The Community Development Trust (CDT) is a for-profit real estate investment trust (REIT) created in 1998 by the Local Initiatives Support Corporation (LISC), a national community development intermediary. CDT acquires long-term, fixed-rate mortgages collateralized by affordable multifamily housing and other community development assets. CDT also invests equity in community development projects that meet CRA requirements.
As a REIT, CDT can offer current owners of affordable housing a tax-deferred exchange that benefits property owners who have exhausted their tax benefits. Initial capital of $31,750,000 was raised from 18 institutional investors including banks, insurance companies and one community development financial institution (CDFI). For more information, contact Judd S. Levy, president and CEO, (212) 271-5099, firstname.lastname@example.org.
The National Affordable Housing Preservation Associates (NAHPA) is a national nonprofit organized to promote the preservation of affordable multifamily housing in rural areas and small towns. NAHPA is currently completing acquisitions in Illinois and Vermont, with a goal of acquiring 3,000 units over the next three years. USDA Rural Housing Service has affirmed a financing model for preservation properties to attract the participation of private lenders. NAHPA is now looking to build an organization and to establish partnerships with local and regional nonprofit organizations and housing authorities interested in acquiring and/or managing multifamily properties in rural areas. For more information, call (205) 345-3800 or go to the web site at www.nahpa.org.
The National Association of Housing Partnerships (NAHP) is comprised of 60 regional nonprofit housing organizations in 32 states. NAHP's new affiliate, the nonprofit Housing Partnership Development Fund, will provide a loan facility for use by NAHP members, primarily for purchase of portfolios of HUD-assisted properties. The fund will offer technical assistance with the financing that is needed for predevelopment costs. The fund has received designation as a CDFI, so that bank investors can receive CRA credit and cash awards. One million dollars in investment has been raised toward a goal of $3 million. For more information, contact Kathy Farrell, (617) 720-1999, extension 204, email@example.com.
The Neighborhood Capital Corporation (NCC) was formed in January 2000 by members of the Multi-Family Housing Initiative of Neighborhood Reinvestment Corporation (NRC). The NCC membership, composed of the multifamily organizations in the NeighborWorks Network, owns and operates 15,000 units of multifamily housing. NCC's primary function will be aggregating capital for the timely acquisition of affordable multifamily housing for its member organizations. NCC members plan to increase their combined portfolio by 10,000 units by the end of 2003. NCC intends to work with other organizations, including National Housing Development Corporation (NHDC), National Housing Trust/Enterprise Preservation Corporation (NHT/E) and National Association of Housing Partnerships (NAHP). For more information, contact Bill Sullivan, Rocky Mountain Mutual Housing Association Inc., 1550 Park Ave., Denver, CO 80218, (303) 863-8651, extension 211, firstname.lastname@example.org.
National Housing Trust (NHT) is a nonprofit intermediary located in Washington, D.C. The trust was founded in 1986 and is dedicated to the preservation of existing multifamily affordable housing. In 1999, the trust and the Enterprise Foundation launched the NHT Enterprise Preservation Corporation, which will purchase real estate from owners of multifamily housing, primarily targeting markets with insufficient local nonprofit capacity or interest to efficiently complete a transaction. This new nonprofit entity plans to acquire 5,000 apartments over the next five years. In general, NHT/Enterprise plans to focus its activities in the mid-Atlantic, South and Midwest. For more information, contact Scott Kline, vice president for acquisitions, (202) 333-893, email@example.com. Or visit NHT's web site at www.nhtinc.org.
Keep up with what’s new and noteworthy at the St. Louis Fed. Sign up now to have this free monthly e-newsletter emailed to you.
Fed in Print: An index of the economic research conducted by the Fed.
FedCommunities.org is a portal to community development resources from all 12 Federal Reserve Banks and the Federal Reserve Board of Governors.