CREA announced it closed CREA Corporate Tax Credit Fund 85, LP (Fund 85) totaling $396.9 million of investor equity, which will finance 37 affordable housing developments, spanning 23 states.
CREA said the impact made by the new and rehabilitated affordable housing properties represents the creation of 4,033 homes. Additionally, the creation of affordable housing communities from Fund 85 will provide an estimated 5,041 jobs¹, as well as community revitalization and other economic benefits.
“Fund 85 and its broader impact was made possible by the many financial partners who are committed to investing in the communities they serve,” said Tony Bertoldi, co-president. “We thank these individuals and organizations for their tremendous efforts getting this to the finish line and for placing their trust in CREA.”
