CDT and TIAA-CREF Invest in Eight Affordable Housing Properties in California

NEW YORK, NY--(Marketwired - Mar 24, 2015) -  The Community Development Trust (CDT), which provides capital for the preservation of affordable housing, today announced a new partnership with TIAA-CREF, a U.S. financial services organization, to co-invest in affordable housing. The program's initial investment covers eight first mortgages on Low-Income Housing Tax Credit (LIHTC) properties in California totaling approximately $20 million.

"We are excited to work with TIAA-CREF to ensure the continued preservation of these affordable housing properties located in communities across California," said Joseph F. Reilly, president and CEO of CDT. "Long-term fixed-rate financing contributes to the stability of the communities we invest in, and this partnership between two mission-driven organizations ensures that low-income individuals, families, and seniors continue to have safe, secure and affordable homes."

The properties are located throughout six (6) cities in 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.

"TIAA-CREF is proud to bring these properties into our Social Impact Investment portfolio and use our investment capital to make affordable housing available to low-income California families," said Rekha Unnithan, Director of Impact Investing within TIAA's Responsible Investment team. "We are excited to work with CDT on this program and look forward to developing new opportunities that reflect our shared values in preserving and creating affordable housing." 

As part of TIAA's General Account, the Social Impact Investment Portfolio directs capital to quality investment opportunities that create measurable social outcomes and provides competitive yields. As of the end of 2014, this portfolio has made $792 million in total investments and commitments across three investment themes that benefit low- to moderate-income communities globally: affordable housing, financial inclusion and community and economic development.

"Partnering with an Impact Investing leader such as TIAA-CREF furthers CDT's commitment to investing in affordable housing and in working with partners that share our mission of making a positive, long-term difference in residents' lives and neighborhoods," continued Reilly. As a CDFI and private REIT with a social impact mission, CDT operates as a double bottom line organization by utilizing creative financial solutions to provide debt and equity capital to underserved real estate markets, all while seeking attractive returns for shareholders.

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.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

The TIAA-CREF Social Impact Investment Portfolio is not funded through any investment product nor does it contribute to the performance of any investment product. The sole funding source for the investments in the SIIP are assets in the TIAA General Account. The TIAA General Account is an insurance company account and does not present an investment return, and is not available to investors.