Cinnaire's $39M Investment Boosts Affordable Housing in Illinois with Three New Developments

In a significant move, Cinnaire, a nonprofit dedicated to community development, has sealed the deal on two Low-Income Housing Tax Credit funds, accumulating a substantial $193 million. These funds are earmarked for the creation and preservation of 1,849 affordable homes across 22 projects spanning nine states.

Midwest Fund 40 Triumphs with $120M for Affordable Housing

Cinnaire's Midwest Fund 40 has triumphantly secured a commitment of $120 million in capital from multiple investors. This fund is exclusively dedicated to fueling the development of 1,165 affordable homes, spread across 15 new construction and rehabilitation projects in four Midwest states.

$39M Injection into Illinois Housing Landscape

Breaking down their strategic allocation, Cinnaire is set to inject $39 million from these funds into three noteworthy housing developments in Illinois. The Chicago Business Journal reports that two of these developments will be located in the bustling city of Chicago, specifically in the Austin neighborhood and Libertyville. The third development is slated for Macoupin County, situated near St. Louis.

A Record-Breaking Year for Cinnaire

As 2023 concludes, Cinnaire reflects on a remarkable year. Josh Ghena, Cinnaire's Senior Vice President of Equity Business Funding, proudly shares, "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."

Partnership Success: $417M Raised for 3,313 Homes

Highlighting the collaborative success, Cinnaire, alongside its partners, achieved an extraordinary feat in 2023 by raising an impressive $417 million in equity investments. This substantial amount is dedicated to supporting the development of 3,313 affordable homes, showcasing the impactful results of effective partnerships in the realm of community development.