NEW YORK—The CommunityFinancial Institutions Fund (CDFI Fund), through its Community Development Financial Institutions Program, has provided $1.45 million to The Community Development Trust (CDT), the country’s only private real estate investment trust (REIT) with a focus on providing capital to preserve affordable housing.
CDT is one of 108 established organizations serving low-income communities to receive this year’s largest award amount.
As a private real estatetrust with a social impact mission, CDT provides debt and equity capital to underserved real estate markets while seeking returns for shareholders.
The purpose of the CDFI Program is to use federal resources to serve low-income people and communities that lack access to affordable financial products and services. This year, an aggregate total of nearly $187 million was awarded to 210 organizations.
Working with local and national partners, CDT makes long-term equity investments in affordable housing and both originates and purchases long-term mortgages.