Cinnaire closed 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.”
Fund 45 builds on a decades-long track record of partnership between Cinnaire and developers, investors, and communities committed to expanding housing access. The fund drew mission-aligned investors who recognize that affordable housing development is both an economic driver and a social imperative, particularly as housing costs continue to outpace wages in markets across the country.
“Affordable housing at this scale is only possible through strong public-private partnerships and investors who are committed to creating lasting community impact,” said Matt Hodges, Senior Vice President and Managing Director, Investor Relations at Cinnaire. “Fund 45 brings together mission-driven capital, housing developers, state housing agencies, and local communities around a shared goal: expanding access to quality affordable housing.”
Fund 45 supports a diverse portfolio of developments. Among the fund’s featured projects:
3rd Avenue Flats | Dilworth, Minnesota (Clay County)
3rd Avenue Flats is a new construction development in Dilworth, Minnesota, that will deliver 44 affordable housing units serving families. Five units are reserved for people with disabilities, and four units are designated for households experiencing high-priority homelessness. The development team, Commonwealth Holdings IV, will partner with Lakes & Prairies Community Action Partnership (CAPLP) to provide access to the state’s community coordinated entry system CARES that provides access to all homeless housing programs as well as emergency resources to prevent households from falling into homelessness.
Sykes Midrise | Norfolk, Virginia (Norfolk City County)
Sykes Midrise is an acquisition-rehabilitation development in Norfolk, Virginia, that will preserve and enhance 84 rental units serving seniors. Norfolk faces a critical shortage of affordable rental housing, with a citywide gap of more than 6,000 units for cost-burdened households, making the preservation of deeply affordable senior housing especially urgent. Developments like Sykes Midrise, led by the Norfolk Redevelopment & Housing Authority, are essential for addressing these disparities and fostering a more equitable living environment in Norfolk.
The Argus Apartments | Verona, Wisconsin (Dane County)
The Argus Apartments is a new construction development in Verona, Wisconsin, that will provide 60 affordable housing units serving families, including nine units reserved for individuals with developmental, physical, and/or mental disabilities. Lutheran Social Services (LSS), a leading social services provider with over 140 years of experience serving tens of thousands across Wisconsin and Upper Michigan, will deliver on-site services to the nine Permanent Supportive Housing units as part of its ongoing commitment to compassionate, life-stage support. The Argus Apartments will be developed by Northpointe Development II Corporation, Selassie Development, and Cordon Development.
