City Real Estate Advisors, Inc. (CREA), recently provided $63.5 million in low-income housing tax credit equity to the Indianapolis Housing Authority.
A subsidiary of City Financial Corp., CREA raised the equity from various investors through two distinct fund structures, utilizing state and federal resources to help finance affordable housing for 1,014 families.
The equity was part of the capital raised to renovate Laurelwood Apartments, Rowney Apartments, Beachwood Gardens, Hawthorne Place, Twin Hills Apartments, and Blackburn Terrace. In addition, 16 Park will add 155 new affordable and market-rate apartments and bring one of the more green communities to Indianapolis’ Near Northside, according to CREA.
In 2010, CREA is expected to raise more than $250 million in tax credit equity. The Indianapolis-based firm also has offices in Boston and Austin, Texas.