Community Development Trust

What Community Development Trust does

Community Development Trust (CDT) is a New York-based, private real estate investment trust (REIT) and certified Community Development Financial Institution (CDFI) founded in 1998 to provide long-term debt and equity capital for the acquisition, preservation, and development of affordable multifamily rental housing in the United States. The company operates two core financial programs: an Equity Program that takes long-duration ownership positions (typically $2–$20 million per property) alongside nonprofit and for-profit developers, and a Debt Program that originates and acquires 15–30 year fixed-rate mortgages ($2–$10 million per loan), including new construction financing for LIHTC-financed assets and secondary-market purchases of affordable community loans. CDT's underlying technology is its dual REIT/CDFI regulatory structure, which allows it to mobilize private capital for mission-driven housing while accessing both traditional real estate capital markets and government-subsidized funding such as CDFI Fund Financial Assistance awards.

CDT generates revenue through multiple streams: long-term equity investment returns (rental income, appreciation, and dispositions); interest income and origination fees on its mortgage portfolio; and periodic capital raises from institutional investors, with $420+ million raised since inception through common stock and preferred share offerings (Series A–E). The company serves three primary customer segments — government housing authorities, nonprofit housing developers, and for-profit affordable housing developers — together with institutional investors (banks, insurance companies, and mission-aligned organizations such as LISC) that supply capital into its offerings. Distribution is entirely relationship-driven, executed through senior leadership and a small business development team based in New York covering 45 states. As of 2026, CDT manages $3.2 billion in debt and equity capital, has preserved or created more than 35,000 affordable units serving 125,000+ residents, and paid $330 million in cumulative dividends to investors.

Name

Community Development Trust

Legal name

The Community Development Trust, Inc.

Website

https://cdt.biz

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Community Development Trust is a private REIT and certified CDFI that provides long-term debt and equity financing for affordable multifamily rental housing across 45 U.S. states, managing $3.2 billion in capital alongside government housing authorities, nonprofit developers, and institutional investors.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Grantmaking and Giving Services (81321)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing finance
• Real estate investment trust
• Community development lending
• Multifamily equity investment
• CDFI financial services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Equity Investment Returns: CDT generates returns through long-term equity investments in affordable housing properties. As an equity investor, CDT earns returns through property appreciation, rental income, and eventual sale of equity positions. Equity investments typically range from $2 million to $20 million for properties of 100+ units.
2. Debt Financing Interest and Fees: CDT originates and acquires long-term mortgages for affordable housing properties, generating interest income and origination fees. Debt program includes fixed-rate forward commitments for new construction (LIHTC-financed) with terms of 15-30 years, immediate fixed-rate funding for existing stabilized properties, and secondary market purchases of multifamily affordable community loans.
3. Capital Raising from Investors: CDT raises operating capital through periodic capital offerings from institutional investors. The company has raised over $420 million in operating capital since inception through various equity and preferred stock offerings, with total dividends paid of $330 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Community Development Trust (CDT) is a private REIT and certified CDFI that provides long-term debt and equity capital for the acquisition, preservation, and development of affordable multifamily rental housing throughout the United States. Its Debt Program originates fixed-rate mortgages (typically $2-10 million, 15-30 year terms) for new construction, stabilized properties, and secondary market loan purchases, while its Equity Program makes long-term equity investments (typically $2-20 million) for properties of 100+ units in partnership with nonprofit and for-profit developers.

Product overview

CDT operates as a private real estate investment trust (REIT) and certified Community Development Financial Institution (CDFI) offering two core financial products: the Debt Program and Equity Program. These programs work together to provide long-term capital for the preservation and creation of affordable housing throughout the United States. The Debt Program focuses on mortgage financing with terms of 15-30 years, while the Equity Program provides equity capital for property acquisitions and joint ventures. Both programs target affordable multifamily rental housing properties with typical investment sizes between $2-20 million.

Differentiator

Problem solved

Functional benefit

Brands

• Essential Housing Impact Partnership (EHIP): Joint venture partnership between CDT, The Michaels Organization, and Goldman Sachs Urban Investment Group focused on preserving affordable housing through large-scale acquisition of LIHTC properties.

Products and services

• Debt Program Long-term fixed-rate mortgage financing for the acquisition, preservation, and new construction of affordable multifamily rental housing, including LIHTC-financed new construction, stabilized existing properties, and secondary market loan purchases. Loans typically range from $2 million to $10 million with 15-30 year terms; larger loans considered on a case-by-case basis. Targeted at government housing authorities, nonprofit developers, and for-profit developers of affordable housing.
• Equity Program Long-term equity capital for the acquisition, preservation, and development of affordable multifamily rental housing properties of 100 or more units. CDT invests for the long term, typically between $2 million and $20 million per transaction, with larger transactions or portfolios considered on a case-by-case basis. Works with both nonprofit and for-profit partners experienced in building, acquiring, rehabilitating, and managing affordable housing communities.

Quantifiable outcome

• Over $3.2 billion in investments under management across 45 states and regions
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

26 partnerships are on record, tiered minor and core.

• WeHerominorGTM or Marketing Partner · 23 July 2025CDT partnered with WeHero for annual Community Day for the second year, participating in education access and community service initiatives.
• The Michaels OrganizationcoreStrategic or Co-development Partner · 24 April 2023Joint venture partner in the Essential Housing Impact Partnership (EHIP), a $1.2 billion acquisition of 90 affordable housing communities across 8 states. Michaels handles property management responsibilities for the EHIP portfolio.
• Better TomorrowscoreStrategic or Co-development Partner · 24 April 2023Nonprofit partner providing social service provisions across the EHIP portfolio of 90 properties and 10,000+ units.
• Community Preservation Corporation (CPC)coreStrategic or Co-development Partner · 26 June 2021Partner in the NYCHA PACT Renaissance Collaborative (PRC), a 16-site portfolio of 1,700+ apartments in Manhattan requiring substantial rehabilitation.
• Monadnock Development LLCcoreStrategic or Co-development Partner · 26 June 2021Partner in the NYCHA PACT Renaissance Collaborative (PRC), providing development expertise for the 16-site Manhattan portfolio.
• Lemor Development GroupcoreStrategic or Co-development Partner · 26 June 2021Partner in the NYCHA PACT Renaissance Collaborative (PRC) for the Manhattan affordable housing rehabilitation.
• Kalel Holdings LLCcoreStrategic or Co-development Partner · 26 June 2021Partner in the NYCHA PACT Renaissance Collaborative (PRC) for the Manhattan affordable housing rehabilitation.
• Community League of the Heights (CLOTH)coreStrategic or Co-development Partner · 26 June 2021Nonprofit community service organization providing social services across the NYCHA PACT Renaissance Collaborative properties. CLOTH has served Upper Manhattan neighborhoods for 66 years.
• AEON Housing, Inc.coreStrategic or Co-development PartnerTop-tier nonprofit housing developer in the Twin Cities region. CDT partnered with AEON for Seasons Park (422 units) conversion to 100% affordable housing.
• Volunteers of America National ServicescoreStrategic or Co-development PartnerNonprofit partner for The Terraces (200-unit senior community in New Orleans) and Summit Apartments (256 units in Colorado Springs).
• Southport Financial ServicescoreStrategic or Co-development PartnerExperienced operator of LIHTC and Section 8 properties. CDT has worked with Southport for over a decade, completing ten transactions together.
• National Church ResidencescoreStrategic or Co-development PartnerNonprofit housing developer partner for Abbey Church Village Apartments (159 units in Dublin, OH) with supportive services program.
• Casper Housing AuthoritycoreStrategic or Co-development PartnerPublic housing authority partner for Raven Crest Apartments (100 units in Casper, WY) addressing shortage of safe, affordable housing.
• Tropicana Properties, Inc.coreStrategic or Co-development PartnerPartner for Alameda Palms Apartments (124 mixed-income units in El Paso, TX) with strong federal and military presence employment base.
• Conifer Realty, LLCcoreStrategic or Co-development PartnerDevelopment partner for Patuxent Cove (60 units in MD) and Phoenix Estates II (108 units in Bronx, NY).
• St. Mary's Community Development CorporationcoreStrategic or Co-development PartnerNonprofit partner coordinating resident services for Patuxent Cove property in Maryland.
• Maiker Housing PartnerscoreStrategic or Co-development PartnerNonprofit affiliate of Adams County Housing Authority. Joint venture partner for Toscana Apartment Homes (252 units in Westminster, CO).
• Austin Affordable Housing Corporation (AAHC)coreStrategic or Co-development PartnerNonprofit affiliate of Housing Authority of City of Austin. CDT's fourth partnership with AAHC for Bridge at Ribelin Ranch (350 units) converted market-rate to affordable housing.
• Evergreen Housing PartnerscoreStrategic or Co-development PartnerNonprofit partner for Cushing Residence (150-unit senior community in Hanover, MA), a legacy asset acquired by CDT in 2012.
• Dunn Development and L&M Development PartnerscoreStrategic or Co-development PartnerDevelopment partners for Navy Green (213 units in Brooklyn, NY), which won ULI New York Award for Excellence in Housing Development.
• Colorado Springs Housing AuthoritycoreStrategic or Co-development PartnerPublic housing authority partner for Summit Apartments (256 units in Colorado Springs) through joint venture with Volunteers of America.
• Community Development Corporation of Long Island, Inc.coreStrategic or Co-development PartnerNonprofit partner for Port Jefferson Crossing (45-unit development in Port Jefferson, NY) developed by Conifer Realty.
• Holsten Real Estate Development CorporationcoreStrategic or Co-development PartnerDevelopment partner for Parkside Four Phase II (102 units in Chicago), part of the Cabrini Green redevelopment using HUD Rental Assistance Demonstration Program.
• MHANY Management Inc.coreStrategic or Co-development PartnerNonprofit developer partner for Phoenix Estates II (108 units in Bronx, NY), including units for formerly homeless individuals.
• The Boys' Club of New YorkminorStrategic or Co-development PartnerPartner with WeHero for community service programs including education access and musical instrument building for individuals with developmental disabilities.
• Housing Partnership NetworkcoreStrategic or Co-development PartnerAward-winning membership network of 100+ leading affordable housing and community development nonprofits. Robin Hughes, CDT Board member, is President and CEO.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• LISC (Local Initiatives Support Corporation): National CDFI that provides financing for affordable housing and community development, and seeded CDT's initial investment. Closest comparable in mission, structure, and customer base, though broader in scope (also small business, education, health).
• Enterprise Community Partners: National nonprofit CDFI deploying debt and equity into affordable housing, including LIHTC syndications and preservation capital. Operates a similar equity/debt platform serving developers and housing authorities nationwide.
• The Reinvestment Fund (TRF): CDFI focused on equitable development financing for housing, education, and community assets. Comparable in CDFI structure, mission focus on distressed geographies, and use of debt + equity for affordable housing preservation.
• Capital Impact Partners: National CDFI providing capital and capacity-building for underserved communities, with a strong affordable housing lending practice. Directly comparable in product mix (debt + equity) and CDFI-certification-driven model.
• Cinnaire: CDFI lender specializing in affordable rental housing financing across the Midwest and Mid-Atlantic. Highly comparable in loan product structure (LIHTC, Section 8, new construction) and target customer base of nonprofit and for-profit developers.
• Bellwether Enterprises: Affordable-focused real estate lender providing Freddie Mac and Fannie Mae debt for LIHTC and Section 8 housing. Comparable in debt product offering and GSE-relationship-driven capital structure.

Broad incumbents

• National Equity Fund (NEF): One of the largest LIHTC syndicators in the U.S., deploying institutional equity into affordable housing. Operates upstream in the capital stack as a syndicator/equity provider, broader scale than CDT.
• Fannie Mae (Multifamily Affordable Housing): Government-sponsored enterprise providing debt financing for affordable multifamily housing. CDT is itself a Fannie Mae-approved lender, but as a GSE, Fannie Mae operates at vastly larger scale across the same customer base.

Others

• Fairstead: Mission-driven affordable housing owner/operator with 20,000+ units. Not a direct capital provider but shares the same affordable housing ecosystem; several CDT executives previously led asset management at Fairstead.
• BRIDGE Housing Corporation: Nonprofit affordable housing developer and owner on the West Coast. Adjacent rather than competitive — both rely on the same LIHTC and affordable housing finance ecosystem that CDT underwrites.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-community-development-trust
• Xx.com/CDT_REIT

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Community Development Trust