Yakima, Washington
CDT Partner
Southport Financial Services
Investment Description
Acquired in September 2008, CDT purchased a limited partnership interest in Cornerstone Apartments, a 121-unit property located 120 miles southeast of Seattle. Built in 1995 with the use of Low Income Housing Tax Credits ("LIHTC"), the property will serve a variety of family sizes with the availability of two, three, and four bedroom unit types. Community features include a heated swimming and wading pool, basketball court, fitness center, children's playground, laundry facility, and on-site leasing office and clubhouse.
Transaction Highlights
The Southport/CDT partnership is committed to preserving the long term affordability of the property which limits 25% of its units to tenants earning less than 35% of the area median income with the remainder of units renting at the 60% area median income regulated limitation. In addition, the partnership also funded certain capital improvements and aesthetic upgrades that will ensure the long term viability of this development. CDT purchased the property in the thirteenth year of its initial compliance period. Under the LIHTC program, the property has extended use restrictions in place through 2024.
the community development trust
