As a multifamily developer and investor of affordable housing, we have made significant strides in addressing the growing affordable housing crisis. Our work is closely tied to the Community Reinvestment Act (CRA), a federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.

The Low-Income Housing Tax Credit (Housing Credit) is our nation’s primary tool to produce and preserve affordable rental housing. It has financed the development of 3.6 million affordable homes since its inception in 1986. While the Housing Credit finances virtually all new affordable housing, the CRA motivates the vast majority of these investments. In 2021, total Housing Credit investment reached $22.4 billion, an estimated 84.8% – or $19 billion – of which came from banks motivated by CRA requirements.