CREA has announced the closing of a $403.2 million low-income housing tax credit (LIHTC) fund, the largest in the firm’s history.
CREA Corporate Tax Credit Fund 117 will help finance the development or preservation of 36 developments, one of which expands the company’s footprint into its 49th state—North Dakota. The remaining properties are located in California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, New York, Ohio, Pennsylvania, and Tennessee.
“Our goal has never been to simply add another state to the board, but we are honored to continue the expansion of the CREA brand by laying a foundation in North Dakota, bringing affordable housing to a community that will truly benefit from it,” said president Charles Anderson. “Closing our largest fund to date in spite of a challenging geopolitical environment makes me exceptionally proud of our team and deeply grateful to the many partners who trust us to safeguard their investments while simultaneously delivering meaningful community impact.”
The fund, CREA’s 41st multi-investor fund and 30th national fund, will support the construction or preservation of 3,484 affordable homes and is projected to generate 4,355 jobs across the country. The units will be home to families, seniors, and residents with special needs.
The firm worked with 14 investor partners on Fund 117, including one new relationship.
The LIHTC syndicator has raised over $13.5 billion in equity and has properties under management in 49 states, three U.S. territories, and Washington, D.C.