CREA

What CREA does

CREA, LLC is a privately held low-income housing tax credit (LIHTC) syndication firm headquartered in Indianapolis, Indiana, founded in 2001 by Jeffrey Whiting. The company raises equity capital from institutional investors (commercial banks, insurance companies, corporations, and GSEs) and deploys it into affordable housing developments constructed or preserved by developer partners across the United States. As of early 2026, CREA has raised over $13.5 billion in cumulative LIHTC equity, syndicated $1.955 billion in 2025 alone (its highest annual figure), and manages a portfolio of 1,059 properties comprising 97,400+ affordable homes across 49 states, DC, and three U.S. territories. Its largest multi-investor fund, Fund 117, closed at $403.5 million.

The business operates a two-sided intermediary model. On the investor side, CREA aggregates capital into multi-investor funds that offer tax credits, Community Reinvestment Act credits, and ESG-aligned returns. On the developer side, CREA structures and closes LIHTC equity investments for individual affordable housing projects, spanning conventional multifamily, senior housing, and supportive/veteran housing subsegments. Notable 2025-2026 transactions include the $160M 570 Eldert Lane in Brooklyn (with Goldman Sachs Alternatives and NYC HPD), $139M Douglas Gardens Senior Health in Florida (with Citi Community Capital), 401-unit Parkway Village at Kapolei in Hawaii (with Fannie Mae, Chase, Bank of Hawaii), and the $22MM Building 158 at the West LA VA Campus supporting homeless veterans. Revenue is earned as a percentage of equity syndicated and through ongoing asset management fees on the portfolio, though specific fee structures are not publicly disclosed. Operating technology consists of standard partner-facing portals (CREA Portal, Reporting Central Portal via MRI Software) for document sharing and investor reporting rather than proprietary AI-driven platforms.

CREA is led by CEO Tony Bertoldi (effective January 2025) and President & COO Charles Anderson, with founder Jeff Whiting as Executive Chairman. The company employs 145+ staff across offices in Indianapolis (headquarters), Boston, New York, and San Diego. Its nonprofit affiliate CREA Foundation, Inc. supports education through scholarships. The firm is independent and not backed by private equity or venture capital, with ownership remaining concentrated with the founder and management team.

Name

CREA

Legal name

CREA, LLC

Website

https://creallc.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

CREA, LLC is a privately held LIHTC syndicator founded in 2001 that raises institutional equity and deploys it into affordable housing developments through developer partnerships across 49 U.S. states, having syndicated over $13.5 billion and managing 1,059 properties.

Ownership category

akta.pro rank

Product category

Affordable Housing Tax Credit Syndication

NAICS

Real Estate Credit (522292), Other Financial Vehicles (52599)

SIC

Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Tax credit syndication
• Affordable housing financing
• LIHTC equity
• Multi-investor funds
• Developer partnerships

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Tax Credit Syndication: CREA raises equity from investors and syndicates Low Income Housing Tax Credits (LIHTC) to developer partners. The company earns fees as a percentage of equity raised, managing multi-investor funds that invest in affordable housing developments across the United States.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

CREA, LLC is a national Low-Income Housing Tax Credit (LIHTC) syndicator that aggregates equity from institutional investors (banks, insurance companies, corporations) through multi-investor funds and deploys that capital as LIHTC equity into affordable housing developments built and managed by developer partners. The company manages every stage of the syndication lifecycle, including investor relations, credit underwriting, portfolio management, and asset oversight, and supports partners through dedicated portals for document sharing and fund reporting. Since 2001, CREA has syndicated more than $13.5 billion in LIHTC equity across 1,059 properties and 97,400+ affordable homes in 49 states, DC, and three U.S. territories.

Product overview

CREA, LLC is an affordable housing tax credit syndication company that does not offer software products. The company specializes in low-income housing tax credits (LIHTC), forming long-term relationships with investors and developers to create and preserve affordable housing. CREA provides financial services including LIHTC equity syndication, multi-investor fund management, investor relations, portfolio management, and property oversight. The company operates through funds such as CREA Corporate Tax Credit Fund 115, Fund 106, Fund 107, and Fund 117, and offers partner-facing online portals (CREA Portal and Reporting Central Portal) for document sharing and investor reporting.

Differentiator

Problem solved

Functional benefit

Products and services

• LIHTC Equity Syndication for Developers

Quantifiable outcome

• 9,448 affordable homes created or preserved from 2025 equity closings
• +5 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Developers CollaborativecoreStrategic or Co-development Partner · 9 February 2026Maine-based developer completing $11M affordable senior housing project in Rumford, Maine (33 units) with CREA LIHTC equity syndication.
• McDowell Housing PartnerscoreStrategic or Co-development Partner · 31 December 2025Miami-based affordable housing developer and repeat CREA partner with multiple projects including Douglas Gardens ($139M, 410 units), Ekos Creekside ($63M, 160 units in Naples), and Ekos at Warrington ($41.9M, 120 units in Pensacola). CREA provides LIHTC equity syndication for their developments.
• Century Affordable Development, Inc. (CADI)coreStrategic or Co-development Partner · 5 December 2025Developer of Building 158 at West LA VA Campus (49 supportive homes for homeless veterans). CREA provides $22MM in LIHTC equity for the project.
• Kobayashi GroupcoreStrategic or Co-development Partner · 18 June 2025Hawaii-based developer co-developing Parkway Village at Kapolei (401 affordable apartments) with Ahe Group, financed through CREA's LIHTC equity and various state/federal programs.
• Ahe GroupcoreStrategic or Co-development Partner · 18 June 2025Hawaii-based developer co-developing Parkway Village at Kapolei (401 affordable apartments) with Kobayashi Group, financed through CREA's LIHTC equity.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hunt Capital Partners: Independent national LIHTC syndicator with a multi-investor fund platform serving developers and institutional investors — the closest direct analog to CREA's business model.
• Boston Financial Investment Management: One of the largest and oldest independent LIHTC syndicators, operating multi-investor funds nationwide — directly comparable in product, customer base, and scale to CREA.
• National Equity Fund (NEF): Major LIHTC syndicator and intermediary that aggregates corporate investor equity and deploys it to affordable housing developers across the U.S., directly competing with CREA for institutional capital.
• U.S. Bancorp Community Development Corporation (USBCDC): Bank-affiliated LIHTC equity syndicator with national reach competing directly with CREA for both developer mandates and corporate investor allocations.
• Affordable Housing Partners: Independent LIHTC syndicator focused on affordable housing, with a multi-investor fund structure analogous to CREA's Fund series.

Broad incumbents

• RBC Capital Markets (Tax Credit Equity Group): Large bank-affiliated LIHTC and tax-credit equity syndication desk, competing with CREA on large developer mandates while offering broader capital-markets capabilities.
• JPMorgan Chase Community Development Banking: Mega-bank LIHTC and tax-credit equity syndicator; competes with CREA on national mandates and bundles debt + equity stacks leveraging its full balance sheet.
• Enterprise Community Partners: Mission-driven affordable housing organization that invests in and syndicates LIHTC equity alongside broader development and policy activity; competes for both investors and developers.
• PNC Real Estate (Community Development): Bank-affiliated LIHTC equity syndication platform leveraging PNC's CRA footprint and balance sheet — directly competes for institutional investor LIHTC allocations.
• Wells Fargo Community Development: Large bank-affiliated LIHTC and tax-credit equity desk competing with CREA on nationwide developer mandates and corporate investor relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CREALLC
• LinkedInlinkedin.com/company/crea-llc
• Xx.com/crea_llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CREA