History

Building on Success

ABOUT US

Since our launch in 1999...

Celebrating 20 years…

The Community Development Trust, Inc. (CDT) was formed as a real estate investment trust with a public purpose: to provide long-term capital for the preservation and development of affordable housing. CDT is now is one of the largest and best capitalized CDFIs in the country.

The predecessor company to CDT was the Local Initiatives Managed Assets Corp. (LIMAC), an affiliate of the Local Initiatives Support Corporation (LISC). LIMAC bought, repackaged, and sold loans from local community development groups, and eventually began to securitize the loans as well—investing its own capital as credit enhancement. LIMAC grew to the point where it needed additional capital to support and expand its business.

LIMAC’s President, Judd S. Levy, came up with the concept of creating a REIT focused on community development. Paul Grogan, President and CEO of LISC, supported the idea and LISC provided the seed capital for the initial investment in CDT. After forming the REIT, a first in the community development industry, Levy, as its first President and CEO, recruited new staff with significant real estate experience and, together with the existing LIMAC team, launched CDT.

In May 1999, CDT closed a private placement offering that raised nearly $32 million from a who’s who list of leaders in affordable housing and community development. Most of these initial investors or their corporate successors still invest in CDT today. Since the initial offering, CDT has raised capital on three additional occasions bringing its total capital offerings to approximately $185 million.

In 2002, CDT became a Certified Community Development Financial Institution (CDFI). Three of CDT’s founding officers are presently with the company. Joseph Reilly, a CDT Board member from its inception, became CDT’s second President and CEO in 2007.  CDT has had the great benefit of a committed and experienced Board of Directors, a number of whom were founding directors.

CDT Highlights

2017

Received $3.6 million from the CDFI Capital Magnet Fund.

Second largest investment in CDT history with non-profit AEON in Minnesota.

CDT makes first equity investment in New Mexico with YES Housing Inc.

CDT provides financing for new charter school in South Bronx with Bank of America and Raza Development Fund.

Raised $33.0 million through sale of convertible preferred stock.

Brian A. Hudson, Sr. and Robin Hughes elected as new members to Board of Directors.

2016

Received $3.3 million from the CDFI Capital Magnet Fund.

Announced Special Dividend and Stock Conversion.

2015

A year for the record books:

CDT CFO/John Divers interview/Nareits.com

CDT’s Largest equity investment of $17.1 million in Austin Texas.

Announces a $100 million commitment to the Rental Assistance Demonstration (RAD) Program.

Expands Mission to Launch New Charter School Lending Platform.

2014

RAISED $54.0 MILLION THROUGH SALE OF 5% REDEEMABLE PREFERRED STOCK.

REACHED $1 BILLION IN ACTIVITY, PRESERVING MORE THAN 35,000 UNITS OF AFFORDABLE HOUSING.

NICOLAS RETSINAS ELECTED AS CHAIRMAN OF THE BOARD.

2013

MADE ITS LARGEST-EVER EQUITY INVESTMENT IN CONEY ISLAND, NEW YORK.

RECEIVED $125 MILLION FROM THE CDFI BOND GUARANTEE PROGRAM, THE LARGEST ALLOCATION TO ANY RECIPIENT.

2012

APPROVED AS A MEMBER OF THE FEDERAL HOME LOAN BANK OF NEW YORK.

2011

MADE $70 MILLION IN PORTFOLIO PURCHASES FROM CDFIS.

2010

NAMED A DESIGNATED AFFORDABLE CHANNEL LENDER WITH FANNIE MAE.

2007

JOSEPH F. REILLY NAMED CDT’S SECOND PRESIDENT AND CEO.

2006

RAISED $64.0 MILLION THROUGH SALE OF 4.25% CONVERTIBLE PREFERRED STOCK.

PETER J. WEIDHORN ELECTED AS CHAIRMAN OF THE BOARD.

2004

STRUCTURED A $50 MILLION FANNIE MAE MBS SWAP.

2003

RAISED $34.2 MILLION THROUGH SALE OF COMMON STOCK.

2002

NAMED A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.

2000

MADE FIRST EQUITY INVESTMENT IN AN EAST HARTFORD, CT, PROPERTY.

1999

RAISED $31.75 MILLION THROUGH SALE OF COMMON STOCK.

PURCHASED FIRST MORTGAGE LOANS.

1998

INCORPORATED AS THE NATION’S FIRST COMMUNITY DEVELOPMENT REIT.

JUDD LEVY NAMED PRESIDENT AND CEO.

PAUL S. GROGAN ELECTED AS FIRST CHAIRMAN OF THE BOARD.