CREA Celebrates its Contributions to the Affordable Housing Crisis Amidst Challenging 2023 Environment

For the last 23 years, CREA, LLC has been dedicated to the creation of affordable housing and advocacy of the low-income housing tax credit (LIHTC). The demand for safe, decent, affordable housing continues to grow each year irrespective of the challenges that arise in meeting that need. Alongside investor and developer partners, CREA remains steadfast in its commitment to residents of all kinds by making a lasting impact within communities and neighborhoods across the country.

2023 presented numerous challenges, including a rising interest rate environment and other disruptions to development. Despite these hurdles, CREA successfully closed $1.35 billion of total equity, contributing to the creation of 7,316 affordable homes within 79 communities and 26 states. CREA raised an additional $361 million in 2023 that is expected to close in 2024.

“Throughout the challenges of the past year, we stayed focused, adapted quickly to changes, found creative solutions and, most importantly, provided much-needed affordable housing,” said Jeffrey Whiting, Chairman & CEO. “The loyal support from our valued partners is instrumental in our journey. Together, we have navigated challenges and celebrated success - only reinforcing the strength of our collective efforts.”

The year-over-year increase in equity closed since inception is a fact celebrated by CREA and is a testament to the collaboration with excellent partners. At the start of 2024, CREA has closed over $11B of total equity, contributing to the formation of more than 83,000 homes within 906 affordable communities throughout the United States and U.S. Territories.