Developer Cinnaire Closes $134M Fund for Midwest Affordable Housing

Cinnaire has locked in a fresh chunk of cash for the Midwest, closing a $134 million Low-Income Housing Tax Credit fund that will fuel a dozen affordable housing developments across five states. The new vehicle, dubbed Cinnaire Fund for Housing 44, is expected to create or preserve roughly 950 homes for families, seniors and people with special needs, stretching from Madison, Wis., to Traverse City, Mich., and Rochester, Ind.

According to a press release via Cinnaire, Fund 44 will back 12 developments in five states and is projected to serve more than 2,185 people while generating local economic activity. Roughly 90 percent of the fund`s investments are with repeat developer partners, and capital is slated for both new-construction and acquisition-rehabilitation projects...

...Industry coverage highlights several standout projects, including Element Collective in Madison, which will bring 197 affordable homes to market...