CREA announced the recent closing of CREA Corporate Tax Credit Fund 115 (Fund 115), raising $232 million to support the construction and preservation of 1,670 homes through the low-income housing tax credit (LIHTC) program.
The firm’s 40th multi-investor fund, Fund 115 comprises 16 properties across California, Florida, Illinois, Massachusetts, Michigan, North Carolina, Ohio, Oklahoma, Texas, and Wisconsin.
“While early 2025 brought its share of challenges and industry shifts, we’re encouraged to see renewed strength in the LIHTC program and continued support from our partners,” said Thomas Pereira, executive vice president, production, at CREA. “Their confidence in CREA, and in affordable housing as a meaningful investment, makes successes like Fund 115 possible. We’re deeply grateful to our investor, developer, and business partners for their role in creating lasting impact in communities across the country.”
The firm partnered with eight returning investors on the latest fund.
A longtime LIHTC syndicator, CREA has raised over $12.6 billion in equity contributing to the formation of over 90,000 homes within 975 affordable communities, and has properties under management in 48 states, Washington, D.C., and one U.S. territory. The firm is headquartered in Indianapolis, with offices in Boston, New York, and San Diego.