Cinnaire Closes $86.3 Million Fund to Support Much Needed Affordable Housing in MidAtlantic Region
Cinnaire has announced the closing of the largest MidAtlantic Low Income Housing Tax Credit (LIHTC) Fund in the organization’s history. The $86.3 million fund will bring more than 691 units of affordable housing to the region. Since 2013, Cinnaire has partnered with financial institutions and insurance companies throughout the MidAtlantic to raise more than $417 million to support more than 4,800 units of affordable housing.
The financial intuitions investing in the 2022 Cinnaire MidAtlantic Fund each demonstrate a firm commitment to investing in the people and communities they serve.
The 2022 MidAtlantic Fund will support ten properties including The Flats – Phase V, the latest phase of a large-scale redevelopment of property built in the City of Wilmington in the early 1900s into newly constructed, high-quality affordable housing. The Flats – Phase V will provide 53-units of affordable homes for seniors and will include professional on-site management and supportive services coordination. The project will feature a community room, wellness room, lounge area for resident use, a fitness center, library, patio and gazebo, and a community garden.
“We are inspired and grateful for the tenacity of our developer partners who are committed to increasing quality, affordable housing in our MidAtlantic communities as well as the demonstrated commitment of the investors participating in this fund,” said Matt Hodges, Cinnaire senior vice president, business funding. “This fund will increase financial stability for families while creating jobs and boosting the local economy.”
“We recognize that safe, affordable housing has never been more meaningful, serving as a school, workplace, health center, and even church in recent years,” said Mark McDaniel, Cinnaire president and CEO. “Our team was inspired to reach higher and bring together developers and investors committed to increasing opportunities for affordable housing, the cornerstone of healthy communities.”
“Cinnaire’s capital raising team including Matt Hodges, Pam Hetz, and Josh Ghena, work in synergy with our business development team, Susan Frank and Jacob Stern, to bring investors and developers to the table to advance Cinnaire’s mission,” said Brett Oumedian, Cinnaire chief financial officer. “We’re proud of the collaborative efforts of our team members and we look forward to strategically deploying these funds to create a positive impact across our footprint.”
The 2022 MidAtlantic Fund will provide a tax advantaged investment and return to investor, positive Community Reinvestment Act consideration from bank regulators, and supports Environmental, Social, and Governance (ESG) investment strategies.
