Nonprofit financial partner Cinnaire received a $5.9 million Affordable Housing Program award from the Federal Home Loan Bank of Chicago to support three affordable housing development projects in Wisconsin, including one in Manitowoc.
The grants awarded will help Cinnaire Lending to support the development or acquisition of 137 homes in Manitowoc, Hudson and Somerset. Each project will help provide housing for low- and moderate-income households.
The developments will also bring in about $23.8 million in Low-Income Housing Tax Credit (LIHTC) equity investment through Cinnaire Equity Partners, increasing the positive effect of the awards and financial feasibility of the projects.
The awards are part of FHLBank Chicago’s 2025 AHP General Fund, which will provide $52 million to 37 projects across Illinois and Wisconsin.
The three projects are as follows:
Hudson Stageline, Hudson: 38 rental apartments, all affordable to households earning between 30% and 80% of the area median income.
Maritime Flats, Manitowoc: 59 new rental units affordable to families and individuals with disabilities earning between 30% and 80% of the AMI.
Somerset Eco Cottages, Somerset.: 40 newly constructed units, affordable to households earning between 30% and 80% of the AMI.
