1315_Nareit Testimonials Reilly_2023-06-12_v2
06/16/2023
| by
Nareit Staff
Joseph Reilly, president and CEO of The Community Development Trust, participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.
Reilly commented on some of the recent accomplishments that highlight the success of CDT’s mission as it marks 25 years supporting community development, whether the current economic uncertainty and market volatility make it more challenging to achieve CDT’s mission, and the need for affordable housing, good education options, and other social needs today.
Reilly’s observations included:
- CDT’s work positively impacts about 140,000 people, providing long term financing for the preservation of quality affordable housing through loans and investments.
- The gross value of CDT’s assets is about $3.6 billion, with a market net worth of about $575 million.
- CDT completed a capital raise of $63 million in the first quarter, and in the second quarter closed on the largest transaction in CDT’s history by investing with its partners in a portfolio of 10,000 units of affordable housing.
- Market conditions are “very challenging…we’ll be very selective during this time of uncertainty.”
- “There’s just not enough supply” of affordable housing, and almost every major market in the country could absorb more. “Our goal is to preserve what’s there and provide the opportunity to create more when it makes sense.”