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New York, N.Y. (September 25, 2023) The Community Development Trust (“CDT”), announced today it has appointed Michelle L. Militello as Senior Vice President – Equity Asset Management.
In her new role, Ms. Militello will head up CDT’s Equity Asset Management group, which oversees a $3.1 billion national portfolio of more than 22,000 rental units. Ms. Militello joins CDT at a time of tremendous growth and opportunity, as it has doubled its equity portfolio in 2023.
Ms. Militello will be headquartered in New York and will manage a team of seasoned asset managers who oversee CDT’s portfolio. She will report to Grace Cheng, CDT’s Chief Operating Officer and Chief Financial Officer.
“Michelle has extensive experience successfully running major asset management groups for some of the largest affordable housing organizations in our industry,” said Ms. Cheng. “I am confident she will bring tremendous value to our growing equity portfolio during a period of record expansion.”
“CDT currently lends and invests in more than 38,000 units nationwide, serving more than 140,000 individuals,” adds Ms. Militello. “I am excited to join the CDT team and look forward to being part of its continued growth and serving even more affordable communities throughout the country.”
“With the recent expansion of our equity portfolio, Michelle will play a critical role managing this unprecedented growth in our business. Her arrival is perfectly timed,” said Joseph F. Reilly, CDT’s President and CEO.
Ms. Militello began her housing career at Bank of America/Merrill Lynch, where she oversaw a $3.74 billion tax credit investment portfolio. She later held senior asset management positions at Pennrose and Fairstead. At Pennrose, Ms. Militello served as Vice President of Asset Management, where she was charged with maximizing the financial performance and value of the company’s portfolio. At Fairstead, she served as Senior Director for the Affordable Asset Management group, running a $5.5 billion portfolio consisting of 164 properties and more than 20,000 units.
Ms. Militello holds a Master of Business Administration from Fordham University and a Bachelor of Business Administration from James Madison University.