Cinnaire Closes Funds Totaling $193 Million, Committing Capital for Affordable Housing in Ten States


Fund Closings Brings Total Equity Investments Raised in 2023 to $417 Million

Cinnaire has announced the closing of two Low-Income Housing Tax Credit funds totaling $193 million. These multi-investor funds – Cinnaire Fund for Housing (Fund 40) and Cinnaire Fund for Housing Mid-Atlantic 8 (MA8) – will support the creation of preservation of 1,849 affordable homes across 22 projects in nine states.

Cinnaire is a mainstay in the community development arena creating Low-Income Housing Tax Credit (LIHTC) Equity Funds for more than 30 years to finance the new construction and rehabilitation of housing across the Midwest and Mid-Atlantic. These funds provide critical investments in affordable apartment communities by syndicating federal LIHTC investments for financial institutions, insurance companies and corporate investors, including both national and regional banks.

“2023 has been a remarkable year with our capital raising team and partners coming together to raise $417 million in equity investments to support 3,313 affordable homes,” said Josh Ghena, Cinnaire Senior Vice President, Equity Business Funding. “Our focus on creating and preserving affordable housing goes beyond structures – offering residents a secure home and empowering communities. This unique investment opportunity aligns financial returns with a social mission, creating value for investors and positively impacting the lives of individuals and families.”

The $417 million in equity investments Cinnaire raised in 2023 will leverage $657 million in total development costs creating 2900 quality, affordable homes and providing housing for approximately 6,400 low-income individuals in 10 states.

“Through the power of collaboration and a shared commitment to mission-driven investing, we are proud to join our 21 investor partners, including four new investors, to direct these equity funds to amplify impact, transforming communities and transforming lives,” said Matt Hodges, Cinnaire Senior Vice President, Business Funding Lead. “We are grateful to our partners for their commitment to creating opportunities for equitable growth and shaping a brighter future for the people we serve.”

Cinnaire Fund for Housing Fund 40 to Benefit Residents in the Midwest

Cinnaire’s Midwest Fund 40 raised $120 million in committed capital for a multi-investors LIHTC fund that will support the creation of 1,165 affordable homes across 15 new construction and rehabilitation projects in four Midwest states.

Cinnaire Fund for Housing Mid-Atlantic 8 to Benefit Residents in the Mid-Atlantic

Fund MA8 is a $73.3 million multi-investor LIHTC fund that will support the creation of 712 affordable homes across 8 new construction and rehabilitation projects in five states, including an inaugural opportunity in West Virginia.

The LIHTC program is the nation’s largest and most successful tool for encouraging private investment in affordable housing. Over the last 30 years, the program has financed nearly 3 million affordable apartments, providing homes to more than 6.5 million low-income households. Since 1993, Cinnaire has raised more than $5.7 billion in equity investment to fund affordable housing developments and community development initiatives throughout the Midwest and Mid-Atlantic regions.

As a full-service Community Development Financial Institution (CDFI), Cinnaire works with socially conscious investors and mission focused organizations to support housing and community development work. Cinnaire helps investors accomplish their goals in underserved communities, including fulfilling the environmental social governance goals for the clients we serve. Cinnaire is continually reviewing activities, operations, and bottom-line results to ensure our investment strategies align with a heightened focus on addressing ESG considerations.

Scroll to Top