Developer raises $134 million for affordable-housing developments
LOS ANGELES: A developer has raised $134m to underpin a rollout of five affordable multigenerational housing communities.
Lansing, Michigan-based Cinnaire 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—supporting more than 2,185 people—and generating significant local economic activity in communities facing growing housing challenges.
As housing costs continue to rise nationwide, Cinnaire’s work underscores the essential role affordable housing plays in creating stability, opportunity, and long-term community resilience. The investments will expand access to safe, stable homes for families, seniors, people with developmental disabilities, and those experiencing or at risk of homelessness.
The closing of Fund 44 highlights the enduring strength of the LIHTC program as the nation’s primary tool for affordable housing development. It also reflects strong collaboration among mission-aligned partners, with 90 percent of the fund’s investments made alongside repeat developer partners—demonstrating long-standing relationships built on trust, performance, and shared impact.