Cinnaire announced today the closing of the organization’s 2021 Mid-Atlantic Low Income Housing Tax Credit (LIHTC) Fund. The $52 million fund will bring more than 570 units of affordable housing to communities across Delaware, Maryland, New Jersey and Pennsylvania. Cinnaire has partnered with insurance companies and financial institutions throughout the Mid-Atlantic to raise more than $352 million and supporting over 4,200 units of affordable housing.
The seven financial institutions investing in the 2021 Cinnaire Mid-Atlantic Capital Fund each demonstrate a firm commitment to investing in the people and communities they serve.
“We are pleased to announce the closing of our largest Mid-Atlantic multi-investor LIHTC fund to date, which comes at a critical time where we have a growing supply/demand imbalance for affordable housing,” said Matt Hodges, Cinnaire Senior Vice President, Business Funding. “Our LIHTC equity funds bring together public and private partners to create positive impacts for families, seniors, and residents with special needs. At a time when more than 10 million households cannot afford the average rent in their state, preserving and developing affordable housing is more important than ever. We look forward to working with our investors and development partners to ensure these residents have access to safe, affordable housing.”
The 2021 Cinnaire Mid-Atlantic Capital Fund will provide a tax advantaged investment and return to investors, positive Community Reinvestment Act consideration from bank regulators, and supports Environmental, Social and Governance (ESG) investment strategies.