The Flats neighborhood in Wilmington, Delaware, is being redeveloped with new housing in multiple phases. Woodlawn Trustees, HDC MidAtlantic, and Todmorden Foundation have been involved in the large-scale effort. Phase V is being supported with low-income housing tax credit equity from Cinnaire.
The Flats neighborhood in Wilmington, Delaware, is being redeveloped with new housing in multiple phases. Woodlawn Trustees, HDC MidAtlantic, and Todmorden Foundation have been involved in the large-scale effort. Phase V is being supported with low-income housing tax credit equity from Cinnaire.

Cinnaire has announced the closing of its largest Mid-Atlantic low-income housing tax credit (LIHTC) fund. The $86.3 million fund will help bring more than 691 affordable homes to the region.

Since 2013, Cinnaire has partnered with financial institutions and insurance companies throughout the Mid-Atlantic to raise more than $417 million to support more than 4,800 units of affordable housing.

The 2022 fund will support 10 properties, including The Flats—Phase V, the latest phase of a large-scale redevelopment of a property built in Wilmington, Delaware, in the early 1900s into newly constructed, high-quality affordable housing. The development will provide 53 affordable homes for seniors and will include professional on-site management and supportive services coordination. The project will feature a community room, a wellness room, a lounge area for resident use, a fitness center, a library, a patio and gazebo, and a community garden.

“We are inspired and grateful for the tenacity of our developer partners who are committed to increasing quality, affordable housing in our Mid-Atlantic communities as well as the demonstrated commitment of the investors participating in this fund,” said Matt Hodges, Cinnaire senior vice president, business funding. “This fund will increase financial stability for families while creating jobs and boosting the local economy.”

Cinnaire’s capital raising team, including Hodges, Pam Hetz, and Josh Ghena, worked with its business development team, Susan Frank and Jacob Stern, to bring investors and developers to the table to advance the firm’s mission, added Brett Oumedian, Cinnaire chief financial officer.

Cinnaire is a nonprofit LIHTC syndicator and financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans, and real estate development services. Since 1993, it has invested $4.9 billion to support the development of 863 housing communities in 10 states, providing 53,146 affordable apartment homes for more than 114,000 individuals and families.