Feature Debt

CDT: A National Resource

INVESTMENTS

Strong Housing
Ypsilanti, Mchigan

Highlights

Strong Housing is the first development to utilize the Strong Families Fund (SFF), a fund sponsored by The Kresge Foundation and Robert Wood Johnson Foundation to support expanded social services in housing communities servicing low and moderate income families.  Services within the SFF program include health and wellness (prevention, access to primary care), youth and education, housing stability, community safety and employment/asset building.  CDT has committed up to $25 million in permanent financing to support SFF communities throughout the country.

CDT provided a forward commitment of $2 million for the permanent mortgage to finance the renovation and conversion of Strong Housing, a scattered-site public housing community originally built in the 1970s.  This 112-unit redevelopment utilized HUD’s Rental Assistance Demonstration (RAD) program as well as LIHTC equity.

Strong Housing is being developed by the Ypsilanti Washtenaw Housing Commission and Chesapeake Community Advisors.  In addition to CDT’s permanent mortgage, other financing partners include Key Bank and Cinnaire (previously Great Lakes Capital).