Jeff Whiting had a college professor who had a knack for sharing bits of timeless wisdom, including “a good deal has to be good for all parties.”
That one stuck with Whiting, serving him well over the years as he’s sat at the negotiating table with investors, developers, business partners, and political leaders.
“I’ve always looked at business as a partnership, and partners should treat each other fairly,” says the founder and executive chairman of CREA, a longtime low-income housing tax credit (LIHTC) syndicator. “… If there’s a little left on the table, leave it there. People remember that, and maybe you get another deal. We’ve never looked at our business as a one-off transaction with an investor or developer. We look for long-term partners and strive for long-term impact.”
CREA Origins
Whiting started Indianapolis-based CREA, formerly City Real Estate Advisors, in 2001. In the early days, he began by talking with banks in and around Indiana that were big enough to buy LIHTCs but weren’t positioned to be the largest contributors in a multi-investor fund. These banks wanted a more direct role in their investments, so CREA established itself as a firm specializing in proprietary funds.
Since then, Whiting and his company have helped raise $12.6 billion in equity for affordable housing through both proprietary and multi-investor funds, resulting in the creation of more than 90,000 affordable homes across the country.
Like so many others in the field, Whiting didn’t start out in affordable housing. Instead, he began his career working with municipal bonds. As the youngest member of the bond desk at an investment firm, he was tasked with learning about the LIHTC program soon after it was launched in 1986.
That assignment, which others might view as a tedious chore, caught Whiting’s attention and led him to become a major financier and steadfast proponent for affordable housing.
For his contributions to the industry, he is being inducted into the Affordable Housing Hall of Fame this year.
“Jeff Whiting is a longtime friend and tireless advocate for housing affordability,” says Sen. Todd Young (R-Ind.). “His enduring passion for people and communities has led to countless Hoosiers being able to find safe and affordable places to call home. Jeff embodies the best of Indiana, and he is incredibly deserving of this recognition.”
Work That Matters
In addition to establishing a prominent LIHTC syndication and finance firm, Whiting was involved in the founding of the Indiana Affordable Housing Council in 2012 to promote the preservation and expansion of affordable housing throughout the state.
Around this time, a state senator wanted to impose a tax on housing credits as part of the assessed value on a property. “That just doesn’t work for a program that has a fixed income,” Whiting says. “Rents are set.”
Industry members assembled a coalition of different stakeholders to educate people and advocate for affordable housing, including a new state housing credit.
On the national level, he is a past president of the Affordable Housing Tax Credit Coalition.
He also serves on the board of CREA Foundation, which awards about $250,000 in annual scholarships to young people—many of whom have lived in affordable housing—so they can pursue higher education.
The foundation started with the idea “don’t let the financial side of college stand in the way of what you want to achieve,” says Whiting.
CREA recently took a step in its long-term succession plan, with Whiting moving from CEO to executive chairman. Tony Bertoldi became CEO, and Charles Anderson became president, after serving as co-presidents.
The move allows Whiting, who continues to serve on key committees and advisory discussions at CREA, to focus on strategic initiatives for the company.
“I’ll tell you why I love doing what I do,” he says, recalling a grand opening for a housing development in California. The event featured the mayor and other officials giving speeches about the development.
“Then this 12-year-old girl spoke," Whiting says. “She was a resident, and she said, ‘I want to thank everybody because I don’t have to sleep on my aunt’s couch anymore.’ That hit me. This isn’t just about bringing investors together and raising capital. What we do in the spectrum of affordable housing is a small piece of it, but that’s why we do it. It’s so the 12-year-old girl, and anyone else, has a place to lay their head each night. I don’t think that’s too much to ask.”