Welcome!

News Feed Item

On 15-Year Anniversary, Community Development Trust Reaches $1 Billion Milestone, Preservation of 35,000 Affordable Housing Units

New Closings in California and New York Put CDT Over the $1 Billion Mark; 15-Year Track Record a Result of Sustained Investor Relationships and Integrity in the Industry

NEW YORK, NY--(Marketwired - July 22, 2014) - The Community Development Trust (CDT), the country's first and largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing on a national basis, announced today two major milestones: the company's 15-year anniversary and eclipsing the $1 billion level of cumulative investments in affordable housing. CDT passed the $1 billion landmark with a $40 million portfolio closing in California and two new commitments in New York.

"We've come a long way, from our first deal in affordable housing fifteen years ago, which impacted 35 families, to our most recent investment, which has extended our total reach to nearly 35,000 families," said CDT President & CEO, Joseph Reilly. "Providing over 100,000 people with safe, affordable housing is absolutely our proudest accomplishment to date, and we look forward to growing that number over the next fifteen years."

CDT's total investments are split approximately equally between equity properties and mortgage loan investments. The organization's $1 billion milestone in total cumulative investments came on the heels of its latest transactions.

CDT recently completed a $40 million loan portfolio purchase from California Community Reinvestment Corporation (CCRC). CCRC, a long-term customer and fellow Community Development Financial Institution (CDFI), has been a partner since CDT's inception.

CDT also added two New York-based forward commitments to its debt program. The organization committed $5.2 million to Grant Park, a 56-unit family development in Yonkers, NY. The 30-month forward commitment, executed in May, is part of a multi-phase redevelopment of a 264-unit housing project. The project follows CDT's recent $9.3 million forward commitment at Wincoram Commons, a 98-unit family development in Coram, NY. As CDT's largest forward commitment to date, Wincoram Commons will create a new town center in a previously blighted area. Together with CDT's ongoing redevelopment at Ocean Towers, these two properties represent the organization's increasing investment activity in New York State.

During its 15-year history, CDT has acquired equity properties that comprise more than 6,800 units of affordable housing. The organization's first equity investment was in Summerfield Townhomes, a 396-unit Section 8 property in East Hartford, CT, which CDT still owns today, and its most recent, a $52 million acquisition and ongoing rehab at Ocean Towers, a 360-unit former Mitchell Lama property in Coney Island.

"Over the past fifteen years, CDT has seen growth both in the size of our portfolio and in the complexity of our projects," Reilly said. "However, despite, and maybe even because of this progress, we have also managed to maintain a level of consistency in our work. We pride ourselves on creating relationships for the long-term, and that is apparent in both our work and in our investor relations."

Most of CDT's original investors have continued their involvement with the organization, many with additional investments. These growing capital commitments, coupled with CDT's track record of success, have helped us to regularly attract new investors over the years. Fifteen years later, CDT remains as committed as ever to continuing its mission to preserve and expand the country's supply of affordable housing through mission-driven investments.

About CDT

The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and purchases long-term mortgages. In its fifteen years, CDT has provided $1 billion in debt and equity capital to properties in 42 states and regions -- helping to preserve and create nearly 35,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender, and a member of the Federal Home Loan Bank of New York (FHLBNY).

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Jared Parker, Director of Financial Services at Kinetica, will discuss how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich inf...
LogMeIn has completed its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies, and a market leader with the scale, resou...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.