# Cinnaire For Housing Limited Partnership
The Cinnaire Fund for Housing Limited Partnership series is a family of low-income housing tax credit (LIHTC) equity funds managed by Cinnaire, a community-development finance organization based in [Lansing, Michigan](https://www.edgepedia.org/lansing-michigan); the numbered Delaware and Michigan limited partnerships raise tax-credit equity from investors to finance affordable housing rather than making conventional private equity buyout investments.[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) Each fund is filed with the SEC as a pooled investment fund in the private equity category.[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt)
| Key fact | Detail |
|---|---|
| Organization inception | 1993, per Cinnaire's own account of being in its 32nd year in 2025[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/) |
| Headquarters | 1118 South Washington, Lansing, Michigan 48910[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) |
| Business | LIHTC equity syndication through numbered multi-investor funds; 91 tax credit equity funds under management (company statement)[3](https://cinnaire.com/fund-management/) |
| Largest fund | Fund 43, closed at $340 million in 2025, described by the company as the largest fund in its history[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/) |
| Geography | Thirteen-state operating footprint (company statement)[3](https://cinnaire.com/fund-management/) |
| Status | Actively raising; new Form D filings through June 2026[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) |
## History and people
The retained record establishes the fund series through SEC filings rather than a corporate history. Fund 38, formed in 2022, reported its first sale on November 9, 2022.[4](https://www.sec.gov/Archives/edgar/data/1953031/0001953031-22-000001.txt) According to the manager, the organization was in its 32nd year as of the 2025 Fund 43 close, consistent with a 1993 inception.[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/)
Brett S. Oumedian signed the Fund 38 filing in 2022 as Chief Financial Officer of the general partner and the Fund 45 filing in 2026 as [President](https://www.edgepedia.org/president-corporate-title) and Chief Executive Officer of the general partner.[4](https://www.sec.gov/Archives/edgar/data/1953031/0001953031-22-000001.txt) A Fund 44 Form D record carried by an aggregator names a broader officer and director group: Michael Taylor (director), Mark McDaniel, Christopher Laurent, Donald Tucker, Brett Macleod, Brett Oumedian, Susan Frank, Donsia Strong, and Josh Ghena as executive officers (unverified, aggregator source).[5](https://aum13f.com/fund/cinnaire-fund-for-housing-limited-partnership-44) The identity of the organization's founders is not established in the retained sources.
## How the funds work
The funds are multi-investor LIHTC vehicles: each sells limited-partner interests under a Rule 506(b) exemption. Fund 38 reported 15 investors and Fund 45 reported 17 investors; the still-open Fund 44 carried a minimum investment of $1 million (unverified, aggregator source).[4](https://www.sec.gov/Archives/edgar/data/1953031/0001953031-22-000001.txt) • [5](https://aum13f.com/fund/cinnaire-fund-for-housing-limited-partnership-44) On the development side, the company reports that 90% of Fund 43's investments were made with repeat developer partners, and that it provides quarterly fund-level reporting to investors on a set calendar after each quarter end, with investor-specific reports including audits, tax returns, and K-1s.[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/) • [3](https://cinnaire.com/fund-management/)
The specific economics, return targets, and investor identities are not independently documented in the available record; no source states what returns the investors expect or how the tax credits translate into measured yields for these funds.
## Funds raised, by the numbers
Form D filings show the series raising large amounts:
| Fund | First sale | Offering | Amount sold | Investors |
|---|---|---|---|---|
| Fund 38 | 2022-11-09 | $205.0 million | $203,212,250 | 15[4](https://www.sec.gov/Archives/edgar/data/1953031/0001953031-22-000001.txt) |
| Fund 43 | 2025 | — | $340 million closed (company announcement) | —[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/) |
| Fund 44 | 2025-12-05 | $185.0 million | $90.1 million sold as of Dec 2025 filing (unverified, aggregator source) | minimum $1 million[5](https://aum13f.com/fund/cinnaire-fund-for-housing-limited-partnership-44) |
| Fund 45 | 2026-05-27 | $308.0 million | $307,092,563 | 17[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) |
The company separately reports having raised nearly $5.6 billion in LIHTC equity and leveraged more than $11.7 billion in community investment since inception, figures that span all of its vehicles and include non-Form-D amounts.[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/)
## Portfolio and footprint
According to the company, it has directed more than $7.3 billion to more than 1,200 development projects, helped build 83,000 units of affordable housing, created or retained more than 95,000 jobs, and leveraged more than $14 billion in overall community impact, across a thirteen-state geography.[3](https://cinnaire.com/fund-management/) Fund 43, its largest close, finances 33 developments across 11 states with 2,455 affordable units supporting more than 5,400 people and a projected $844 million in local economic activity; it includes Wellspring Recovery in Farmington Hills, Michigan, the company's third syndicated opioid-recovery housing project, with 60 permanent supportive housing units.[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/)
The two sources disagree on Fund 45's geography: the Form D lists a 12-state offering (DE, IL, IN, ME, MD, MI, MN, MT, NJ, OH, PA, and WI),[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) while the company's closing announcement describes properties in ten states including Virginia.[6](https://cinnaire.com/cinnaire-closes-307m-lihtc-equity-fund-expanding-affordable-housing-across-10-states/)
## Recent developments
The series has grown through successive large raises. Fund 43 closed at $340 million in 2025, which the company called its largest fund ever; Fund 45 reported $307 million sold as of its June 2026 Form D filing.[2](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/) • [1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt) Fund 44 was still open as of its December 2025 filing, with $94,885,040 remaining of its $185 million offering (unverified, aggregator source).[5](https://aum13f.com/fund/cinnaire-fund-for-housing-limited-partnership-44) Form D activity through the June 3, 2026 Fund 45 filing shows the manager remained an active raiser as of that date.[1](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt)
## References
1. [SEC Form D — Cinnaire Fund for Housing Limited Partnership 45 (filed 2026-06-03)](https://www.sec.gov/Archives/edgar/data/2132192/000213219226000001/0002132192-26-000001.txt)
2. [Cinnaire Raises $340 Million for Affordable Housing Development and Preservation (Fund 43)](https://cinnaire.com/cinnaire-raises-340-million-for-affordable-housing-development-and-preservation/)
3. [Fund Management — Cinnaire](https://cinnaire.com/fund-management/)
4. [SEC Form D — Cinnaire Fund for Housing Limited Partnership 38 (filed 2022-11-14)](https://www.sec.gov/Archives/edgar/data/1953031/0001953031-22-000001.txt)
5. [Cinnaire Fund for Housing Limited Partnership 44 — Form D record (AUM 13F aggregator)](https://aum13f.com/fund/cinnaire-fund-for-housing-limited-partnership-44)
6. [Cinnaire Closes $307M LIHTC Equity Fund Expanding Affordable Housing Across 10 States](https://cinnaire.com/cinnaire-closes-307m-lihtc-equity-fund-expanding-affordable-housing-across-10-states/)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Private equity and buyout firms of the Americas › Real estate private equity*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license