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Cinnaire Raises $134M to Advance Affordable Housing Development
Cinnaire has announced the closing of a $134 million Low-Income Housing Tax Credit fund, Cinnaire Fund for Housing 44.
The fund will finance 12 affordable housing developments across five states, creating or preserving 950 homes for families, seniors, and individuals with special needs. “Through these investments, we’ll be able to help communities meet urgent housing needs while also supporting job creation, economic activity, and long-term neighborhood stability,” said Josh Ghena, President of Cinnaire Equity Partners.
Fund 44 will support transformative developments including Chamberlain House, a new construction development providing 40 affordable housing units for families in Rochester, and East Bay Flats in Traverse City, an acquisition-rehabilitation project delivering 64 affordable homes.
It will also help fund the construction of Element Collective in Madison, which will deliver 197 affordable homes. With the closing of Fund 44, Cinnaire has now raised nearly $5.7 billion in LIHTC equity, leveraging more than $12 billion in total community investment.
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