Heat oven to 350°F. Grease and flour 13x9-inch pan. In large bowl, mix flour, granulated sugar, 2 teaspoons cinnamon, the baking powder, baking soda and salt. Add applesauce, oil and eggs; beat on low speed of electric mixer until moistened. Beat 2 minutes on high speed. With spoon, fold in apple and raisins; pour into pan.
Bake 28 to 38 minutes or until toothpick inserted in center comes out clean. Cool completely, about 1 hour.
Heat butter in medium saucepan over medium heat until light golden brown, stirring frequently. Remove from heat; cool 2 to 3 minutes. Beat in powdered sugar, 1/4 teaspoon cinnamon, the vanilla and enough apple juice for desired spreading consistency. Immediately spread over top of cooled cake. (Frosting sets up quickly).