Cinnaire 2025
Annual Report

Our impact is not measured by dollars alone. It is reflected in the homes created, the neighborhoods strengthened, and the economic opportunity unlocked.

Cinnaire staff with shovels at a groundbreaking for Andy's Place

Transforming Communities. Transforming Lives.

2025 was a powerful reminder that real progress happens when we invest in people—and in the places they call home. Across 13 states, Cinnaire supported programs and projects that deliver lasting impact, raising and deploying $495 million in Low-Income Housing Tax Credit capital—including the largest fund in our history—and closing more than $100 million in community development loans. At a time when the need for affordable housing and community investment has never been greater, we stayed focused on what matters most: getting resources where they’re needed and supporting partners doing the work on the ground.

Our impact is not measured by dollars alone. It is reflected in the homes created, the neighborhoods strengthened, and the economic opportunity unlocked. In 2025, Cinnaire supported projects from groundbreaking through stabilization, partnered with residents working to remain rooted in their communities, and invested in organizations building long-term local capacity.

The stories in this report capture the heart of our mission—demonstrating that meaningful impact comes from financial investment, collaboration, and a commitment to the long game. Every project, every partnership, and every initiative reflects a simple principle: we invest in people and places to transform lives.

Mark McDaniel, CEO
Mark McDaniel, President & CEO
Mark McDaniel, President & CEO

Transforming Communities. Transforming Lives.

2025 was a powerful reminder that real progress happens when we invest in people—and in the places they call home. Across 13 states, Cinnaire supported programs and projects that deliver lasting impact, raising and deploying $495 million in Low-Income Housing Tax Credit capital—including the largest fund in our history—and closing more than $100 million in community development loans. At a time when the need for affordable housing and community investment has never been greater, we stayed focused on what matters most: getting resources where they’re needed and supporting partners doing the work on the ground.

Our impact is not measured by dollars alone. It is reflected in the homes created, the neighborhoods strengthened, and the economic opportunity unlocked. In 2025, Cinnaire supported projects from groundbreaking through stabilization, partnered with residents working to remain rooted in their communities, and invested in organizations building long-term local capacity.

The stories in this report capture the heart of our mission—demonstrating that meaningful impact comes from financial investment, collaboration, and a commitment to the long game. Every project, every partnership, and every initiative reflects a simple principle: we invest in people and places to transform lives.

Mark McDaniel, CEO
Mark McDaniel, President & CEO
Mark McDaniel, President & CEO

By The Numbers
1993-2025

+
Residents Served
Developments Under
Asset Management
+
Affordable Housing Units
Created/Retained
+
Jobs Created
$ Billion
Total Investments
$ Billion
Total Community Impact
Community Development Loans

Cinnaire Equity Partners

Cinnaire Equity Partners drives transformation by delivering exceptional Low Income Housing Tax Credit investment solutions that connect investors with affordable housing projects, expanding and preserving housing opportunities for the communities we serve.

2025 Impact:

LIHTC Capital Raised: $495,317,852
– Most Equity Closed in One Year in Cinnaire History
– Largest Fund Closing in Cinnaire History $339.6 million
Affordable Housing Units Created/Retained in 2025: 3,615

Total LIHTC Capital History:

Total LIHTC Raised History: $5.38 billion
Affordable Housing Units Created/Retained History: 83,000+
Total Tax Credit Equity Funds: 90
Lewes, Delaware

Chapel Branch Apartments

Chapel Branch Apartments represents a landmark investment in rural Sussex County, delivering the first federally funded affordable housing development in the Lewes area in more than 20 years. This 42-unit new construction community addresses a critical housing gap in a high-cost coastal market experiencing rapid growth. Cinnaire’s investment helped bring long-awaited affordability to the region. US Senator Lisa Blunt Rochester joined Cinnaire for the groundbreaking.

Southfield, Michigan

Wellspring Apartments

Wellspring Apartments reflects Cinnaire’s third investment in permanent supportive housing addressing the national opioid crisis. This $33.2 million, 72-unit development provides 60 units of permanent supportive housing for individuals and families in recovery, combined with integrated services including case management, peer support, job training, and mental health resources. By aligning housing and health, the project reduces reliance on emergency systems while supporting long-term recovery and economic stability in Oakland County.

Holland, Michigan

Lakewood Place Apartments

Responding to a severe workforce housing shortage, Lakewood Place brings 190 mixed-income homes to Ottawa County and represents the first new affordable multifamily development in the City of Holland. Cinnaire’s investment was driven in part by local employers seeking to attract and retain workers. Lakewood Place supports employers and residents alike by expanding housing options in a growing regional employment center.

South Bend, Indiana

The Monreaux

The Monreaux moved forward through Cinnaire’s Housing Tax Credit investment combined with a $1 million construction line of credit from Cinnaire Lending—which together closed key financing gaps and provided the certainty needed to advance construction. Serving as both equity syndicator and CDFI lender, Cinnaire helped de-risk development, unlock additional capital, and deliver 57 mixed-income homes, while supporting an emerging developer and neighborhood revitalization through ground-floor retail and live/work space.

Cinnaire Lending

Cinnaire Lending is a certified Community Development Financial Institution (CDFI) that provides flexible financing for the development and preservation of affordable housing and community assets to strengthen neighborhoods and increase economic mobility.

CPC Mortgage Company

Cinnaire Lending is a partner in CPC Mortgage Company, which provides agency (Fannie/Freddie/FHA) permanent loans for multifamily affordable housing projects.

2025 Impact:

CDFI loans closed: $100.4 million
Agency loans closed: $91 million
Number of CDFI loans: 43
Homes created or preserved: 3,684

Since Inception:

Total CDFI loan volume: $1.08 billion
Total Agency loan volume since 2022: $365 million
Number of CDFI loans: 811
Ferndale, Michigan

Vester Flats

Supported by a $12 million construction loan financed through Cinnaire Lending and Community Preservation Corporation, Vester Flats delivers 72 workforce and attainable housing units and nearly 1,600 square feet of retail space—transforming an underutilized parking lot into dynamic mixed-use housing along a key Metro Detroit corridor.

Inkster, Michigan

Annapolis Pointe

Annapolis Pointe is a $21 million affordable housing development that will eventually bring 72 new homes to Inkster, Michigan—marking the city’s first major residential investment in decades. Led by Gajewski Homes, the project addresses a longstanding need for affordable homeownership in a community that has faced decades of disinvestment.

Henry Meadows Apartments
Tunkhannock, Pennsylvania

Henry Meadows Apartments

Henry Meadows is a newly constructed, 34-unit affordable housing development for seniors in rural Wyoming County, Pennsylvania. Located on the western edge of the township, the development preserves green space and leverages existing infrastructure. Financing includes a $5.2 million loan from Cinnaire Lending, with $500,000 from the Capital Magnet Fund. Onsite supportive services are provided to support seniors age in place while reducing demand on higher-cost institutional care.

Chicago, illinois

TimeLine Theatre

A $4.2 million CLC loan was instrumental in transforming an historic early-20th-century warehouse into a 30,000-square-foot, five-story performing arts and education center in Chicago’s Uptown arts corridor. The facility includes dedicated classrooms, rehearsal studios, and flexible community spaces designed to support year-round student learning.

Cinnaire
New Markets

Housed within Cinnaire Lending, Cinnaire NMTC supports high quality facilities that provide lifelong education and workforce development, with a priority on projects that create family-sustaining jobs for local residents.

2025 Impact:

NMTC Award in 2025: $85 million
Investments closed in 2025: $69.5 million
Total NMTC Allocations Since 2011: $679 million
Decatur, Illinois

Tillamook Decatur Creamery

Cinnaire invested $7 million in New Markets Tax Credits to support the transformation of a former dairy plant into Tillamook’s 79,000-square-foot ice cream manufacturing facility—its first wholly owned plant outside Oregon. The project advances job creation, manufacturing expansion, and regional economic growth in central Illinois.

Plymouth, Indiana

Marshall County Career and Innovation Center

Cinnaire’s NMTC investment supported a $10.7 million expansion of this regional workforce hub serving students from 10 rural school districts across rural northern Indiana. The Center offers hands-on pathways into high demand careers through industry certifications, dual credit coursework, and work based learning. Cinnaire’s investment created classrooms, an automotive training center, a greenhouse, and an on site childcare center—helping reduce barriers to participation while strengthening local talent pipelines.

Madison, Wisconsin

Goodman Brassworks Community Center

With NMTC support from Cinnaire, the Goodman Center doubled its food pantry capacity and expanded programming space for workforce training, education, and wellness. Serving households earning below 60% of area median income, the project delivers approximately 125,000 meals annually, strengthening food security year-round. The Goodman Center has supported low-income families across Madison’s east and north sides for more than 50 years.

Cinnaire Solutions

Cinnaire Solutions is a nonprofit real estate development company that brings together trusted real estate, finance, and design professionals to deliver community-driven affordable and market-rate housing, commercial, and mixed-use developments.

2025 Impact:

Units Placed in Service: 248
Units Under Construction: 342
Total Development Costs: $120 million
Detroit, Michigan

The Residence at West Outer Drive

Cinnaire Solutions partnered with Grandmont Rosedale Development Corporation to redevelop two long-vacant buildings into 35 high-quality affordable homes on Detroit’s west side. Providing development expertise, financing coordination, and strategic support, Cinnaire Solutions helped assemble a complex capital stack that leveraged Housing Tax Credits and the Strategic Neighborhood Fund. The project advances a community-prioritized vision, reduces long-standing vacancy, and ensures 30 years of affordability for working families—strengthening a historic neighborhood with access to schools, transit, and commercial corridors.

La Crosse, Wisconsin

The Collective on Fourth

Working in partnership with Northernstar Companies, Cinnaire Solutions provided co-development services, technical expertise, and financing coordination to deliver this $16.7 million mixed-income housing community. Guided by priorities outlined in the City of La Crosse’s strategic plan, Cinnaire Solutions helped structure capital and align public and private funding to redevelop a blighted half-block into 62 new homes, including 13 units for individuals and families experiencing or at risk of homelessness. The development integrates affordable housing with on-site workforce training and community space, supporting neighborhood revitalization while expanding access to stable housing and economic opportunity.

Detroit, Michigan

The Residences at St. Matthew

The Residences at St. Matthew transformed a long-vacant Catholic school into 46 affordable apartments, including 25 permanent supportive housing units for residents who have experienced homelessness. As co-developer, Cinnaire Solutions provided development management and technical expertise to guide this $20.5 million redevelopment from concept through completion in partnership with Catholic Charities of Southeast Michigan. Cinnaire Lending further strengthened the project with $1.9 million in financing, including early predevelopment support and a permanent loan—helping close funding gaps, advance construction, and ensure long-term stability and affordability while restoring a historic neighborhood landmark.

Place-Based Community Engagement

Expanding Access to Homeownership in Detroit

Cinnaire is expanding access to homeownership for low-income families by helping Detroit residents transition from renters to homeowners through our lease-purchase homebuyer program. In 2025, a $50,000 grant from Michigan Certified Development Corporation (MCDC) provided $3,000 in down payment assistance per household, paired with up to $3,000 in Cinnaire-funded closing cost support—addressing two of the biggest barriers to homeownership. This investment supported 50 families in achieving homeownership, building on a program that has already helped more than 110 residents realize that same dream.

Learn more about the Cinnaire’s Lease Purchase Program.

Jumpstart: New Developer Training Programs

Cinnaire supports emerging developers through two hands-on training and capital access programs designed to build local development capacity. Jumpstart Wilmington launched in Delaware in 2020, guides participants through the full real estate development process with hands-on instruction, mentorship, and access to financing. To date, the program has engaged more than 200 participants, supported $6.85 million in loans, and contributed to the development of 28 properties, strengthening neighborhoods and expanding housing stability.

Jumpstart Martindale Brightwood in Indianapolis equips aspiring local developers with the skills, knowledge, and financing support needed to rehabilitate properties one at a time. Through developer education and technical assistance, the program contributes to a sustainable pipeline of locally rooted developers positioned to lead community-driven revitalization.

Cinnaire Cares Program – 2025 Summary

This companywide, staff-funded charitable giving program supports mission-driven organizations across the communities where we live, work, and serve. Created and championed by employees, Cinnaire Cares highlights the power of collective action and shared purpose. Cinnaire Cares is fueled entirely by our team. Employees contribute twice monthly to a fund dedicated to supporting staff-nominated charities. Since its launch, the program has raised more than $379,000, benefiting 74 organizations across our footprint.
In our latest funding cycle, four organizations were selected for their work in housing stability, education, empowerment, and advocacy. Thanks to employee contributions and a match from Cinnaire, this round raised $56,000, with each recipient receiving $11,200 as well as the Cinnaire Cares Emergency Fund, a fund established to support our nonprofit partners during crisis, economic, or natural disasters.

Chris Neary
Chris Neary
Senior Vice President,
Policy, Research and Advocacy

Policy Partners

Affordable Housing Tax Credit Coalition

CDFI Coalition

Detroit CDFI Coalition

Housing Partnership Network

Michigan CDFI Coalition

NASLEF
(National Association of State and Local Equity Funds)

NMTC Coalition

Policy and Advocacy in 2025

Cinnaire was founded to support a strong affordable housing ecosystem. In addition to our lending, equity investment, and programmatic work, we know that it is critical for us to work with policymakers, housing providers, and advocates to advance practical solutions that address housing affordability across our footprint. Our policy work focuses on education, collaboration, and sharing insights from our on-the-ground affordable housing and community development experts. By sharing Cinnaire’s impact with elected officials, we work to build bipartisan and enduring support for policies that help the communities we serve thrive, from rural to urban areas.

In 2025, the housing affordability crisis brought new urgency for policy solutions. At the same time, a rapidly shifting federal landscape brought new challenges for affordable housing and community development. Despite a complex and often uncertain environment, Cinnaire’s Policy and Advocacy team worked to build support for the Low-Income Housing Tax Credit, which saw the largest expansion in decades, as well as a permanent authorization of the New Markets Tax Credit. Cinnaire also educated elected officials about the value of the CDFI Fund and essential housing and rental assistance programs. State policy also remained an increasingly important venue for Cinnaire’s Policy and Advocacy engagement.

Cinnaire’s approach centered on strategic engagement with key policymakers, strong coalition partnerships, and amplifying on-the-ground impact through direct engagement with elected officials. We are grateful to our partners who worked with us to strengthen our voice and influence across the policy landscape.

Cinnaire 2025 Culture and Project Awards

$5.9 Million AHP Award Will Support Affordable Housing Developments in WI

Cinnaire Awarded $85 Million in NMTC in Record-Breaking 2024–2025 Round

Two Cinnaire Projects Named Affordable Housing Finance Readers’ Choice Awards Finalists

Restoring Waters & Nellie Francis Court Honored with Minnesota Real Estate Journal Award for Excellence in Affordable Housing

Cinnaire Earns 2025 Top Workplace Award from the Detroit Free Press

Cinnaire Recognized as a Top Workplace USA by USA TODAY

Cinnaire Honored with 2025 DBusiness Corporate Culture Awards

Cinnaire CEO Mark McDaniel Honored with Lansing Regional Chamber’s Legacy Award

People

The Cinnaire Executive Team

Mark McDaniel, CEO

Mark McDaniel

President and CEO

Jennifer Everhart

Chief Impact Officer

Katey Forth

Katey Forth

Chief Operating Officer

Brett Oumedian

Brett Oumedian

Chief Financial Officer

Deborah Toby

Deborah V. Toby

Chief People Officer

Lucius Vassar

Lucius Vassar

Chief Legal Officer & Corporate Secretary

Donsia Strong Hill

EVP, Equitable Engagement & Impact Strategies

Joshua Ghena

Josh Ghena

President, Cinnaire Equity Partners

Christopher Laurent

Christopher Laurent

President, Cinnaire Solutions

Sarah Greenberg

Sarah Greenberg

President, Cinnaire Lending

Cinnaire Board of Directors

Chairperson

Wendell Johns

Retired, Fannie Mae
Washington, D.C.

Vice Chairperson

Brett Macleod

Executive Director
JP Morgan Chase
Washington, D.C.

Secretary

Fred L Green III

Executive Vice President, FLGA
Washington, D.C.

TREASURER

Tamara Dudukovich

Owner and Principal,
Avenue Ventures, LLC
Pittsburgh, PA

Director

Amandula Anderson

First Vice President & Manager – Nonprofit Services
National Bank of Indianapolis

Director

Dana Brown

Vice President, LIHTC Customer Management, Fannie Mae

Director

Dana Moore

Principal, Compass Advisors, LLC
Chevy Chase, MD

Director

Jason Paulateer

Senior Vice President and Director of Place-Based Residential Lending and Investment, Fifth Third Bank

Director

Sarida Scott

Vice President, Program
The Skillman Foundation
Detroit, MI

Director

Aaron T. Seybert

Managing Director,
Social Investment Practice
The Kresge Foundation
Detroit, MI

Director

Michael J. Taylor

Retired, PNC Bank
Cleveland, OH

Cinnaire Lending Corporation Board of Directors

Chairperson

Kathy Kamp

Vice Chairperson

Josh Earn

Secretary

Rev. Adrian Brooks

Director

Mark Angelini

Director

Kenyetta McCurdy-Byrd

Director

Dana Moore

Director

Akobe Sandy

Director

Aaron T. Seybert

Cinnaire Solutions Board of Directors

Chairperson

Peter Giles

Vice Chairperson

Marissa Downs

Secretary

Jeff Mack

Treasurer

Gina Worthey

Trustee

Daniel Dierlam

Trustee

Tamara Dudukovich

Trustee

Fred Greene III

Trustee

Brett Oumedian

NEWS

Josh Ghena Appointed President of Cinnaire Equity Partners

Cinnaire Names Katey Forth Chief Operating Officer

Where Impact Took Root in 2025

In 2025, Cinnaire transformed communities and transformed lives across 13 states in the Midwest and Mid-Atlantic.

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