Cinnaire Closes $175M Equity Fund to Create or Preserve More Than 1,200 Affordable Homes in the Midwest
To date, the nonprofit organization has closed more than $5 billion in tax credits for affordable housing in 10 states
June 7, 2024
Image: V. J. Matthew / stock.adobe.com
New funding from Cinnaire will support the production of affordable housing
Cinnaire—a nonprofit organization that invests in community development solutions—recently announced the closing of the Cinnaire Fund for Housing Partnership 41. With its closing, the $175.4 million Low-Income Housing Tax Credit fund will create and/or preserve 1,228 affordable homes across 22 properties in Michigan, Illinois, Indiana, and Wisconsin. To date, Cinnaire has closed more than $5 billion in tax credit funds for affordable housing in 10 states.
Cinnaire raised $417 million in equity and closed 4 funds in 2023 leveraging $657 million in total development costs and supporting more than 2900 affordable homes in ten states.
The fund’s investors include major national and regional banks, most of which are repeat investors with Cinnaire. The 22 properties in the fund will support approximately 2,825 low-income residents with 1,909 bedrooms.
