Click here to close now.

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
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, reviewed the changes that the cloud computing industry has gone through over the last five years and shared insights into what the next five will bring. He also chronicled the challenges enterprise companies are facing as they move to the public cloud. He delved into the "Hybrid Cloud" space and explained why every CIO should consider ‘hybrid cloud' as part of their future strategy to achie...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.