Cinnaire announced the closing of the Cinnaire Fund for Housing Partnership 42, a $190 million multi-investor Low-Income Housing Tax Credit (LIHTC) fund. This significant milestone will support creating or preserving 1,478 affordable multifamily homes across 21 properties, serving over 3,400 individuals. And for the first time in its history, Cinnaire invests in communities spanning Wisconsin to Delaware within a single fund.
The fund’s developments include 284 units designated for seniors and individuals with special needs to ensure that vulnerable populations can access safe, quality, and affordable homes. Some of the notable projects supported by the fund include:
1.) Giffords Crossing – Based in Elgin, Illinois, this development will offer 36 affordable housing units for families, with six units reserved for individuals with special needs through the Illinois State Referral Network. Developed by the Burton Foundation, a nonprofit with over three decades of experience in affordable housing, this project continues its mission to serve communities in need.
2.) Riverview and Grand Vista – Based directly across from the new City Hall in downtown Lansing, Michigan, Riverview, and Grand Vista is a new, two-phase development offering 118 units, including 111 affordable and seven market-rate units. Amenities include a community rooftop deck with Grand River views, commercial space for Lansing Housing Commission services, an on-site resident service coordinator, a fitness room, a computer lounge, and direct access to the main city bus terminal. Developed by the Lansing Housing Commission in partnership with Chesapeake Community Advisors, the Riverview and Grand Vista development provides vital affordable housing solutions in the heart of downtown Lansing.
The fund’s investors include national and regional banks, many of which are repeat investors with Cinnaire. And their ongoing commitment underscores the strength of Cinnaire’s impact-driven investment strategy.
Last year, Cinnaire raised over $368 million in equity, leveraging $964 million in total development costs and supporting more than 2,900 affordable homes in ten states. Closing Fund 42, the second-largest LIHTC fund in the organization’s history, required extraordinary teamwork across the syndication company and beyond.
Since its founding in 1993, Cinnaire has closed over $5 billion in tax credit funds, supporting affordable housing in ten states. Fund 42 represents a continuation of this impactful legacy, ensuring that families across the Midwest and Mid-Atlantic have access to safe, affordable homes that contribute to thriving communities.
KEY QUOTES:
“With each closing, we are reminded of our ongoing commitment to bringing affordable housing to the communities that we serve. The need for housing has never been greater. We deeply appreciate our exceptional partners who share our vision and support us in transforming lives. Together, we are building stronger, more vibrant communities where people and families can thrive.”
– Ryan Robinson, President of Cinnaire Syndication
“Our Housing Tax Credit funds continue to grow and attract innovative partnerships. With Fund 42, we have been able to prioritize unique opportunities and expand our reach, providing critical housing solutions for seniors, families, and special needs populations. This collective effort ensures that we can help build healthier, more equitable communities.”
– Josh Ghena, Senior Vice President of Syndication Funding
