CREA has announced the closing of its California Tax Credit Fund 84 (Fund 84), totaling $132 million of investor equity that will help finance eight affordable housing developments across the state.
The new and rehabilitated affordable housing properties will provide 444 homes, expanding opportunities to individuals and families to comfortably afford a place to call home. Additionally, the creation of the affordable housing properties from Fund 84 will provide an estimated 555 jobs, community revitalization, and other local economic benefits.
“We continue to be encouraged by the level of appetite from our investors and appreciate their commitment to Fund 84,” said Tony Bertoldi, co-president of CREA. “Affordable housing and job creation are vitally important as we emerge from the pandemic; the housing built as a result of this investment is a step in the right direction.”
Courtesy CREA
The investors include eight banks, two of which are new relationships to CREA. The fund offered six investment classes for economic and Community Reinvestment Act-motivated investors.
Celebrating 20 years in business, CREA has raised over $7.1 billion in tax credit equity and contributed to the formation of over 60,000 homes within 678 properties.
Specializing in syndicating low-income housing tax credits, the firm is headquartered in Indianapolis and has offices in Austin, Texas; Boston; Chicago: New York City; Portland, Oregon; San Diego; and Sarasota, Florida.