A new partnership between the Community Development Trust (CDT) and TIAA-CREF announced they will jointly invest $20 million to help preserve a total of 555 affordable housing units in six cities. This initial investment covers eight first mortgages on Low-Income Housing Tax Credit (LIHTC) properties in California.
The properties are located throughout California, including two properties totaling 82 units in Los Angeles, one property with 50 units in San Diego, and one property with 74 units in Fresno. Five of the eight properties are dedicated to family tenancy, each providing a unique combination of community and individual unit amenities. Several of these properties are equipped with playgrounds, outdoor residential recreation areas, community room and other amenities for family properties. The remaining three properties provided affordable housing to senior residents, with amenities including community kitchens, libraries and outdoor common space.
About CDT
The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its fifteen years, CDT has invested over $1 billion in debt and equity capital to properties in 42 states and regions — helping to preserve and create nearly 35,000 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).
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $851 billion in total assets under management (as of 12/31/2014) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
