New York, NY (PRWEB) August 13, 2012
The Community Development Trust (CDT), the country’s only private real estate investment trust (REIT) with a focus on providing capital for the preservation of affordable housing, today announced that it has been awarded $1,453,806 from the Community Development Financial Institutions Fund (CDFI Fund) through its Community Development Financial Institutions Program (CDFI Program). CDT is one of 108 established organizations serving low-income communities to receive this year’s largest award amount.
As a private real estate investment trust with a social impact mission, CDT operates as a double bottom line organization by utilizing creative financial solutions to provide debt and equity capital to underserved real estate markets while seeking attractive returns for shareholders. CDT’s investments in affordable housing make a difference in people’s lives, and in their neighborhoods, for the long-term.
“This award will allow us to further our commitment to make innovative, mission-driven investments around the country in communities that need them most,” said Joe Reilly, president and CEO of CDT. “This is our fourth consecutive year receiving the award and we are pleased to once again be recognized amongst leaders in the community development field for our efforts to preserve high-quality, affordable housing. This funding from the CDFI Program is invaluable to our continued success.”
The purpose of the CDFI Program is to use federal resources to invest in CDFIs and to build their capacity to serve low-income people and communities that lack access to affordable financial products and services. This year, an aggregate total of $186,853,456 was awarded to 210 organizations; amongst the recipients are a number of community development credit unions, depository institutions, loan funds, and venture capital funds.
CDT is the country's only private real estate investment trust with a focus on providing capital for the preservation of affordable housing. Working with local and national partners, our organization makes long term equity investments in affordable housing and both originates and purchases long-term mortgages which supports the development and preservation of affordable housing. After more than twelve years of operations, CDT has provided over $847 million in debt and equity capital to properties in 42 states -- helping to preserve and create more than 32,000 units of affordable housing.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $33 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.
About the CDFI Program
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.
Additionally, in FYs 2011 and 2012, the Healthy Food Financing Initiative served as a supplemental funding opportunity under the CDFI Program for eligible CDFIs that expressed an interest in expanding their healthy food-focused financing activities and had received Financial Assistance awards. The Healthy Food Financing Initiative is an interagency initiative involving the CDFI Fund, the U.S. Department of Health and Human Services, and the U.S. Department of Agriculture that represents the federal government’s first coordinated step to increase the supply of and demand for nutritious foods in low-income urban and rural areas in the United States.