During a year where the strain of a global pandemic, social injustice and economic hardship tethered the nation, the need for affordable housing continued to grow. Considering a complex business environment, CREA shifted its focus and dedicated resources toward purpose-driven outcomes.
As a part of this new strategy, a strong responsibility to enhance community and social impact led to many successful developments beyond the established business line.
“We are extremely grateful to our investor and developer partners for allowing CREA to participate with them on the creation of more than 7,100 residences in a year where that result was seemingly improbable,” said Charles Anderson, Co-President. “Housing is a critical component to one’s ‘quality of life’ and improving that quality of life is a guiding principle of our endeavor to leverage the social and economic outcomes created by affordable housing. As we entered the new year, we’ve embraced the prospect of continuing to expand the availability of safe, clean, and decent residency for all.”
In response to the injustices taking place across communities of the United States, CREA invested in Diversity, Equity and Inclusion (DEI) training and initiatives, and revisited their mission, vision and values. Additionally, CREA Foundation Inc. was formed and the process is underway in arranging assistance to individuals residing in low-income communities, providing access to financial scholarship support, and offering mentorship as well as access to program resources. Through The Foundation, CREA hopes to make a broader impact that will be felt on an individual level.
“As we begin 2021 and look back at 2020, it is with gratitude,” said Jeff Whiting, Chairman and CEO. “That may seem strange given the turmoil we all experienced last year. However, we remain grateful for our investor and development partners. We believe the faith and trust entrusted by each of our partners to CREA is a responsibility in which we have an obligation to fulfill. It is a responsibility we take seriously and are grateful for the opportunity to work with such outstanding organizations and individuals to preserve and create affordable housing in 2021.”
Closing out 2020, CREA is fortunate to have participated in the creation of 7,108 homes within 68 properties in 23 states across the country, all of which amounted to $1.01 billion of equity closed with an additional $325 million of equity raised. These results are a testament to the relationships and commitment of its investor and developer partners.
“We certainly didn’t include a pandemic in our business plan for 2020, but I am proud of how our company adjusted and continued with our syndication plan resulting in a record year in terms of equity volume, community impact and the creation of affordable homes,” said Tony Bertoldi, Co-President. “Our investor and developer clients are the real champions – allowing all of this to occur.”
As CREA celebrates 20 years in business, over $7.1 billion has been raised, contributing to the formation of over 60,000 homes within 678 properties.