The Monreaux demonstrates how public-private partnership—anchored by the Low-Income Housing Tax Credit (Housing Credit)—can deliver high-impact results for communities. Without this financing structure, and without Cinnaire’s role as both a Housing Credit syndicator and CDFI lender, this project would not have moved forward.
Located at 505 S. Michigan Street, The Monreaux brings 57 new rental homes to South Bend, including 45 affordable units serving households earning between 30% and 80% of Area Median Income, alongside 12 market-rate apartments. This mixed-income approach ensures financial sustainability while expanding access to quality housing for working families.
Cinnaire’s investment played a critical role in closing financing gaps and providing the certainty needed to move the project from concept to construction. Through Housing Credit equity and flexible lending, Cinnaire helped de-risk the development and attract additional public and private capital—demonstrating the efficiency of leveraging federal resources to drive local impact.
Equally important, The Monreaux reflects a commitment to supporting emerging developers. By providing capital and partnership, Cinnaire helped bring a new developer into the affordable housing space—expanding capacity and creating a pipeline of future projects.
Beyond housing, the development incorporates ground-floor retail and live/work space, supporting small businesses and local entrepreneurship. The result is not just new housing, but a catalyst for economic growth and neighborhood revitalization.
