When Cyanogen Inc. shutdown 31st December, development on Cyanogenmod ROM was expected to die out as well since the closure of Cyanogen Inc. took official Cyanogenmod ROMs with it. However, shortly before Cyanogen Inc. shut down, LineageOS emerged. LineageOS was put in place to continue what Cyanogen Inc. used to do and in a sense pick up where Cyanogenmod left. And interestingly, it's the same Cyanogen Inc. team working on Official LineageOS so we most likely don't expect a huge change from Cyanogenmod to LineageOS.
With that in mind, the development community is busy working on bringing LineageOS to as many devices as possible using the source code provided at lineageos.org, official website for LineageOS. The Xiaomi Redmi Note 3, the Qualcomm Snapdragon is the first phone to taste this development.
minz1, Senior Member on XDA Developers took it to XDA to announce the Unofficial LineageOS ROM for the Xiaomi Redmi Note 3. The ROM is based on Android 7.1.1 Nougat. All LineageOS ROM are expected to have their core Android version as 7.1.1 Nougat, unless otherwise. He calls it LineageOS 14.1 similar to previous Cyanogenmod 14.1. There is no much of difference from Cyanogenmod 14.1 here apart from a number of LineageOS features being added as provided on LineageOS Website to perhaps distinguish it from Cyanogenmod. If and when the team at LineageOS.org consider this Unofficial build true to their source code in all form, it will be confirmed and announced official.
A lot of development on LineageOS for other phones is expected as announcements have been seen put up on difference device forums on XDA for those devices that are officially being supported and maintained for LineageOS for example the Galaxy S3 (I9300)
Source: XDA Thread