Cinnaire announced the closing of a $340 million low-income housing tax credit multi-investor fund—the largest in its 32-year history.
Fund 43 will finance 33 developments across 11 states, providing 2,455 affordable housing units, supporting more than 5,400 individuals, and generating more than $844 million in local economic activity, according to the firm.
“The closing of Fund 43 represents a significant milestone in Cinnaire’s history of investing in communities through the creation of affordable housing,” said Matt Hodges, senior vice president, investor relations at Cinnaire. “… The collaborative efforts of our team, our partners, and our investors have helped to create housing not only for families and seniors, but also for people with developmental disabilities, those recovering from opioid addiction, survivors of domestic violence, and individuals living with HIV/AIDS.”
Officials noted that 90% of the investments are with repeat developer partners.
“By investing in affordable housing, we’re simultaneously creating new jobs, stimulating local economies, and promoting long-term stability in our communities,” said Ryan Robinson, president of Cinnaire Equity Partners.
The transformative developments being supported by Fund 43 include:
- Imani Village Phase IV, which will 57 affordable and 27 market-rate units serving families as part of the Riverside community revitalization effort in Wilmington, Delaware. Developed by Pennrose in partnership with REACH Riverside and the Wilmington Housing Authority, this project is aligned with Purpose Built Communities’ mission to transform neighborhoods of concentrated urban poverty. Supportive services will be offered through Kingswood Community Services. The development is the fourth phase of Cinnaire’s partnership with Pennrose and a key component of Wilmington’s inclusive redevelopment plan;
- Wellspring Recovery will provide 72 affordable units in Oakland County, Michigan, including 60 units of permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State Housing Development Authority. Developed by MiSide and Southfield Nonprofit Neighborhood Corp., the project will feature wraparound recovery services and comprehensive support for residents. Wellspring marks Cinnaire’s third syndicated opioid recovery housing project and responds to Michigan’s urgent need for housing solutions in the wake of nearly 3,000 overdose deaths in 2023; and
- Haven on Main is a 70-unit mixed-income community, including 59 affordable and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans, and those experiencing chronic homelessness. Half of the total units are designed to support independent living for adults on the autism spectrum, addressing the pressing housing need identified by Haven for Special People. The development will offer safety features, green space, therapy and fitness rooms, and job opportunities nearby. Full supportive services will be provided by CouleeCap, a regional leader in housing and anti-poverty work, in partnership with Invista and Haven for Special People.
