Cinnaire closed 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.

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 (Rendering attached)

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.

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

LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire.

Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich.

Haven on Main will total 70 units with 59 affordable housing apartments 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 apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People.

Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be 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 Michigan State Housing Development Authority. Developed by MiSide and Southfield Nonprofit Neighborhood Corp., the project will feature recovery services and comprehensive support for residents.

With the 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.

Cinnaire has announced the closing of a $340 million Low-Income Housing Tax Credit (LIHTC) multi-investor fund, the largest in its 32-year history. Known as Fund 43, the investment will support the development and preservation of affordable housing across 11 states, including a major project in Wilmington.

The fund will finance 33 developments, resulting in 2,455 affordable housing units and benefiting more than 5,400 individuals. In addition to addressing housing insecurity, the initiative is projected to generate over $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 of Investor Relations at Cinnaire.

Cinnaire is a nonprofit Community Development Financial Institution (CDFI) headquartered in Lansing, Michigan, with operations in multiple states, including an office in Wilmington. The organization provides creative capital solutions for high-impact community projects, partnering with developers, investors, and nonprofits to build inclusive, thriving communities.

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“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,” said Hodges.

One of the featured developments in Fund 43 is Imani Village Phase IV. The project will deliver 84 residential units—57 of which will be affordable. The housing community is part of the Riverside revitalization initiative led by Pennrose Properties in partnership with REACH Riverside and the Wilmington Housing Authority. Support services will be provided by Kingswood Community Services.

The project continues a multi-phase redevelopment effort aligned with the Purpose Built Communities model, which aims to transform neighborhoods of concentrated urban poverty into thriving, mixed-income communities. This marks the fourth phase of Cinnaire’s partnership with Pennrose and a key element of Wilmington’s broader redevelopment goals.

“For nearly four decades, the Low-Income Housing Tax Credit has been the cornerstone of affordable housing development,” said Ryan Robinson, President of Cinnaire Equity Partners.

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“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.”

Cinnaire noted that 90% of the investments in Fund 43 are with repeat development partners, underscoring longstanding relationships and a shared commitment to housing equity and community revitalization.

Claudia is a Philadelphia-based journalist and reporter passionate about storytelling that informs and engages the community. Claudia, a proud Temple University graduate, has built a career covering impactful stories and creating compelling content across digital and print media platforms. With a strong background in writing, editing, and research, Claudia has worked on various topics, from local news to in-depth features, always striving to deliver meaningful and accurate reporting.