Cinnaire announced the closing of a $151 million multi-investor low-income housing tax credit fund.

Cinnaire Fund for Housing (Fund 39) will support the creation of 1,464 affordable homes across 14 new-construction and rehabilitation projects in five Midwestern states.

Fund 39 is the first of four multi-investor funds planned by Cinnaire this year.

“Cinnaire is continuing to see very strong interest from long-time and new investors in our housing credit funds,” said Mark McDaniel, Cinnaire’s president and CEO. “We’re grateful for their trust, and we’re busy deploying this capital into impactful developments that will deliver affordable homes and contribute to thriving communities.”

Fund 39 investors include major national and regional banks, 93% of which are repeat investors with Cinnaire.

The fund will focus on 14 properties in Illinois, Indiana, Michigan, Wisconsin, and Minnesota. The properties supported by the fund will include 2,628 bedrooms and serve an estimated 3,367 low- income residents with safe, affordable housing.

Two properties representing the diverse investments of Fund 39 are Grandmont Rosedale in Detroit, a 35-unit multifamily affordable housing development that recently broke ground and will include the renovation of two buildings on the city’s west side, and Edson School Apartments, an adaptative reuse of a historic school in Milwaukee’s Old North Neighborhood to include 75 affordable apartments and townhomes with 20 reserved for senior housing. Both developments are expected to be completed and available for residents in summer 2024.