Cinnaire announced the closing of a $307 million Low-Income Housing Tax Credit (LIHTC) equity fund— the second largest investment in the organization’s history. Cinnaire’s Fund for Housing Limited Partnership 45 (Fund 45) will finance the creation and preservation of 2,259 affordable housing units across 27 properties in ten states, directly benefiting 5,196 residents.
Fund 45 will support multi-family housing development in Delaware, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, Pennsylvania, Virginia, and Wisconsin. Across the fund’s 27 properties, 3,432 bedrooms will be created or preserved, including 1,011 units designated as affordable for seniors and 114 units dedicated to at-risk or underserved populations. The fund reflects Cinnaire’s mission: to create housing that provides people with the opportunity to have a safe and affordable quality home.
“The need for affordable housing has never been more critical than it is today,” said Josh Ghena, President of Cinnaire Equity Partners. “Every dollar we invest through this fund represents a real person: a family finally able to put down roots, a senior aging with dignity, an individual with special needs finding stability. In a housing market that is priced out of reach for too many, Fund 45 creates the kind of opportunity that changes lives and strengthens the communities we share.”…