CREA Raises $1.56 Billion of Investor Equity, Resulting in Nearly 8,000 Affordable Homes
(Indianapolis, Indiana) – February 4, 2025 - CREA, a national tax credit syndicator focused on creating and preserving affordable housing through the low-income housing tax credit (LIHTC), is pleased to share its 2024 results today. CREA closed $1.125 billion in investor equity across the country, with a total investor equity raise of $1.56 billion. CREA maintains an optimistic outlook for the affordable housing industry in 2025.
“In 2024, we experienced significant headwinds due to an increasing interest rate environment and a shift in investor interest towards alternative investments which required us to modify our distribution strategy,” said Tom Pereira, Executive Vice President, Production. “Combining those challenges with the fact that investor appetite was overshadowed by a federal election in the latter part of the year, we take tremendous pride in the remarkable achievements of our team and partners.”
Contributing to the success of 2024, CREA closed its first West x Southwest fund at $129.4 million and onboarded six new investors and seventeen new developers while closing with a total of 33 investors and 64 developer partners. CREA also closed $123 million of investor equity in state tax credits across five states, including New York’s first development using only state LIHTC.
The impact of equity raised will contribute toward the creation or preservation of 7,788 affordable homes and will generate an estimated 9,735 jobs. As it approaches its 25th anniversary, CREA has raised over $12 billion of investor equity, resulting in a portfolio of 958 properties under management and over 88,000 affordable homes across 48 states, D.C., and one U.S. territory.
“The market is constantly evolving, and our industry encounters unique challenges as a result,” said Charles Anderson, President. “Our ability to effectively address these challenges is a testament to the CREA team and the many valued partners we are privileged to work with as we strive to make housing affordability a reality.”
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