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New Capital Supports CDT’s Joint Commitment to Community Impact and Delivering Competitive Returns
New York — Thursday, February 16, 2023 — The Community Development Trust (“CDT”), a national provider of long-term capital to support affordable housing and charter school development, today announced its completion of the second largest capital campaign in its history. The funds raised will be used to support and expand CDT’s double-bottom-line objective of investing in communities while providing competitive returns to its investment partners.
“With this capital raise, we welcome both new and returning investors” said Merilyn Rovira, CDT’s Senior Vice President for Capital Strategies. “Their decision to invest demonstrates a demand for financial instruments secured by community development assets. Our investors embrace the economic value and social benefits of CDT’s high-impact investments.”
Now in its 25th year, CDT is one of the largest community development financial institutions (CDFI) in the country. To date, CDT has invested over $2.9 billion in long term capital for properties in 45 states and regions — helping to preserve and create over 53,500 units of affordable housing, providing homes for more than 160,000 residents. As both is a private real estate investment trust (REIT) and a certified CDFI, CDT achieves its community investment goals while continuing to successfully raise market capital.
“Although faced with a volatile and challenging capital market, CDT successfully raised new funds to support our mission of providing long term capital to the communities we serve,” said Joseph Reilly, CDT’s President and CEO. “With this achievement, CDT has now raised more than $370 million in operating capital since our inception. The growing strength of our balance sheet allows us to continue our mission to invest in and support affordable housing and charter school development initiatives throughout the country.”
The Community Development Trust (“CDT”) is a national investor that provides long-term capital for the preservation and creation of affordable housing and charter school facilities. Working with local, regional and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its 25 years, CDT has invested over $2.9 billion in debt and equity capital for properties in 45 states and regions — helping to preserve and create over 53,500 units of affordable housing that have provided homes for more than 160,000 residents. CDT is a private real estate investment trust (REIT) and a certified community development financial institution (CDFI).