CREA, LLC (CREA) announced its 2018 results, including $809 million in equity closed and an additional $317 million in equity raised or committed. This represents 73 property closings to further its mission of making affordable housing a reality. The impact of CREA’s 2018 efforts spans 29 states, where nearly 7,000 affordable homes will be preserved or created.
In 2018, CREA closed its largest-ever National Fund, Fund 66, with commitments of up to $258.7 million. The fund supported the development of 32 projects with capital from 17 investors. CREA also closed Fund 61 ($156.6 million National Fund) and Fund 58 ($86.5 million CA Fund), adding ten new multi-investor fund relationships. CREA was also active with 16 proprietary fund investors including five new relationships in 2018.
With over 20 million households paying more than 30 percent of their income, the demand for affordable housing across the country continues to rise. CREA is committed to creating communities of opportunity. From generating jobs that fuel the economy to creating the option for a single mom to raise her children where education, transportation and healthcare are readily available, the impact that CREA has made goes beyond year-end results.