New York, New York (PRWEB) March 19, 2013
The Community Development Trust (CDT), the country’s only national community development financial institution (CDFI) and private real estate investment trust (REIT) with a focus on providing capital for the preservation of affordable housing today announced that it has been granted membership to the Federal Home Loan Bank of New York (FHLBNY). FHLBNY membership will strengthen CDT’s multifamily affordable lending capabilities by providing additional liquidity, allowing them to expand their mission of community development. CDT will be the New York district bank’s second CDFI member.
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 has provided over $850 million in debt and equity capital to properties in 42 states -- helping to preserve and create more than 32,500 units of affordable housing. CDT’s investments make a difference in people’s lives, and in their neighborhoods, for the long-term.
“Joining the Federal Home Loan Bank of New York is a significant step in expanding our work to bring capital to underserved communities,” said CDT’s President and CEO, Joe Reilly. “As one of the FHLBNY’s first non-bank members, we look forward to working with them to provide additional long-term, fixed-rate financing for the preservation of affordable housing.”
“The Federal Home Loan Bank of New York serves a diverse membership, but the one common thread that connects all of our members is their commitment to the communities they serve,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “CDT’s focus on creating affordable housing and assisting underserved markets makes them a natural partner for the Home Loan Bank, and we look forward to helping them meet the affordable housing needs of communities across our region.”
The Federal Home Loan Bank of New York helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY provides credit products to local lenders to enhance their financial strength and provide them with a reliable source of liquidity so that they can help meet the housing finance and credit needs of their communities. The Federal Home Loan Bank System is comprised of twelve district banks, and has a membership of more than 7,000 financial institutions. In 2010 the Federal Housing Finance Agency implemented provisions of the Housing and Economy Recovery act of 2008 permitting qualifying CDFIs, such as CDT, to become members of a Federal Home Loan Bank.
CDT is the country's only national CDFI and 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 $850 million in debt and equity capital to properties in 42 states -- helping to preserve and create more than 32,500 units of affordable housing.