Cinnaire and the IBA have announced the closing of a $120 million Low-Income Housing Tax Credit Equity Fund that will be invested in communities across the upper Midwest. The fund is the largest in Cinnaire and IBA’s joint history, financing the new construction and rehabilitation of approximately 1,100 homes serving more than 2,000 people.
The participation and volume in this fund are a declaration by community banks of their commitment to accessible and affordable housing throughout Indiana and beyond. Cinnaire’s partnership with the IBA compounds and strengthens the company’s community-building efforts by supporting the most vulnerable individuals and families across Indiana.
The Cinnaire Fund for Housing Limited Partnership 40 is an equity fund created to support and invest in affordable apartment communities that provide federal low-income housing tax credits for financial institutions, insurance companies and corporate investors. The LIHTC program is the nation’s largest and most successful tool for encouraging private investment in affordable housing. Over the past 30 years, the program has financed nearly 3 million affordable apartments, providing homes to more than 6.5 million low-income households.
Cinnaire’s LIHTC investment opportunity is unique in that it blends financial returns with a social mission. The $120 million initiative will preserve affordable housing and empower communities across the Midwest.
The fund brings Cinnaire’s total equity investment raised since its start 30 years ago to more than $5.8 billion.
Cinnaire’s most recent fund included an $8.8 million equity investment in the acquisition, rehab and construction of AFR Indiana in Arcadia. The three scattered sites will consist of 186 multifamily-housing affordable apartments right here in the Hoosier State.
As a full-service Community Development Financial Institution, Cinnaire works with socially conscious investors and mission-focused organizations to support housing and community development work.
Cinnaire has been changing lives and transforming struggling neighborhoods in Indiana for more than two decades. With an office in downtown Indianapolis, Cinnaire’s Indiana team includes a dedicated staff who are on the ground supporting community and economic development while creating opportunities to empower families and lift up neighborhoods.
“We see our LIHTC funds as a pledge to our local community,” said Pam Hetz, senior vice president of business funding. “It matters to us because we live here, too. We are local to all these communities, and because of that, we believe in supporting vulnerable populations and providing families with opportunities to not just live well but thrive.”
As a full-service Community Development Financial Institution, Cinnaire works with socially conscious investors and mission-focused organizations to support housing and community development work. Cinnaire helps investors accomplish their goals in underserved communities, including fulfilling the environmental, social and governance (ESG) goals for the clients we serve.
Cinnaire is continually reviewing activities, operations and bottom-line results to ensure our investment strategies align with a heightened focus on addressing ESG considerations. For more information, please contact me at (317) 522-5469 or [email protected].
