Cinnaire has announced the closing of a $145 million Low Income Housing Tax Credit (LIHTC) equity fund that will finance the development or preservation of more than 1,600 affordable homes in five states. Nineteen investors, many of them repeat investors, are participating in the fund.
“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 had such strong support of our mission to create collaborative financial solutions to expand the creation and preservation of affordable housing. We are grateful to our investors and 85% repeat 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 Fund for Housing Limited Partner 37 (Cinnaire F37) will support 22 properties in Illinois, Indiana, Michigan, Minnesota, and Wisconsin. Ten percent of the overall investment support residents with special needs, including Prominence Commons which includes the acquisition and rehabilitation of several scattered sites in Portage, Indiana, totaling 38 affordable units, and the new construction of a 12-unit building totaling 50 units. Thirty of these units will serve those who are homeless or at risk of becoming homeless. The fund will also support Red Caboose Apartments, the new construction of 38 affordable homes for families in Madison, WI. Eight of these units will be held for households that include a family member with a disability. Movin’ Out, the project developer, will also be constructing a 28,000 square foot daycare facility for low- and moderate-income families.
“Our purpose at Cinnaire has always been about changing lives and transforming struggling neighborhoods into thriving communities,” said Mark McDaniel, Cinnaire President, and CEO. (left) “This fund builds on our strong history in the affordable housing industry while strengthening the foundation we have created to lift up and empower families and communities across the Midwest and MidAtlantic.”
The fund brings Cinnaire’s total equity raised since inception to $3.7 billion.
Cinnaire is a non-profit financial partner that supports community and economic revitalization initiatives through creative investments, loans, and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families, and has provided community development loans to support the creation/retention of more than 187,000 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 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com