CREA Wraps Up $239 Million LIHTC Fund

By Donna Kimura

City Real Estate Advisors (CREA) announced the closing of its latest low-income housing tax credit (LIHTC) fund.

CREA Corporate Tax Credit Fund 43 raised $238.6 million from 13 investors, including four that are new to CREA. The fund is fully specified with 28 properties in 15 states. It will help create 2,714 units of housing and two secondary interests in CREA syndicated national funds. Four investment classes were offered.

“We are extremely pleased with the quality of the developments and sponsors and are humbled by the extraordinary commitment of our investors in affordable housing,” said Jeffrey A. Whiting, president and CEO, in a statement.

Formed in 2001, the firm has raised more than $2.7 billion in LIHTC equity in 44 corporate funds.

CREA is a full-service LIHTC syndicator. A wholly-owned subsidiary of City Financial Corp., the firm is headquartered in Indianapolis and has offices in Austin, Texas; Boston; Portland, Ore.; and St. Petersburg, Fla.

Donna Kimura is deputy editor of Affordable Housing Finance. She has covered the industry for more than a decade. Before that, she worked at an internet company and several daily newspapers. Connect with Donna at [email protected] or follow her @DKimura_AHF.