Cinnaire announced the closing of a $145 million LIHTC equity fund that will finance the development or preservation of more than 1,600 affordable homes in five states. Nineteen investors are participating in the fund.
According to the press release, Cinnaire’s Fund for Housing Limited Partner 37 (Cinnaire F37) will support 22 properties in Illinois, Indiana, Michigan, Minnesota and Wisconsin. Ten percent of the overall investment support residents with special needs, including Prominence Commons, which includes the acquisition and rehabilitation of several scattered sites in Portage, IN, totaling 38 affordable units, and the new construction of a 12-unit building totaling 50 units. Thirty of these units will serve those who are homeless or at risk of becoming homeless. The fund will also support Red Caboose Apartments, the new construction of 38 affordable homes for families in Madison, WI. Eight of these units will be held for households that include a family member with a disability. Movin’ Out, the project developer, will also be constructing a 28,000 square foot daycare facility for low- and moderate-income families.
