CRA Investments, LLC (CRA) is a Missouri limited liability company born from this crisis for the sole purpose of finding alternative investors in LIH Tax Credit developments. CRA expanded the use of a syndication model first developed by Stephen Holden in 2003. This model works well by enlisting Community and State Banks and other investor corporations as Investors in equity funds. This model provides substantial after tax returns on an investment that has a historical loss ratio of less than 0.14% from the inception of the program in 1986. In addition, a participating Bank receives Community Re-investment Act credits.
Multifamily |
Equity syndication/Club Deal |
Core |
Value-add |
Steve Holden graduated from the University of Kansas with a Juris Doctorate in 1975 and entered the private practice of law with an emphasis on commercial real estate specializing in long-term health care properties, and affordable housing developments. Holden, as Developer’s Counsel, has closed in excess of Two Billion Dollars in affordable housing including USDA-RD, HUD, and State HOME agencies in the Midwest including Missouri, Illinois, Indiana, Tennessee, Kentucky, Arkansas, Mississippi, Kansas, Oklahoma and Texas. In 1992, Holden acted as Developer’s counsel for Longview Housing, Longview, Texas which completed and opened the first affordable housing rehabilitation in the nation with the use of Home funds. Since the 1986 Tax Code Amendment, Holden has acted as Developer and Lender’s counsel in dozens of syndicated developments. Thirty years handling all aspects of affordable housing has given Holden the experience needed to identify and select the very best developers in the Midwest as well as the capacity to analyze the underwriting of each development. The structure for the investment is intended to provide the maximum assurance to the Investor by providing personal guarantees from the Developers and providing the compliance reporting which the Investors may not have in-house.
Matt Mills graduated from The University of Mississippi in 2001 with a Bachelor degree in Business Administration. Since his graduation, Mills served as Vice President of First National Bank of Malden, Missouri for two years. In 2003 Mills was employed as Senior Housing Coordinator over thirteen States and 9800 units of affordable housing. He was promoted and served as Chief Financial Officer of The MACO Companies from 2006 to 2009. The MACO Companies specialize in LIH Tax Credit Developments and the acquisition of Single Tenant Commercial Assets, with an emphasis on the United States Postal Service. During Mills tenure the company expanded its commercial portfolio in the DolGen Corporation and franchised hotels. As CFO, Mills helped grow The MACO Companies net earnings after taxes by over 50% and increased the Asset Base of the companies by over 70%. Since leaving The MACO Companies, Mills has personally amassed a single tenant, net leased asset portfolio exceeding $100,000,000. Mills also owns 50% of PB Brokerage, LLC, a single tenant, net leased focused Real Estate Brokerage Company. PB Brokerage has successfully brokered in excess of $100,000,000 in addition to his current portfolio. Both PB and Mills concentrate on net leased assets with lease terms in excess of 8 years with an average lease term of 11.5 years with no tenant having a credit rating below Investment Grade.