CREA announced closing $809 million in low-income housing tax credit equity, with an additional $317 million in equity raised or committed in 2018.
This represented 73 property closings, with nearly 7,000 affordable homes that will be preserved or created, in 29 states.
“The last three years have been some of the more trying times in our industry,” said Jeffrey Whiting, president and CEO. “2018 started out with significant changes to the tax code and ended with a government shutdown. We have seen investors enter and exit the market. Throughout all of 2018, we held firm to our commitments to our investor and developer relationships. As such, CREA has been able to navigate the turbulence and meet the expectations of our partners.”
In 2018, CREA closed its largest-ever national fund, Fund 66, with commitments of up to $258.7 million. The fund supported the development of 32 projects with capital from 17 investors. CREA also closed Fund 61 (a $156.6 million national fund) and Fund 58 (an $86.5 million California fund), adding 10 new multi-investor fund relationships. In addition, CREA was active with 16 proprietary fund investors, including five new relationships in 2018.
“Heading into 2019, we have a very strong pipeline and significant raised or committed capital from our investor partners,” said Tony Bertoldi, executive vice president, syndications and investor relations. “We look forward to navigating the market in 2019 and thank our partners for their continued confidence and trust in CREA.”