CREA Closes California Fund, Resulting in 444 Affordable Homes
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CREA Closes California Fund, Resulting in 444 Affordable Homes

This Spring, CREA successfully closed California Tax Credit Fund 84, LP (Fund 84) totaling $132 million of investor equity which will finance eight affordable housing developments across the state of California. The impact made by the new and rehabilitated affordable housing properties represents the creation of 444 homes, expanding opportunities to individuals and families to comfortably afford a place to call home. Additionally, the creation of affordable housing properties from Fund 84 will provide an estimated 555 jobs*, as well as community revitalization and other local economic benefits.

“We continue to be encouraged by the level of appetite from our investors and appreciate their commitment to Fund 84,” said Tony Bertoldi, Co-President. “Affordable housing and job creation are vitally important as we emerge from the pandemic; the housing built as a result of this investment is a step in the right direction.”

The investors in Fund 84 include eight banks, two of which were new relationships to CREA. The Fund offered six investment classes for economic and CRA-motivated investors.

“We are excited to add two new investors and are so grateful to our existing clients who continue to put their trust in us,” said Mary Ann Lang, Managing Director of Syndications. “We were able to offer a variety of investment classes to meet each investors’ unique needs.”             

As CREA celebrates 20 years in business, over $7.1 billion in tax credit equity has been raised, contributing to the formation of over 60,000 homes within 678 properties.

“CREA shares its gratitude with new and existing investor partners, allowing for the successful closing of Fund 84 and the creation of affordable housing that everyone can be proud of,” said Jeffrey Whiting, Chairman and CEO. “These results are a testament to the strength of our relationships and the commitment provided by investor and developer partners.”

*Source: Emrath, Paul. “National Impact of Home Building and Remodeling: Updated Estimates.” HousingEconomics.com, NAHB, 1 Apr. 2020, www.nahbclassic.org/generic.aspx sectionID=734&genericContentID=272642&channelID=311&_ga=2.193134125.1811712474.1621346832-1499079251.1621346832.
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