CREA announced that its latest low-income housing tax credit (LIHTC) fund will finance 37 affordable housing developments in 23 states.
The developments in the fund represent 4,033 homes and will help provide an estimated 5,041 jobs, according to the company.
“Fund 85 and its broader impact was made possible by the many financial partners who are committed to investing in the communities they serve,” said Tony Bertoldi, co-president. “We thank these individuals and organizations for their tremendous efforts getting this to the finish line and for placing their trust in CREA.”
Totaling $396.9 million of investor equity, the fund is CREA’s largest multi-investor fund to date. It includes 20 financial institutions, four of which are new relationships to CREA. The fund offered nine investment classes for economic and Community Reinvestment Act-motivated investors.
Fund 85 also is comprised of 35 developers, of which 24 are existing relationships and 11 are new to the firm, reported the company in announcing the fund’s closing.
“The success of Fund 85 is directly attributable to the quality of the assets it holds,” said Charles Anderson, co-president. “That quality starts and ends with sponsorship. At the development level, our partners overcome numerous obstacles to ensure the delivery of clean, safe, and affordable communities, while simultaneously offering access to the much-needed services and amenities that truly make a difference in the lives of residents. We thank all our partners for allowing CREA to share in that success.”
Since 2001, CREA has participated in raising $7.8 billion in tax credit equity, translating into more than 66,000 affordable homes created within over 730 properties.
