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Cinnaire, a nonprofit organization focused on community development, has successfully closed two Low-Income Housing Tax Credit funds totaling $193 million. These funds will play a crucial role in the creation and preservation of 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 new homes and rehabilitation of existing ones. This fund will specifically benefit four Midwestern states with the creation of 1,165 affordable homes through various projects.

According to reports from Chicago Business Journal , Cinnaire plans to allocate $39 million towards three new housing developments in Illinois. Two developments are set to take place within Chicago’s Austin neighborhood and Libertyville area respectively while another one is planned for Macoupin County near St. Louis.

Josh Ghena, Senior Vice President at Cinnaire responsible for Equity Business Funding stated that “2023 has been an exceptional year as our capital raising team collaborated with partners to secure equity investments worth $417 million towards supporting over 3,313 affordable homes.”