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Cinnaire Fund Aimed to Help Equitable Housing Development

A $55 million fund created through a partnership between Cinnaire and several financial institutions is aimed at opening doors to help emerging developers gain easier entry into the affordable housing sector.

Cinnaire’s Ubuntu Fund was made possible through investments from JPMorgan Chase, PNC Bank, KeyBank and Fifth Third Bank. Ubuntu, a word that originates from the Nguni language and translates as “humanity toward others,” is an equitable access fund developed to support affordable housing development with underinvested developers in the Midwest.

The $55 million fund was designed to provide access to equity for developers who have faced systemic barriers to securing traditional funding sources. The investors in Ubuntu were united by the shared goal of expanding access to capital to emerging developers of color working in the Low-Income Housing Tax Credit industry.

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