A non-profit Community Development Financial Institution (CDFI) certified by the U.S. Department of Treasury, Cinnaire has supported 676 housing developments, provided 47,000 affordable apartment homes and created or retained more than 65,000 jobs. Headquartered in Lansing, MI, with offices in five states, Cinnaire provides access to investment funding, lending options, and title services that support community and economic development, creating stable, sustainable and vibrant communities.www.cinnaire.com

Schnee' Garrett
Indiana Michigan Power Communications
(574) 283-1852
smgarrett@aep.com

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