CREA, a national low-income housing tax credit (LIHTC) syndicator, reported closing $1.13 billion in investor equity, with a total investor equity raise of $1.56 billion last year.
“In 2024, we experienced significant headwinds due to an increasing interest rate environment and a shift in investor interest toward alternative investments, which required us to modify our distribution strategy,” said Tom Pereira, executive vice president, production. “Combining those challenges with the fact that investor appetite was overshadowed by a federal election in the latter part of the year, we take tremendous pride in the remarkable achievements of our team and partners.”
The equity raised will help create or preserve 7,788 affordable homes across 30 states and will generate an estimated 9,735 jobs.
In 2024, CREA closed its first West x Southwest fund at $129.4 million. Overall, it closed deals with 33 investors and 64 developer partners, including six new investors and 17 new developers.
The firm reported closing $123 million of investor equity in state tax credits across five states, including New York’s first development using only state LIHTCs.
As it approaches its 25th anniversary, CREA has raised over $12 billion of investor equity and has a a portfolio of 958 properties under management and over 88,000 affordable homes across 48 states, Washington, D.C., and one U.S. territory.
