Annual Report 2024 20 24
Annual Report
Table of Contents
Message from Jeffrey Whiting
About Us
Leadership
All-Time Impact
2024 Impact
Team CREA
CREAConnect
CREA Foundation
Message from Jeffrey Whiting 2024 was an eventful year, shaped by external economic and political impacts, as well as the internal transition related to CREA’s succession plan. However, just as we did 24 years ago when CREA was established, we have remained focused on creating and preserving affordable housing while strengthening our relationships with partners who align with our corporate values. As I continue to serve CREA and its partners, I look forward to witnessing the next chapters unfold, filled with success and opportunities as we work to close the affordable housing gap. As I pass the baton to Tony Bertoldi as CEO, I ask each of you to continue helping us make affordable housing a reality.
About Us CREA, LLC IS A TAX CREDIT SYNDICATOR COMMITTED TO CREATING AND PRESERVING AFFORDABLE HOUSING ACROSS THE UNITED STATES. BY SPECIALIZING IN LOW-INCOME HOUSING TAX CREDIT (LIHTC) SYNDICATION, WE CONNECT DEVELOPERS AND INVESTORS TO FUND HOUSING SOLUTIONS THAT MAKE A MEANINGFUL IMPACT IN COMMUNITIES NATIONWIDE. Since 2001, we have been a trusted partner in the affordable housing industry, offering expertise in acquisitions, syndications and portfolio management. Our collaborative approach ensures that every development is positioned for success, delivering long-term value for our partners and the residents they serve. At CREA, we take pride in building stronger communities, one development at a time. Our mission is not just about housing—it’s about creating opportunities, fostering stability, and improving lives.
Our Purpose CREA helps eliminate financial and social barriers experienced by people and families across the country through financial solutions and connections with industry partners.
Leadership
JEFFREY WHITING EXECUTIVE CHAIRMAN
TONY BERTOLDI CHIEF EXECUTIVE OFFICER
CHARLES ANDERSON PRESIDENT
ROGER SHANK, CPA CHIEF FINANCIAL OFFICER
KATY MCSHANE, SHRM-SCP EXECUTIVE VICE PRESIDENT, CHIEF HUMAN RESOURCE OFFICER
TOM PEREIRA EXECUTIVE VICE PRESIDENT, PRODUCTION
ANDY DALTON MANAGING DIRECTOR, CHIEF INFORMATION OFFICER
JUSTIN RUMER SENIOR VICE PRESIDENT, GENERAL COUNSEL
ED STONE MANAGING DIRECTOR, CHIEF CREDIT OFFICER
Board of Directors
ROGER SHANK CREA AMY TRAN STONE POINT CAPITAL MO VAUGHN SBV RE INVESTMENTS LLC JEFFREY WHITING CREA
CHARLES ANDERSON CREA ROBERT BENNETT SBV RE INVESTMENTS LLC TONY BERTOLDI CREA CLARINDA LIM STONE POINT CAPITAL EUGENE SCHNEUR SBV RE INVESTMENTS LLC
All-Time Impact
DEVELOPER PARTNERS 365 $12.025B EQUITY RAISED
INVESTED STATES 48 INVESTOR PARTNERS 113
INVESTED COMMUNITIES 958
88,000+ AFFORDABLE HOMES PRESERVED OR CREATED
2024 Impact
$1.125B EQUITY CLOSED
$1.56B EQUITY RAISED
PARTNERS 6 PARTNERS 33
PARTNERS 17 PARTNERS 64
NEW INVESTOR
NEW DEVELOPER
TOTAL INVESTOR
TOTAL DEVELOPER
INVESTED COMMUNITIES 68
7,788 AFFORDABLE HOMES
PRESERVED OR CREATED
STATES 30
JOBS CREATED 9,735
INVESTED
PERMANENT SUPPORTIVE HOMES 369
ECONOMIC IMPACT * $625.6MM $291MM
STATE & LOCAL REVENUE GENERATED (Taxes, permits & fees) $144.4MM
WAGES & SALARIES GENERATED (By employment)
FEDERAL REVENUE GENERATED (Taxes)
CENSUS TRACT PERCENTAGES OF MINORITY POPULATION By equity, 60% of properties are located in Census Tracts with minority populations greater than 50% , with a 52% average.
Property Impact Story 37 HILLSIDE’S COMMITMENT TO SOCIAL CONNECTION AND SENIOR WELL-BEING
37 Hillside is redefining affordable housing with a focus on innovation, community impact, and thoughtful design. This development is more than just a place to live—it’s a space that creates opportunities and fosters connections for residents and the surrounding neighborhood. Through collaboration and intentional planning, 37 Hillside sets a new standard for what affordable housing can achieve, offering quality living spaces while inspiring growth and stability within the community. Discover the story behind this transformative project and the lives it’s changing. Scan the QR code to learn more!
Scan the QR code to explore all property impact stories and see how we’re building stronger communities, one project at a time!
Team CREA
19 EMPLOYEES
HIRED IN 2024
AVERAGE TENURE YRS 6 145+ TOTAL CREA EMPLOYEES FOR VP’S & ABOVE 17 AVERAGE YRS EXPERIENCE IN LIHTC 11
AVERAGE YRS EXPERIENCE
“I am honored to accept the role of CEO at CREA, and I remain committed to carrying forward Jeff's vision for our company...I could not be more excited to work with all of our talented colleagues to foster innovation, stimulate growth and guide CREA into its next chapter." - Tony Bertoldi Chief Executive Officer
Learn more about this leadership transition and CREA’s vision for the future.
CREAConnect
COMMUNITY & EMPLOYEE ENGAGEMENT
10 PERSON ADVISORY COUNCIL
3 WORKING GROUPS
- BUSINESS IMPACT - CONNECTION & HARMONY - SOCIAL IMPACT
EMPLOYEE RESOURCE GROUPS 4
- ALAANA - CAREGIVERS - LGBTQ+ - WOMENS
VOLUNTEER ENGAGEMENTS AT CREA PORTFOLIO PROPERTIES 3
SUMMER BOOK CLUB POVERTY, BY AMERICA by MATTHEW DESMOND
PHILANTHROPY & GIVING
OF CHARITABLE CONTRIBUTIONS $236K 7 MISSION-DRIVEN NONPROFIT ORGANIZATIONS SUPPORTED THROUGH CREA’S HOLIDAY GIVING INITIATIVE OF EMPLOYEE CONTRIBUTIONS TO THE CREA FOUNDATION $65K 11 ORGANIZATIONS SUPPORTED THROUGH CREA’S EMPLOYEE-DRIVEN CAUSES PROGRAM
CREA-LED VOLUNTEER EVENTS 4 290 HOURS OF VOLUNTEER TIME OFF REPORTED VOLUNTEERISM
Through university partnerships, CREA Foundation provides funds to support students from affordable housing communities. In addition to financial scholarships, CREA Scholars have access to social, academic and other wraparound services needed to ensure their success. We would like to express our gratitude to our dedicated partners who support the foundation and the CREA Scholars. Thanks to their generous contributions, we have awarded a total of $525,000 in scholarships since our inception. We commend the individuals, corporate supporters, and event participants whose efforts make our work possible.
Alex Magallanes, a CREA Scholar at Indiana University Indianapolis, began his journey with the foundation as a way to fund college expenses. However, it quickly became a source of mentorship, community and professional growth. “The support from CREA has allowed me to focus on my education without financial stress, and more importantly, it has connected me with people who truly care about my success,” Alex shared. As an asset management intern focused on CREA’s stabilized portfolio, Alex has expanded his career aspirations from finance to real estate, where he hopes to make a meaningful impact. “CREA has shown me what it means to be part of a company that makes a real difference. I want to blend success with positive change,” he reflected. The CREA Foundation has also helped Alex gain confidence and take on more challenging courses, preparing him for future success. “This experience has opened my eyes to what’s possible, and I’m excited for what’s next.” CREA is incredibly proud of Alex and all he has accomplished. His growth and dedication reflect the mission of the CREA Foundation - to support young talent and empower the next generation of leaders. From Scholarship to Success: Alex Magallanes’ Journey with CREA
2024 IMPACT
$ 570 K TOTAL
140 TOTAL DONORS
30 CREA SCHOLARS
California State University, Northridge 2 UNIVERSITY PARTNERS
Indiana University Indianapolis
What’s Next
Discussions are currently taking place at the University of Connecticut’s (UCONN) Center for Real Estate and Urban Economic Studies to establish the next cohort of CREA Scholars. This program will focus on students from affordable housing communities who are pursuing careers in real estate.
Scholarship Golf Classic OCTOBER 2024
CREA Foundation hosted its third annual Scholarship Golf Classic at Purgatory Golf Club in Noblesville, Indiana, on a beautiful day filled with fun and friendly competition. With generous support from over 28 corporate sponsors and 31 donated auction items, the event brought together a dedicated community focused on advancing educational opportunities. The funds raised will help provide scholarships, mentorship and resources to support students in achieving their academic and career goals.
96 PARTICIPANTS
$ 178 K+ TOTAL RAISED
24 FOURSOMES
Contact Us Indianapolis - Headquarters 30 South Meridian Street Suite 400 Boston 855 Boylston Street Suite 701 New York 800 Third Ave Suite 3700 San Diego 12396 World Trade Drive Suite 307
info@creallc.com 317 634 4797 CREALLC.com
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