City Real Estate Advisors (CREA) recently closed a $39 million low-income housing tax credit (LIHTC) fund, involving the secondary sale of 11 properties.
Two CREA proprietary investors sold their partnership interest in the properties to the newly formed fund, CREA Corporate Tax Credit Fund XXVIII. Most of the affordable housing developments are stabilized, but a few are under construction.
A LIHTC syndicator, CREA was formed in 2001 as a wholly owned subsidiary of City Financial Corp.
