If the goal is to create affordable housing for more people – including targeted housing for special populations – no other single program has been as successful as the low Income Housing Tax Credit, LIHTC, created by the federal government in 1986.
LIHTC has been central to Cinnaire’s affordable housing toolkit since our founding. Our deep, on-the-ground involvement in the communities we serve enables us, first, to chose projects that offer the greatest potential impact, and second, bring experience and resources to the table that maximize the benefit of each project for investors, developers, and most importantly, residents.
For us, it’s not just about closing the deal. We look, we listen, we gain understanding. Then we use the “wisdom of the community” to determine the greatest needs, the most innovative ideas, and the most powerful solutions. This is how we catalyzed a breakthrough supportive housing project for homeless veterans, among other transformative projects.
Once a deal is structured and in place, our team of leaders in the LIHTC industry troubleshoot programs and address issues as they arise. And our asset management and fund management staff provide detailed and analytic reporting to investors.
Silver Star Apartments is Michigan’s first LIHTC property to provide permanent supportive housing to homeless U.S. veterans, and first in the nation to be built on VA land. Cinnaire provided $12 million in equity financing.