CREA, LLC (CREA) introduces the formation of a 501(c)(3) charitable foundation named CREA Foundation, Inc. (The Foundation). The Foundation will allow CREA to reach outside of its core business and expand the range of social impact within the communities they are invested.
In consideration of their social responsibility, CREA intends to use capital and community connections to raise, hold, administer and expend resources to support and fund scholarships as well as generally provide financial assistance and other support to residents of low-income housing communities in the United States, especially those housing developments in which CREA or its partners have worked to develop or finance. Beyond scholarship support, The Foundation will also be a vehicle for mentorship to prepare and guide deserving recipients for the workforce.
In the coming months, CREA plans to complete the process of filing an application with the Internal Revenue Service for 501(c)(3) tax-exempt status. Assuming CREA’s application approval, contributions to the foundation from corporations, foundations and other sources will be tax deductible. CREA will make an initial donation to The Foundation, with additional plans to hire an Executive Director to manage daily responsibilities and processes, as well as fundraising efforts, to ensure The Foundation’s mission is implemented accordingly.
During its 20 years in the affordable housing industry, CREA has realized success through the creation of decent, accessible homes in communities, large and small, across the United States. It is in the creation of The Foundation, that hopes for a broader impact will be felt on an individual level.