Low-Income Housing Tax Credit Fund Will Support 2,185 People in communities facing housing challenges.
Cinnaire announced the successful closing of a $134 million Low-Income Housing Tax Credit (LIHTC) fund, Cinnaire Fund for Housing 44. The fund will finance 12 affordable housing developments across five states, creating or preserving 950 homes for families, seniors, and individuals with special needs—supporting more than 2,185 people—and generating significant local economic activity in communities facing growing housing challenges.
As housing costs continue to rise nationwide, Cinnaire’s work underscores the essential role affordable housing plays in creating stability, opportunity, and long-term community resilience. The investments will expand access to safe, stable homes for families, seniors, people with developmental disabilities, and those experiencing or at risk of homelessness.
“Fund 44 reflects both the scale of today’s housing crisis and the collective commitment needed to address it,” said Matt Hodges, Senior Vice President of Investor Relations at Cinnaire. “Every investment in this fund represents more than bricks and mortar—it represents a family with a place to grow, a senior aging with dignity, and individuals gaining the stability needed to pursue health, employment, and opportunity. We are deeply grateful to our investor and developer partners whose collaboration makes these outcomes possible.”
The closing of Fund 44 highlights the enduring strength of the LIHTC program as the nation’s primary tool for affordable housing development. It also reflects strong collaboration among mission-aligned partners, with 90 percent of the fund’s investments made alongside repeat developer partners—demonstrating long-standing relationships built on trust, performance, and shared impact.
“In an increasingly unaffordable housing environment, the LIHTC program remains one of the most effective ways to turn policy into real outcomes for people,” said Josh Ghena, President of Cinnaire Equity Partners. “Through these investments, we’ll be able to help communities meet urgent housing needs while also supporting job creation, economic activity, and long-term neighborhood stability. This is what impact looks like when public and private partners work together.”
Fund 44 will support transformative developments including:
Chamberlain House – Rochester, IN
Chamberlain House is a new construction development providing 40 affordable housing units for families, including eight units reserved for Indiana’s State Referral Network with project-based vouchers from IHCDA. With Rochester facing a severe housing shortage and long waiting lists for comparable housing, the development will play a critical role in meeting urgent local demand. The project is developed by Housing Directions and Village Management Company.
East Bay Flats – Traverse City, MI
East Bay Flats is an acquisition-rehabilitation project delivering 64 affordable homes for individuals who are homeless or at risk of homelessness. All units are supported by project-based rental subsidies from MSHDA, with on-site supportive services provided by Goodwill Northern Michigan, including mental health care, substance-use recovery support, and employment assistance. The development team includes Goodwill Northern Michigan and TJ Acquisitions.
Element Collective – Madison, WI
Element Collective is a new construction development in Dane County that will create 197 affordable homes for families, including five units reserved for individuals experiencing or at risk of homelessness. As part of a larger mixed-use, multi-phase development, the project will integrate housing with office and lab space, a food hall, a climbing gym, and expanded green space. The development is led by Mandel Group, Inc., a longtime Wisconsin-based multifamily developer.
With the closing of Fund 44, Cinnaire has now raised nearly $5.7 billion in LIHTC equity, leveraging more than $12 billion in total community investment. These investments continue to strengthen Cinnaire’s legacy of expanding housing access and advancing economic equity through mission-driven partnerships nationwide.