Homemade Chili Powder
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   2    Dried ancho chilies
   2    Dried pasilla or mulato chilies
   4    Dried chipotle chilies
   2 ts Cumin seeds
   2 ts Dried oregano
 1/2 ts Ground cinnamon

Preheat oven to 300°F. Stem the chilies and roast them on a baking
sheet for 10 minutes, or until crisp. Let cool. Place the cumin seeds
in a dry skillet over medium heat and cook for 30 seconds, or until
fragrant and lightly toasted.

Break the chilies open and shake out the seeds. For a hotter chili
powder, leave the seeds in. Combine the chili pieces, cumin seeds,
and other spices and grind to a fine powder in a spice mill. Store in
an airtight container. Yield: 1 cup.

Note: This powder isn't particularly hot, but it's loaded with flavor.

Source: High-Flavor, Low-Fat Cooking by Steven Raichlen pg 164.