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Journal Article
Case study: The Community Development Trust taps Wall Street investors
The Community Development Trust (CDT) is the country?s only real estate investment trust (REIT) devoted solely to providing debt and equity capital for financing community development projects. CDT?s initial effort to meet its mission was the introduction of a debt program, which focused on creating a secondary market for smaller (under $3 million) Low Income Housing Tax Credit (LIHTC) loans. CDT?s equity capital was insufficient to fund and retain the whole loans created under the program. As a solution, CDT sought out institutional investors to purchase a 90 percent senior interest in each ...