LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire.
Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich.
Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People.
Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State Housing Development Authority. Developed by MiSide and Southfield Nonprofit Neighborhood Corp., the project will feature recovery services and comprehensive support for residents.
With the close of Fund 43, Cinnaire has now raised nearly $5.6 billion in LIHTC equity and leveraged more than $11.7 billion in community investment.