July 14, 2021, Indianapolis, IN – CREA successfully 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. The impact made by the new and rehabilitated affordable housing properties represents the creation of 4,033 homes, expanding opportunities to individuals and families to comfortably afford a place to call home. 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 it’s 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.” CREA’s largest multi-investor fund to date, Fund 85 includes 20 financial institutions – four of which were new relationships to CREA. The fund offered nine investment classes for economic and CRA-motivated investors.
Fund 85 is also comprised of 35 developers, of which 24 are existing relationships and 11 are new to CREA.
“The success of Fund 85 is directly attributable to the quality of the assets it holds,” said Charles Anderson, Co-President. “That quality starts and ends with sponsorship. At the development level, our partners overcome numerous obstacles to ensure the delivery of clean, safe and affordable communities, while simultaneously offering access to the much-needed services and amenities that truly make a difference in the lives of residents. We thank all our partners for allowing CREA to share in that success.”
Since 2001, CREA has participated in raising $7.8 billion in tax credit equity, translating into more than 66,000 affordable homes created within over 730 properties – and growing.
“At CREA, we believe that opportunity begins with a safe place to call home,” said Jeffrey Whiting, Chairman and CEO. “We value our partnerships and are grateful to share in the success and greater outcome of this mission.”
Emrath, Paul. “National Impact of Home Building and Remodeling: Updated Estimates.” HousingEconomics.com, NAHB, 1 Apr. 2020, www.nahbclassic.org/generic.aspx?sectionID=734&genericContentID=272642&channelID=311&_ga=2.193134125.1811712474.1621346832-1499079251.1621346832.