Cinnaire has announced the closing of a $211 million low-income housing tax credit (LIHTC) equity fund, the largest in its 29-year history.
Cinnaire’s 2022 Community Fund (Fund 38), which raised capital from 15 institutional investors, will support 25 affordable housing properties to create or preserve more than 1,900 homes in five states. The fund raised equity from 12 repeat and three new investors.
“We recognize that safe, affordable housing has never been more meaningful, serving as a school, workplace, health center, and even church in recent years,” said Mark McDaniel, Cinnaire president and CEO. “As the need for safe, affordable housing has grown, our team was inspired to reach higher and bring together developers and investors committed to increasing opportunities for affordable housing, the cornerstone of healthy communities.”
The developments are in Illinois, Indiana, Michigan, Minnesota, and Wisconsin. One project is Crown Court Properties’ Terrace Heights, the revitalization of an aging affordable housing community in Wausau, Wisconsin, that will provide four two-bedroom and 10 three-bedroom units for families in a largely Hmong community serving residents natively from Laos, Thailand, and South China.
Another is Project for Pride in Living’s Restoring Waters, a 60-unit supportive housing community for women and families recovering from trauma in St. Paul, Minnesota. Overall, the fund will create 1,900 units equating to 3,055 bedrooms serving more than 3,800 individuals, including 662 units for seniors or individuals and families with special needs.
The fund brings Cinnaire’s total equity investment raised since inception to more than $5 billion.