During its 22nd year in affordable housing, CREA, LLC’s focus on purpose served as a catalyst for greater social and community impact. From employees to partners to residents, people remain at the center of CREA’s mission. This mentality extends to the affordable communities that stand and serve as the result of that mission.
“By maintaining a commitment to our vision and values, CREA continues to advance affordable housing opportunities through its partnerships with investors and developers,” said Jeffrey Whiting, Chairman and CEO. “Strategic business practices and forward-thinking allow us to accommodate stakeholder interests when there are strains in the market and I’m grateful to our employees for staying the course and our partners for entrusting us with their business.”
During 2022, CREA increased its community and social impact - most notably through employee volunteerism, corporate giving and the meaningful efforts of CREA Foundation. The groundwork of these endeavours began in 2021 when CREA carved out dedicated space for monthly awareness causes supported by contributions to relevant non-profit organizations. In addition to these national recognitions, CREA donated to employee-recommended organizations of personal significance throughout the year. In total, CREA donated to 21 organizations across health, education and research, human services, and public/societal benefit sectors, as well as 10 organizations via employee matching gifts. These philanthropic contributions totalled over 250k, including CREA Foundation. Learn more within CREA’s 2022 Social Impact Report.
Despite economic and market obstacles, CREA closed $1.332B of total equity contributing to the creation of 9,011 affordable homes within 87 communities and 26 states. An additional $637M was raised for 2023 through commitments and closed multi-investor funds.
“2022 was a year of headwinds,” said Charles Anderson, Co-President. “From labor and supply chain disruptions to more than 400 basis points of interest rate volatility, the ability to execute in last year’s environment was a stark reminder of the resiliency of the affordable housing industry and quality of the stakeholders operating within it.”
“We are highly motivated by the continuing shift to impact investing supported by many of our investor partners. While the performance of funds and the resultant returns are as important as ever, additional social and environmental benefits that align with CRA, ESG and Impact Investing are just as valuable,” said Tony Bertoldi, Co-President. “The 2022 Community Impact graphic above illustrates these efforts. By providing good-quality, affordable housing and enhancing the lives of residents across the country through these impact efforts, we are really making a difference while improving performance throughout our processes.”
Going into 2023, CREA has closed $9.88B of total equity, contributing to the formation of over 77,000 homes within 849 affordable communities (as of 12/31/2022).
About CREA, LLC
CREA, LLC specializes in low-income housing tax credits, forming long-term relationships with investors and developers that cultivate success and improve lives. Since inception, CREA has raised over $9.88 billion in equity and has properties under management in 48 states, D.C. and one U.S. territory. CREA is headquartered in Indianapolis, with offices in Austin, Boston, Chicago, New York, Portland, San Diego and Sarasota. More information can be found online at www.creallc.com.
STEFANIE BROWN, SVP, MARKETING
317 808 7193