The Community Development Trust announces new CFO
National lender and investor in affordable housing hires former real estate private equity executive Grace Cheng to replace retiring CFO John Divers
New York, N.Y. — March 20, 2018 — The Community Development Trust (“CDT”), which provides long-term debt and equity capital for the creation and preservation of affordable housing, today announced Grace Cheng – who has nearly three decades of combined experience in public accounting, tax, finance, treasury, hedging, valuation and management – is CDT’s new Chief Financial Officer.
“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.
Before joining CDT in March, Cheng spent eight years as the CFO at Cain International and GTIS Partners, both real estate private equity firms with a focus on opportunistic investments (equity and debt) in the United States, London and Brazil markets. She replaces CDT’s former CFO, John Divers, who is retiring after serving CDT for almost 20 years.
“I’m thrilled that we have identified such a strong and experienced professional as Ms. Cheng to continue the work that John Divers has performed,” said CDT President and CEO Joseph Reilly. “I know our staff and our clients are eager to welcome Grace to the CDT team.”
Cheng also previously worked at Morgan Stanley for eight years in the Investment Management practice, overseeing the global accounting, reporting and operations of its flagship Morgan Stanley Real Estate Funds. She began her professional career as an auditor at Ernst & Young with a focus in the financial services and real estate industries. Ms. Cheng holds a B.S. in accounting from Binghamton University and an MBA from New York University, and is a certified public accountant in New York.
The Community Development Trust (“CDT”) is a national lender and investor in affordable communities. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its sixteen years, CDT has invested over $1.2 billion in debt and equity capital to properties in 44 states and regions — helping to preserve and create nearly 47,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender, and a member of the Federal Home Loan Bank of New York (FHLBNY).