CREA (City Real Estate Advisors) announced the closing of its latest low-income housing tax credit (LIHTC) fund, which raised $224.8 million to support affordable housing in 13 states.

Jeff Whiting
Jeff Whiting

The capital for CREA Corporate Tax Credit Fund 48 came from 12 investors, 10 of which have invested with CREA in the past. Since inception, CREA has raised over $3.2 billion in LIHTC equity.

"We are extremely pleased with the level of commitment that our investors and developers have shown CREA,” said Jeffrey Whiting, president and CEO, in a statement. “It is the assurance from our partners that allows CREA to continue to provide capital for affordable housing throughout the United States."

The latest fund is fully specified with 30 properties, creating 2,676 units of affordable housing, while also expanding CREA's developer base with the addition of five new developer relationships. There were four investment classes offered: Premium, Class CRA I, Class CRA II, and Class CRA III. Approximately 57% of the fund was claimed for CRA (Community Reinvestment Act) purposes.

The longtime tax credit syndicator was acquired a few weeks ago by Omni Holding Co., a vertically integrated business that owns and operates six entities that serve the affordable housing industry, including Omni New York, a major affordable housing developer and owner.

Whiting told AHF that the deal strengthens CREA’s position by providing a more robust balance sheet that allows it to continue to grow. The firm will operate as an autonomous business managed by the current senior management team.