The Cinnaire Fund 43 investment includes Imani Village Phase IV in Wilmington, a key affordable housing development supporting the Riverside neighborhood’s ongoing revitalization. (Photo courtesy of Pennrose)
Cinnaire has announced the closing of a $340 million Low-Income Housing Tax Credit (LIHTC) multi-investor fund, the largest in its 32-year history. Known as Fund 43, the investment will support the development and preservation of affordable housing across 11 states, including a major project in Wilmington.
The fund will finance 33 developments, resulting in 2,455 affordable housing units and benefiting more than 5,400 individuals. In addition to addressing housing insecurity, the initiative is projected to generate over $844 million in local economic activity.
“The closing of Fund 43 represents a significant milestone in Cinnaire’s history of investing in communities through the creation of affordable housing,” said Matt Hodges, Senior Vice President of Investor Relations at Cinnaire.
Cinnaire is a nonprofit Community Development Financial Institution (CDFI) headquartered in Lansing, Michigan, with operations in multiple states, including an office in Wilmington. The organization provides creative capital solutions for high-impact community projects, partnering with developers, investors, and nonprofits to build inclusive, thriving communities.
“Our largest fund ever—creating 2,455 homes across the communities we serve—means more families have a safe place to call home. The collaborative efforts of our team, our partners, and our investors have helped to create housing not only for families and seniors, but also for people with developmental disabilities, those recovering from opioid addiction, survivors of domestic violence, and individuals living with HIV/AIDS,” said Hodges.
(Photo provided by Cinnaire)
One of the featured developments in Fund 43 is Imani Village Phase IV. The project will deliver 84 residential units—57 of which will be affordable. The housing community is part of the Riverside revitalization initiative led by Pennrose Properties in partnership with REACH Riverside and the Wilmington Housing Authority. Support services will be provided by Kingswood Community Services.
The project continues a multi-phase redevelopment effort aligned with the Purpose Built Communities model, which aims to transform neighborhoods of concentrated urban poverty into thriving, mixed-income communities. This marks the fourth phase of Cinnaire’s partnership with Pennrose and a key element of Wilmington’s broader redevelopment goals.
“For nearly four decades, the Low-Income Housing Tax Credit has been the cornerstone of affordable housing development,” said Ryan Robinson, President of Cinnaire Equity Partners.
“The support from our developer and investor partners in Fund 43 reaffirms the important role LIHTC plays in addressing our nation’s housing crisis. By investing in affordable housing, we’re simultaneously creating new jobs, stimulating local economies, and promoting long-term stability in our communities.”
Cinnaire noted that 90% of the investments in Fund 43 are with repeat development partners, underscoring longstanding relationships and a shared commitment to housing equity and community revitalization.
Claudia is a Philadelphia-based journalist and reporter passionate about storytelling that informs and engages the community. Claudia, a proud Temple University graduate, has built a career covering impactful stories and creating compelling content across digital and print media platforms. With a strong background in writing, editing, and research, Claudia has worked on various topics, from local news to in-depth features, always striving to deliver meaningful and accurate reporting editor@townsquarelive.com
