Cinnaire, a non-profit organization focused on community development, recently announced the successful closure of two Low-Income Housing Tax Credit funds totaling $193 million. These funds will be used to create and preserve 1,849 affordable homes across 22 projects in nine states.
The Midwest Fund 40 by Cinnaire raised an impressive $120 million from multiple investors for a LIHTC fund that will support the construction of 1,165 affordable homes through new developments and rehabilitation projects in four Midwestern states.
According to reports from the Chicago Business Journal, Cinnaire plans to allocate $39 million towards three new housing developments in Illinois. This includes two projects located in Chicago’s Austin neighborhood and Libertyville area as well as one near St. Louis in Macoupin County.
Josh Ghena, Senior Vice President of Equity Business Funding at Cinnaire stated that “2023 has been an exceptional year for our capital raising team and partners who have collectively raised $417 million towards supporting over 3,313 affordable homes.”
This announcement further solidifies Cinnaire’s commitment towards providing quality housing options for low-income communities across various regions without compromising on their mission-driven approach.
