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Cinnaire Development Finance Management, LLC
Cinnaire Development Finance Management invests in affordable-housing tax credits and community-development lending across the Midwest and Mid-Atlantic.
Cinnaire Development Finance Management, LLC
Cinnaire Development Finance Management, LLC traces its origins to the 1990s, when the Michigan State Housing Development Authority spun out its community-development finance activities into a nonprofit affiliate. That affiliate later formed the for-profit Cinnaire Development Finance Management to syndicate tax credits and originate loans. The firm's founding principals — many of whom still lead — came from affordable-housing policy and development banking. The firm deploys capital across LIHTC equity syndication, NMTC allocations, construction and permanent debt, and pre-development grants. Its portfolio includes over $2B in cumulative investments in more than 600 multifamily properties, per the firm’s own reporting. Geographically, Cinnaire concentrates in the Midwest (Michigan, Ohio, Indiana, Illinois) and the Mid-Atlantic (Delaware, Maryland, Pennsylvania), with additional projects in Wisconsin and Minnesota. Cinnaire operates through multiple legal entities: the nonprofit Cinnaire Corporation and the for-profit Cinnaire Development Finance Management. Together they employ roughly 100 professionals across offices in Lansing, Chicago, Philadelphia, and Newark. In 2023, the firm closed a $50M NMTC allocation round and originated over $150M in new construction loans for affordable housing. The firm's structural differentiator lies in its hybrid governance: a nonprofit parent with a for-profit development arm, all focused on regulatory capital products — LIHTC and NMTC — rather than market-rate real estate or venture-style community investing. That structure aligns tax-credit compliance expertise with the patient capital of government-motivated investors.
General information
Firm type
other
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Lansing
Corporate office
Lansing, MI, United States
Sector focus
Frequently asked questions
Who runs investment decisions at Cinnaire Development Finance Management?
The firm does not publicly list named principals at the executive level for the for-profit entity. The broader Cinnaire organization is led by CEO Mark Morlock (per public record). Investment decisions are likely made by the managing directors of tax-credit syndication and lending, but their names are not broadly disseminated.
Is Cinnaire structured as a family office or a mission-driven development finance firm?
Cinnaire is not a family office. It is a for-profit development finance management firm that is a subsidiary of the nonprofit Cinnaire Corporation. Its mission is to attract private and public capital to underserved communities through tax-credit syndication, lending, and advisory — not to manage family wealth.
What investment vehicles does Cinnaire use?
Cinnaire syndicates Low-Income Housing Tax Credits (LIHTC) and New Markets Tax Credits (NMTC) through limited partnerships and funds. It also originates construction and permanent loans from its own balance sheet, leverages federal programs like the Federal Home Loan Bank's Affordable Housing Program, and administers pre-development grants.
Which geographies does Cinnaire target?
Cinnaire concentrates in the Midwest (Michigan, Ohio, Indiana, Illinois) and the Mid-Atlantic (Delaware, Maryland, Pennsylvania), with additional projects in Wisconsin and Minnesota. Its work is primarily in low-income and historically disinvested urban and rural neighborhoods.
How does Cinnaire source deal flow?
Cinnaire's deal flow originates from long-standing relationships with community-development financial institutions (CDFIs), housing authorities, nonprofit developers, and for-profit developers active in LIHTC and NMTC markets. The firm also proactively deploys its own lending capital to projects in its target geographies.
What sectors does Cinnaire avoid?
Cinnaire explicitly avoids market-rate real estate development, luxury housing, commercial office space, and any projects not aligned with its community-development tax-credit mission. It does not invest in venture capital, private equity, or public securities.
Does Cinnaire maintain philanthropic structures?
Yes. Cinnaire is part of the broader Cinnaire organization, which includes the nonprofit Cinnaire Corporation that administers grants and community development programs. The for-profit management company's profits are used to support the nonprofit's mission, creating an indirect philanthropic tie.
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