Cinnaire to Invest $39M in Illinois Housing Developments
Cinnaire, a nonprofit community development organization, recently closed two Low-Income Housing Tax Credit funds totaling $193 million. These will support the creation of preservation of 1,849 affordable homes across 22 projects in nine states.
One of the funds, Cinnaire’s Midwest Fund 40, raised $120 million in committed capital for a multi-investors LIHTC fund dedicated to 1,165 affordable homes across 15 new construction and rehabilitation projects in four Midwest states.
Cinnaire plans to invest $39 million of these funds in three new Illinois housing developments, including two in the Chicago area, reported the Chicago Business Journal. The Chicago-area developments will be in the Austin neighborhood and in Libertyville, with a third located in Macoupin County near St. Louis.
“2023 has been a remarkable year with our capital raising team and partners coming together to raise $417 million in equity investments to support 3,313 affordable homes,” said Josh Ghena, Cinnaire Senior Vice President, Equity Business Funding.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.