Cinnaire and the Michigan Banker’s Association Service Corporation (MBASC) have announced the closing of a Low-Income Housing Tax Credit investment fund generating a total of $67 million that will support the development and rehabilitation of eight affordable multi-family apartment communities across Michigan.
These developments will provide a much needed 476 units of affordable housing in local communities.
The Cinnaire Community Tax Credit Fund is part of a larger $175.4 million multi-investor Low-Income Housing Tax Credit Fund for Housing which will support a total of 22 properties in Michigan, Wisconsin, Illinois and Indiana.
Southern Michigan Bank & Trust invested in the 2024 Tax Credit Community Fund to advance Andy’s Place II, a Permanent Supportive Recovery Housing (PSRH) development in Jackson, Michigan.
This project demonstrates the firm commitment Southern Michigan Bank & Trust has to investing in the people and the communities it serves, with the Jackson area expressing full support and enthusiasm for this inspirational project.
