Cinnaire closed the Cinnaire Fund for Housing Partnership 42, a $190 million multi-investor Low-Income Housing Tax Credit (LIHTC) fund.
This milestone will support the creation or preservation of 1,478 affordable multifamily homes across 21 properties, serving over 3,400 individuals. Notably, for the first time in its history, Cinnaire is investing in communities spanning from Wisconsin to Delaware within a single fund.
The fund’s developments include 284 units designated for seniors and individuals with special needs, ensuring that vulnerable populations have access to safe, quality, and affordable homes. Notable projects supported by the fund include:
- Giffords Crossing: Located 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 their mission to serve communities in need.
- Riverview and Grand Vista: Situated 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 7 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, fitness room, 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 provide vital affordable housing solutions in the heart of downtown Lansing.
The fund’s investors include both national and regional banks, many of whom are repeat investors with Cinnaire. Their ongoing commitment underscores the strength of Cinnaire’s impact-driven investment strategy.
