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2018 HIGHLIGHTS: CELEBRATING OUR PARTNERSHIPS

Peconic Crossing, Riverhead, New York – One of our most recent debt financings, Peconic Crossing is CDT's fifth project with Conifer Realty LLC. Conifer is featured below.

Inspiring change that builds stronger communities 

CDT is pleased to report another outstanding year. By continuing to work with great partners, both new and existing, we invested capital across all our programs, including our established affordable housing programs and our newer charter school program. Together with our partners, we continue to successfully serve families and communities throughout the country.

CDT remains dedicated to our double-bottom-line commitment to continue our mission to support community development, while investing both prudently and responsibly. Now in our 20th year, CDT has all the requisite components to start our third decade from a position of great strength, including a solid capital base, a strong portfolio of mission investments, a dedicated professional team, both staff and board of directors, and, as stated, a family of great partners.

We proudly highlight several of our major accomplishments in 2018, including new investments and the partners that allow us to continue CDT’s commitment to the people we serve.


Deployed $32M of capital with new partners
 
                         

As of year-end 2018:
  • $120M cumulative total dividends paid to investors to date
  • Positive impact on the lives of low- to moderate-income individuals, families and senior citizens residing in over 28,000 units
  • Substantial progress in building our charter school lending business through nearly $27 million of new business

Working With Our Non-profit Partners in New Markets to Fuel Groundbreaking Successes

CDT continued to grow its portfolio during 2018, completing $135 million in new property acquisitions totaling over 1,100 units. Our portfolio now exceeds 8,000 units of quality affordable housing throughout the country.
 
A common theme among our 2018 acquisitions was working with top-tier local nonprofit partners in big-city markets, where the affordable housing challenges are severe. We formed two new partner relationships, with Hispanic Housing Development Corp. in Chicago and Rocky Mountain Communities in Denver. We are excited about working with these new partners and expanding our presence in these markets.
 
In addition to our new nonprofit partner relationships, we also significantly expanded our relationship with the Austin Affordable Housing Corp. (AAHC) in Austin, Texas. Building off CDT’s 2015 acquisition of The Bridges at Tech & Center Ridge, a 642-unit property and CDT’s largest equity investment to date, we acquired two more properties with AAHC in 2018. By acquiring Preserve Wells Branch and Northwest Hills, both in strong North Austin locations, we now own 1,264 units in a market that has continued to experience strong job and population growth. CDT has invested over $35 million in equity through its partnership with AAHC, which has created 632 units of newly affordable housing across these three properties.

2018 FEATURED INVESTMENTS

Denver mayor hails CDT JV as ‘economic catalyst’

Garden Court Apartments, Denver, Colorado.
RMC, CDT earn media praise for slowing city’s affordable housing crisis

A longtime nonprofit provider of housing within reach of low- and moderate-income Denver families has partnered with a national investor in a deal that promises renewal – but no retreat from a commitment to affordability – at an East Colfax apartment complex.

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First-ever investment in Illinois provides peace of mind and rent stability for Chicago-area community

Arrowhead Apartments provides mixed-income housing for residents in Palatine, Illinois, 30 miles outside Chicago.
The Community Development Trust (CDT), which provides long-term debt and equity capital for the creation and preservation of affordable housing, today announced a new $30 million joint venture with the Hispanic Housing Development Corp. (HHDC), the largest nonprofit developer in Chicago.

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'This is a really big deal' for Lone Star State's Capital City

Preserve Wells Branch, Austin, Texas, is one of three joint venture investments CDT has completed with the Austin Affordable Housing Corp., an affiliate of the local housing authority.
CDT helped acquire a new Texas apartment complex that aligns with Austin local government leaders’ vision to integrate affordable workforce housing around market-rate properties throughout the state’s Capital City, an effort that’s earning national recognition for innovation.

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Strategic Mission Partner: Conifer Realty

We’re proud to introduce the first installment in a new series of features as part of CDT’s annual newsletter that focuses on the uniquely successful mission- and results-driven relationships we enjoy with our client-partners.

Peconic Crossing ribbon cutting celebrating the completion of mixed-income apartments in downtown Riverhead, New York.
The Community Development Trust makes investments based in no small measure on strong support from partners such as Conifer Realty LLC.

Since its inception in 1975, Conifer has grown impressively – currently owning and managing nearly 15,000 multifamily units representing over 220 apartment communities in four Atlantic Coast states. In addition, the company consistently maintains a pipeline of over 30 unique projects in various stages of the development process. 

Over the last three years, CDT has committed or funded more than $25 million in long-term mortgages that support seven affordable communities developed, built and managed by Conifer in New York, New Jersey and Maryland.
Our 2018 accomplishments include:
  • Opening the $18.3 million Peconic Crossing, an affordable housing development with 45 apartments that provides a preference in occupancy to New Yorkers displaced by Superstorm Sandy, Hurricane Irene or Tropical Storm Lee. CDT provided approximately $2.9 million toward the deal, which will help further the area’s economic revitalization. The community was impacted by the 2011 and 2012 storms, with 1,340 rental units throughout Suffolk County damaged or destroyed. 
  • Breaking ground to start construction on a $12.8 million age-restricted affordable rental community in Cinnaminson, New Jersey. The three-story building will feature 54 one-bedroom apartments for seniors aged 62 and older who earn up to 60 percent of area median income. Five residential units will be set aside for formerly homeless senior residents. Apartment rents will range between $276 and $891 per month. CDT provided a $1.2 million mortgage loan. 
Today – thanks considerably to the leadership of Joan Hoover, Conifer’s executive vice president and principal – the company is the nation’s 19th-largest owner and the 13th-largest developer of affordable housing, according to Affordable Housing Finance magazine. 

This level of commitment demonstrates Conifer’s determination to advance toward better and stronger communities.

But numbers alone don’t reflect the importance of our partnership with Conifer. 

Together, we have moved toward a common purpose: keeping low-income people, people with disabilities, senior citizens and working families in their homes and helping children succeed. Those are the shared priorities our mission-driven organizations will embrace as we look toward future collaborations.

Momentum Increases for CDT’s Charter School Program

CDT is a national provider of long-term, first-mortgage financing for charter school facilities. We provide capital for the acquisition of existing facilities and forward commitments to purchase loans on new, to-be-built facilities upon construction completion. In 2018, CDT successfully expanded our portfolio to serve states, such as New York, New Jersey and California, with sensible charter school regulatory frameworks and high-quality schools. 

CDT’s charter school lending volume grew demonstrably in 2018. Closings include:
KIPP Whittier Middle School, Camden, New Jersey
Classical Charter School, Bronx, New York
Debut of charter school state reports delivers high impact

CDT unveiled inaugural issues of State Scans: Charter School Markets Across the U.S. in 2018 with examinations of the charter school financing sectors in Tennessee, California, New Jersey and Colorado.

CDT: Albuquerque’s support for affordable housing is a national inspiration

Brentwood Apartments, a 122-unit complex built in 1978 to serve very low-income seniors and special needs tenants in Albuquerque, New Mexico.
The Albuquerque Journal published CDT Chief Investment Officer Brian Dowling’s guest commentary on Dec. 21, prompting kudos from CDT’s investment partners across New Mexico and the country.

Read viewpoint...

New CFO Cheng brings three decades of expertise to CDT

Grace Cheng – who has nearly three decades of combined experience in public accounting, tax, finance, treasury, hedging, valuation and management – became CDT’s new Chief Financial Officer this year.
 
“I am very excited to join the CDT team and look forward to being part of its continued growth across the entire portfolio,” Cheng said. 
 
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