LANSING, MICH. — Cinnaire has closed a $134 million low-income housing tax credit (LIHTC) 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. Fund 44 will support developments such as Chamberlain House in Rochester, Ind., East Bay Flats in Traverse City, Mich. and Element Collective in Madison, Wis.
Chamberlain House is a new development with 40 affordable housing units for families, including eight units reserved for Indiana’s State Referral Network with project-based vouchers from the Indiana Housing & Community Development Authority. Housing Directions and Village Management Co. is developing the project.
East Bay Flats is a rehabilitation project delivering 64 affordable homes for individuals who are homeless or at risk of homelessness. All units are supported by project-based rental subsidies from the Michigan State Housing Development Authority, with onsite supportive services provided by Goodwill Northern Michigan. The development team includes Goodwill Northern Michigan and TJ Acquisitions.
Element Collective is a new property in Dane County that will create 197 affordable homes for families, including five units reserved for individuals experiencing or at risk of homelessness. As part of a larger mixed-use, multi-phase development, the project will integrate housing with office and lab space, a food hall, climbing gym and green space. Mandel Group Inc. is the developer.
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.