CREA, LLC (CREA) is pleased to announce its 2019 results, including a record $852.2 million in equity closed and an additional $354.6 million in equity raised. Since inception, CREA has raised over $6 billion. The impact of CREA’s 2019 efforts span 26 states, where nearly 7,800 affordable homes will be preserved or created.
“2019 was a year of stabilization for CREA and the industry,” said Jeff Whiting, President and CEO. “We are appreciative of our investor and developer partners for allowing us the opportunity to assist them in providing affordable housing across the United States. As we look forward in 2020, we believe our market will remain stable notwithstanding the increased demand for affordable housing.”
Contributing to the total equity raised, CREA closed its largest-ever national fund, Fund 74, with commitments of $351.3 million. The fund supported the development of 32 properties with capital from 20 investors. CREA also closed $230 million in 14 active proprietary funds.
“We are obviously pleased with our results in 2019 and extremely thankful for our partners, both investors and developers,” said Tony Bertoldi, EVP, Syndication and Investor Relations. “Our goal has always been to build a sustainable and highly regarded syndication firm for many compliance periods to come. Our activity in 2019 is more than additive to that end with significant additions to our portfolio, as well as investor and developer base. We are also well positioned as we enter into 2020, which may be an interesting year with a presidential election, potential CRA reform, and an economic expansion in the late innings.”
With nearly 50% of all renters in America paying more than half of their income on rent, the affordable housing shortage has only gotten worse in the past decade. The low income housing tax credit is the primary vehicle for the creation of additional housing and the preservation of existing affordable housing stock. CREA has been at the forefront of the efforts to create housing for all.
“We made great strides as a company this year in raising and delivering capital to communities across the country,” said Gary Rodney, Chairman. “Through the tireless efforts of our team at CREA, and our investor and developer partners, we’ve helped to provide a path to stable affordable homes and economic opportunity for so many people regardless of their income. I want to thank all our partners for helping us achieve a record year and their commitment to improving housing affordability.”