Providing Banking Institutions an Alternative in Community Development Investing 

PHG Financial, LLC with offices in Chicago, Illinois and Phoenix, Arizona, leverages our experience in LIHTC development and property management to offer financial institutions a complex, responsive, and innovative solution to assist in satisfying Community Reinvestment Act requirements.

Our flagship fund, the CRA Affordable Housing Fund, LLC was created with the primary objective of assisting banks and other financial institutions actively satisfy on-going Community Reinvestment Act requirements.  All property investments qualify as CRA investments. Other unique characteristics include:

Shorter Lock-Up of CRA Investment — average investment term is 3 to 5 years allowing for more frequent recirculation of CRA investments.

Quarterly Payouts —Preferred annual payments are paid in cash quarterly.

No Complex Accounting —real estate equity fund with no complex tax accounting and straightforward annual audit.

Focused Markets —CRA investments will be in proportion to the markets served by our clients.

PHG Financial, LLC is led by an experienced tax credit developer and management team with a successful track record of affordable property development and property management.   Cumulative experience of more than 40+ years.

To learn more about our innovative strategy, please contact us by email or by phone at (312) 637-5673.

  • Gerald Haan, President

    Phone: 312-637-5673

    Gerald is the founder and principal of PHG Financial, LLC and Managing Member of the CRA Affordable Housing Fund, LLC. After studying economics at the University of Tennessee, Gerald went to work in the commercial real estate and development field, which eventually led him into securities and financial markets. Through the various city boards and commissions that he has served on, Gerald has gained valuable experience in the inner workings of municipal governance. In addition, Gerald has developed thorough construction knowledge through his association with a regional lumber company and his strong partnerships with construction firms. Gerald has been involved with multi-family and senior development, specializing in the use of Low Income Housing Tax Credits and agency backed financing. Furthermore, Haan has been active in national brand hotel development, assisted care facilities, and other commercial enterprises.

  • Paul Henley, Director of Institutional Investment

    Phone: 312-637-5674

    Paul is a Senior Tax Credit Professional with 20+ years’ experience in asset management, risk management, dispositions, and workouts with demonstrated competence in strategy and communication. Paul is a leader in the Affordable Housing industry from the investor side and is a founding member of the Affordable Housing Investors Council (AHIC).

    Paul’s prior experience includes Director of Portfolio Management for Fifth Third CDC in Dublin, Ohio and Finance Manager at Bank One. Specific experience includes risk assessment and portfolio performance of +$3.5B community development investment portfolio, lending and equity positions in affordable housing, venture capital and New Markets tax credit projects.

    Paul received a BS in Accounting from Franklin University.

CRA Affordable Housing Fund

The CRA Affordable Housing Fund, LLC (“Fund”) invests in affordable multifamily properties, constructing a stable portfolio of income producing real estate assets. The Fund seeks to provide financial institutions a unique, complex and innovative investment, which is responsive to the needs of the community.

  • Determined to be a complex investment.
  • Fund manager is experienced tax credit developer and property manager with a successful track record of affordable LIHTC development and property management.
  • Fund is responsive to communities by preserving affordable housing
  • 3 to 5 year term allows investors to recirculate their CRA investments
  • PHG Financial; CRA Affordable Housing Fund is a pioneer in year 15 funds
  • Investors’ yield is not dependent on federal corporate tax rates
  • No complex tax accounting; straightforward real estate equity fund
  • Investors are paid in cash on a quarterly basis

PHG Financial, LLC is committed to transparent, open communication and outstanding client service.

To learn more about the CRA Affordable Housing Fund, speak with our team, receive updates on our progress, or schedule a face to face meeting, please contact us.


Harris Bank Building
115 S. LaSalle Street
Suite 2600
Chicago, IL 60603

Phone: 312-637-5673

Western Office

11811 N. Tatum Blvd.
Suite 1081
Phoenix, AZ 85028