Cinnaire Raises $340 Million for Affordable Housing Development and Preservation

Low-Income Housing Tax Credit Fund – Largest in Organization’s History – will provide affordable housing for 5,400 people across 11 states.

Cinnaire announced recently the closing of a $340 million Low-Income Housing Tax Credit (LIHTC) multi-investor fund (Fund 43)—the largest investment fund in the organization’s 32-year history. Designed to create housing that provides people a safe, stable place to call home, this fund will finance 33 developments across 11 states, providing 2,455 affordable housing units supporting more than 5,400 individuals and generating more than $844 million in local economic activity.

“The closing of Fund 43 represents a significant milestone in Cinnaire’s history of investing in communities through the creation of affordable housing,” said Matt Hodges, Senior Vice President, Investor Relations at Cinnaire. “Our largest fund ever—creating 2,455 homes across the communities we serve—means more families have a safe place to call home. The collaborative efforts of our team, our partners, and our investors have helped to create housing not only for families and seniors, but also for people with developmental disabilities, those recovering from opioid addiction, survivors of domestic violence, and individuals living with HIV/AIDS.”

This milestone closing reaffirms the critical role the LIHTC program plays in addressing the nation’s housing crisis and highlights the commitment of both developer and investor partners to creating communities that serve families, seniors, and people with special needs. Fund 43 demonstrates Cinnaire’s strong regional partnerships and national impact. Notably, 90% of the investments are with repeat developer partners.

“For nearly four decades, the Low-Income Housing Tax Credit has been the cornerstone of affordable housing development,” said Ryan Robinson, President, Cinnaire Equity Partners. “The support from our developer and investor partners in Fund 43 reaffirms the important role LIHTC plays in addressing our nation’s housing crisis. By investing in affordable housing, we’re simultaneously creating new jobs, stimulating local economies, and promoting long-term stability in our communities.”

Fund 43 will support transformative developments including:

Haven on Main – La Crosse, WI
Haven on Main is a 70-unit mixed-income community including 59 affordable units and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans, and those experiencing chronic homelessness. Half of the total units are designed to support independent living for adults on the autism spectrum, addressing the pressing housing need identified by Haven for Special People. The development will offer safety features, green space, therapy and fitness rooms, and job opportunities nearby. Full supportive services will be provided by CouleeCap, a trusted regional leader in housing and anti-poverty work, in partnership with Invista and Haven for Special People.

Imani Village Phase IV – Wilmington, DE
Located in New Castle County, Imani Village IV will deliver 84 new units—57 affordable and 27 market-rate—serving families as part of the Riverside community revitalization effort in Wilmington. Developed by Pennrose Properties in partnership with REACH Riverside and Wilmington Housing Authority, this project is aligned with Purpose Built Communities’ mission to transform neighborhoods of concentrated urban poverty. Supportive services will be offered through Kingswood Community Services. Imani Village IV is the fourth phase of Cinnaire’s partnership with Pennrose and a key component of Wilmington’s inclusive redevelopment plan.

Wellspring Recovery – Farmington Hills, MI
Wellspring Recovery will provide 72 affordable units in Oakland County, Michigan, including 60 units of permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Maryland State Housing Development Authority (MSHDA). Developed by MiSide and Southfield Nonprofit Neighborhood Corporation, the project will feature wrap-around recovery services and comprehensive support for residents. Wellspring marks Cinnaire’s third syndicated opioid recovery housing project and responds to Michigan’s urgent need for housing solutions in the wake of nearly 3,000 overdose deaths in 2023.

With the successful close of Fund 43, Cinnaire has now raised nearly $5.6 billion in LIHTC equity and leveraged more than $11.7 billion in community investment, strengthening its legacy of building thriving communities through mission-driven investment.