Nonprofit Cinnaire announced the closing of the Cinnaire Fund for Housing Partnership 41, a $175.4 million, multiinvestor low-income housing tax credit (housing credit) fund. The fund comprises 14 investors and will support the creation or preservation of 1,228 affordable multifamily homes across 22 properties in Wisconsin, Michigan, Illinois, and Indiana. Fund 41 is the first of three multiinvestor funds planned by Cinnaire this year. To date, Cinnaire has closed more than $5 billion in tax credit funds supporting affordable housing in 10 states.
Cinnaire raised $417 million in equity and closed four funds in 2023 leveraging $657 million in total development costs and supporting more than 2,900 affordable homes in 10 states. The fund’s investors include major national and regional banks, most of which are repeat investors with Cinnaire. The 22 properties in the fund will support approximately 2,825 low-income residents with 1,909 bedrooms.
One property representing the investments of the fund is CC Lane Apartments in the village of Oregon, a new construction of 70 units of affordable rental housing for families with incomes up to 30%, 50%, and 80% of the area median income. The property will include a mix of one-, two-, and three-bedroom units. Amenities will include a community room, business center, parking facilities, and outdoor recreation center with grilling stations and fire pit. CC Lane is being developed with Northpointe Development Corp.
The development is expected to be completed and available for residents in 2025.
