LANSING, MICH. — Cinnaire, a Lansing-based affordable housing investment nonprofit, has closed a $134 million Low-Income Housing Tax Credit (LIHTC) fund that will finance 12 affordable housing developments in five states. Examples of the new construction and redevelopment projects that Fund 44 will support include:
Chamberlain House. A new-construction, 40-unit development in Rochester, Indiana. The developer is Housing Directions and Village Management Co.
East Bay Flats. An acquisition-rehabilitation project in Traverse City, Michigan, this 64-unit community will support individuals who are at risk of homelessness. On-site supportive services, including substance-use recovery support, mental health care and employment assistance, will be provided by Goodwill Northern Michigan, which will lead development alongside TJ Acquisitions.
Element Collective. Located in Madison, Wisconsin, this 197-unit new-construction project is part of a larger mixed-use development. Wisconsin-based Mandel Group is the developer.
Specific construction timelines and rent caps were not disclosed.