In 2008, the economic crisis eliminated the appetite of Freddie Mac, Fannie Mae, Bank of America, Citibank, and AIG (as well as many other Investment Banks in the United States) for the acquisition of Low-Income Housing (LIH) Tax Credits. These financial institutions were the major equity investors in LIH Tax Credit developments. 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.