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The Community Development Trust (“CDT”), which provides long-term debt and equity capital for creating and preserving affordable housing across the US and its regions is pleased to announce its first equity investment in Puerto Rico.
CDT, in partnership with Volunteers of America National Services (VOANS), has invested $2.25 million to preserve a combined 235 units in Villa Esperanza (Carolina), Villa Providencia (Guaynabo), and Santiago Fajardo (Fajardo). These properties are some of the only high-quality senior housing resources in the area that serve very low-income seniors under long-term Project-Based Section 8 HAP contracts and Low Income Housing Tax Credit program requirements which will remain in place under this new ownership. Banco Popular provided new first-position debt of $11.1 million.
“We are proud to support the preservation of quality affordable housing in Puerto Rico. These properties will provide support services and transportation for 235 seniors,” says Joseph Reilly, CDT’s President, and CEO. “This joint investment will ensure that these properties continue to provide high-quality, affordable housing for very low-income seniors for many years to come.”
This is CDT’s third investment with Volunteers of America National Services and is another example of CDT’s continued focus on partnering with strong, mission-aligned, non-profit housing providers. CDT currently owns 755 units in joint-venture partnerships with Volunteers of America National Services.
Each property provides a full-time service coordinator to connect residents to supportive social and health services. In addition, each property offers residents transportation to appointments and shopping 3 days a week.
“We appreciate CDT’s dedication and commitment to affordable senior housing as it allows Volunteers of America National Services to expand its reach in Puerto Rico,” says Sharon Wilson Geno, EVP, Chief Operating Officer. “CDT understands and appreciates the economic and social benefits of investing in high-impact projects and in programs that bring national resources to support local affordable housing needs.”
CDT is a double bottom-line company as a community development financial institution (CDFI) and private real estate investment trust (REIT) with a social impact mission.
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. Over the last twenty years, CDT has invested over $2.5 billion in debt and equity capital for properties in 45 states and regions – helping to preserve and create over 51,000 units of affordable housing that have provided homes for more than 120,000 residents. CDT is a private real estate investment trust (REIT) and a certified community development financial institution (CDFI).
About Volunteers of America National Services:
VOANS, part of the Volunteers of America family of organizations, provides affordable housing and healthcare services in over 40 states in Puerto Rico. The organization employs over 3,100 professionals who provide high quality services and care to our clients. As one of the largest non-profit affordable housing owner/operators in the nation, the VOANS portfolio includes over 240 properties and 15,000 affordable housing units. VOANS also operates over 46 senior healthcare programs, including skilled nursing, assisted living, home health care, adult day and Program for All Inclusive Care for the Elderly (PACE).
For more information on VOANS, please visit our website at http://www.voans.org