Cinnaire Receives $5.9 Million Affordable Housing Program Award to Support Three Affordable Housing Developments in Wisconsin
The Federal Home Loan Bank of Chicago (FHLBank Chicago) has awarded $5.9 million in Affordable Housing Program (AHP) General Fund subsidies to Cinnaire Lending to support the development of 137 affordable housing units across Wisconsin. These grants will help finance the acquisition and new construction of three projects in Manitowoc, Hudson, and Somerset—each designed to expand housing opportunities for low- and moderate-income households.
AHP supports both hard and soft costs associated with affordable housing development, filling critical financing gaps in an increasingly uncertain development landscape. The three awarded developments will also drive approximately $23.8 million in Low-Income Housing Tax Credit (LIHTC) equity investment through Cinnaire Equity Partners, amplifying the impact of the AHP awards and strengthening the long-term financial feasibility of the projects.
The awards are part of FHLBank Chicago’s 2025 AHP General Fund, which will provide $52 million to 37 projects across Illinois and Wisconsin—creating more than 1,600 affordable housing units serving seniors, veterans, families, individuals with disabilities, and other vulnerable populations in rural, urban, and tribal communities.
Since 1989, FHLBank Chicago has allocated more than $552 million in AHP grants, supporting housing for over 80,000 households across its district.
Cinnaire has been a longstanding partner in this work. Since joining the FHLBank Chicago in 2015, the organization has sponsored 68 winning AHP applications, resulting in $53.3 million in awards for developers across the Midwest. These Cinnaire-supported projects have collectively created or preserved 3,687 affordable housing units—helping close the gap between housing supply and demand throughout the region.
“For nearly a decade, Cinnaire has partnered with FHLBank Chicago to expand access to safe, stable, and affordable housing across the Midwest,” said Sarah Greenberg, President of Cinnaire Lending. “These AHP awards reflect an investment in high quality housing that supports the long-term well-being of residents and enhances the resilience of their communities.”
Cinnaire-Financed AHP Projects in Wisconsin (2025 Award Round)
Hudson Stageline – Hudson, WI
AHP Award: $1.9 million
Hudson Stageline will include the acquisition and new construction of 38 rental apartments, featuring 12 one-bedroom units, 13 two-bedroom units, and 13 three-bedroom units. All units will be affordable to households earning between 30% and 80% of Area Median Income (AMI).
Sponsors: West Central Wisconsin Community Action Agency, Inc. (WESTCAP) and Gerrard Companies
Maritime Flats – Manitowoc, WI
AHP Award: $2 million
Maritime Flats will deliver 59 new rental units, including 21 one-bedroom units, 20 two-bedroom units, and 18 three-bedroom units affordable to families and individuals with disabilities earning between 30% and 80% AMI.
Sponsors: Options for Independent Living, Inc. and Gorman & Company
Somerset Eco Cottages – Somerset, WI
AHP Award: $2 million
Somerset Eco Cottages will provide 40 newly constructed units, consisting of 22 one-bedroom units and 18 two-bedroom units, affordable to households earning between 30% and 80% AMI.
Sponsors: Operation HELP, Inc. and Gerrard Companies
