PRESS RELEASE: The Community Development Trust is Approved Under CDFI Bond Guarantee Program from the US Department of Treasury for $125M

NEW YORK - The Community Development Trust (CDT), the country’s largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing, today announced that it has received a term sheet for $125,000,000 in bonds from the United States Department of the Treasury through its Community Development Financial Institutions Bond Guarantee Program (CDFI Bond Guarantee Program). One of four Eligible CDFIs that received approval through the inaugural round of the CDFI Bond Guarantee Program, CDT’s Guarantee Application and term sheet have been approved and signed for the largest portion of the country’s total allocation of $325,000,000.


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 its shareholders. Operating on a national scale, CDT owns more than 5,200 units of affordable housing and also has mortgages on nearly 17,500 units of multifamily rental housing. CDT’s investments in affordable housing make a difference in people’s lives, and in their neighborhoods, for the long-term.


“The CDFI Bond Guarantee Program will allow us to advance our work of preserving and expanding affordable housing nationally through innovative, mission-driven investments,” said Joe Reilly, President and CEO of CDT. “We are proud to have received an inaugural award in this program, and we look forward to using this funding to aid our efforts in expanding and preserving the country’s supply of high-quality, affordable housing.”


The Community Reinvestment Fund, USA (CRF), one of three institutions approved by the CDFI Fund as a Qualified Issuer, will issue the bonds, and CDT will use the proceeds for investments in low-income and distressed communities across the country. CRF is a certified CDFI based in Minneapolis, Minnesota, and has been responsible for issuing over 50 structured financial instruments and delivering $1.5 billion in loans nationwide for 25 years.


“CDT is a first in class CDFI,” said Frank Altman, President and CEO of CRF. “We feel privileged to work with them to bring this valuable program and the access to capital it provides to the communities that need it most.”


The CDFI Bond Guarantee Program, enacted by the Small Business Jobs Act of 2010, provides long-term, low cost capital to support eligible CDFIs that make investments in low-income and rural areas through community or economic development financing activity. CDFIs gain from the scale of the CDFI Bond Guarantee Program, and are able to leverage bond loan proceeds to increase the accessibility to affordable financial products and services among low-income people and communities.



About CDT 
CDT is the country's largest 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 fourteen years of operations, CDT has provided over $900 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 CRF 
CRF is a non-profit organization with a 25 year history of bringing capital to America’s underserved communities to improve lives, strengthen neighborhoods and create jobs.


About the CDFI Bond Guarantee Program 
The CDFI Bond Guarantee Program was enacted through the Small Business Jobs Act of 2010. The program provides Eligible CDFIs with access to long-term capital by providing guarantees of bonds. With long-term credit at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. Bonds will be 100 percent guaranteed by the U.S. Treasury, including principal, interest, and call premiums. The Federal Financing Bank will be the sole purchaser of bonds issued under the CDFI Bond Guarantee Program. For more information please visit


About the CDFI Fund 
Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award 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 $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at