Affordable Housing Lending

Access to quality and affordable homes is a critical component to creating healthy communities. Cinnaire Lending offers a broad toolkit of products to support housing development. Leveraging Low-Income Housing Tax Credits (LIHTC), we are able to finance affordable real estate projects that create opportunities in low-income communities.

With more than 30 years in LIHTC funding, we can successfully navigate the challenges in affordable housing development that many traditional lenders consider insurmountable. We understand the dynamics of affordable housing lending and can move complex transactions from concept to completion. Since 1993, Cinnaire has funded more than 1,000 affordable housing developments including more than 63,000 affordable apartment homes throughout the Midwest and MidAtlantic states.

Side view of Samaritas Senior Living Apartments - a former seminary

Affordable Housing Financing Solutions - Loan Products

Pre-Development Loans

We support the vital first steps for our development partners as they lay the groundwork for community energizing projects. These loans are typically used for land acquisition, third-party due diligence costs, architectural and consulting fees, and other up-front costs.

Acquisition Financing

Revitalizing existing housing is an essential aspect of solving the affordable housing shortage. Cinnaire offers short-term financing for acquiring affordable multifamily properties and, if necessary, funding immediately needed health and safety repairs.

Permanent Financing

Sometimes a simple, straightforward loan package is just what’s needed. Our conventional and FHA financing for affordable housing, both immediate and forward commitment, are tried-and-true products to achieve that goal. And while titled “conventional,” our lending experts are highly creative in structuring and packaging permanent financing to best suit the needs of our development partners.

Flexible Financing

Our lending professionals take pride in crafting innovative, customized solutions that address the unique needs of each project, including sponsoring Affordable Housing Program applications with the Federal Home Loan Bank of Chicago for gap financing.

Cinnaire has underwritten over $800 million in
764+ community development loans

Federal Home Loan Bank of Chicago Affordable Housing Program

Cinnaire is a member of the Federal Home Loan Bank of Chicago, or FHLBC, giving our clients access to its full suite of products. An important product for rental properties is the Affordable Housing Program, or AHP, which awards grant subsidies of up to $900,000 through a competitive process. These valuable grants, which do not have to be paid back, provide gap funding for affordable rental properties and dovetail well with LIHTC funding.

Preserve Affordability Pittsburgh Loan Pool (PAP)

Preserve Affordability Pittsburgh Loan Pool (PAP) is actively seeking opportunities with mission-minded developers acquiring multi-family affordable housing projects with 20 or more units. PAP seeks out projects that have a strong impact on low-or-moderate income communities that are experiencing displacement because of astronomically rising rents. We preserve projects that benefit the community through increased affordability, community revitalization and enhanced economic activity.

Cinnaire building in Chicago

Multifamily brick and vinyl housing with balconies

Capital Magnet Fund

Cinnaire Capital Magnet Fund (CMF) program supports efforts to leverage private investment to finance supportive housing and community development projects in underserved communities. CMF funds provides borrowers access to flexible financing to acquire, rehabilitate or preserve affordable housing projects and community facilities in competitive markets.

Our Locations

Home Office - Lansing
1118 South Washington
Lansing MI, 48910

Indianapolis
320 North Meridian, Suite 516
Indianapolis IN, 46204

Wilmington
100 W. 10th Street, Suite 502
Wilmington, DE 19801

Chicago
225 West Washington, Suite 1350
Chicago, IL 60606

Madison
10 E. Doty Street, Suite 617
Madison, WI 53703

Grand Rapids
100 Cesar E. Chavez Ave., Suite 202
Grand Rapids, MI 49503

Detroit
2111 Woodward Avenue, Suite 600
Detroit, MI 48201

Milwaukee
231 E. Buffalo Street, Suite 302
Milwaukee, WI 53202

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