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
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...