Cinnaire has announced the closing of a $175.7 million Low Income Housing Tax Credit (LIHTC) fund that will finance the development or preservation of more than 1,648 affordable homes and 2,441 bedrooms in 5 states. Nine investors are participating in the fund, which is Cinnaire’s largest multi-investor equity fund since 2016.
“Cinnaire’s new team leading Business Funding and Equity Raising, Vicki Mincey, Matt Hodges, and Pam Hetz, has proven to be a success, and in just a short time, raised the second largest multi-investor fund since Cinnaire’s inception,” said Brett Oumedian, Cinnaire Chief Financial Officer. “The incredible response from investors and the 90% repeat developers will allow Cinnaire to continue to support and enhance our communities and improve the quality of so many lives.”
Cinnaire Fund for Housing Limited Partnership 36 (Cinnaire F36) will support 20 properties in Illinois, Indiana, Michigan, Minnesota and Wisconsin. Twenty percent of the projects support residents with special needs, including Prominence Commons in Portage, Indiana. Prominence Commons provides permanent supportive housing for chronically homeless individuals and families that have a household member with a disabling condition. Additionally, the fund includes three Rental Assistance Demonstration properties that will further Cinnaire’s active community involvement.
“At a time when one in four households struggle to pay rent, investing in affordable housing is more important than ever,” said Mark McDaniel, Cinnaire President and CEO. “We appreciate our investor and developer partners for their commitment to providing high-quality, affordable housing to seniors, families and those with special needs. We look forward to working together to positively impact hundreds of families throughout our footprint.”
The fund brings Cinnaire’s total equity raised since inception to $3.7 billion.