The Community Development Trust (CDT), The Michaels Organization, and Goldman Sachs Urban Investment Group (UIG) have completed a $1.2 billion acquisition of 90 affordable housing communities. This Essential Housing Impact Partnership portfolio consists of 10,000 units located across eight states: Florida, Illinois, Indiana, Kentucky New York South Carolina Texas and Wisconsin.
Most properties were built or rehabilitated with Low Income Housing Tax Credits and are primarily in their extended-use compliance periods. These range from high-cost primary metropolitan cities to exurban/rural communities that offer limited quality affordable housing options for residents in the area.
Joseph F Reilly CDT’s president and CEO stated “By partnering with like-minded organizations such as Michaels & UIG we assembled the critical resources needed to complete this major preservation transaction” He went on to say “Through this partnership these properties will remain viable affordable communities providing over 30 000 residents with quality affordable housing for the long term.”
