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The Federal Reserve Bank of San Francisco
More Information on Community Development Investments
   
• Low-income Housing Tax Credits (LIHTC)
• Community Development Real Estate Investment Trusts (CD REIT)
• New Markets Tax Credits (NMTC)
• Community Development Venture Capital (CDVC)
• Equity Equivalent Investments (EQ2)
• Small Business Investment Companies (SBIC)
• Community Development Municipal Bonds (CDMB)
• Targeted Mortgage-backed Securities (MBS) and Collateralized Mortgage Obligations (CMO)
   
Additional Information
   
• Regulatory Resource (FRBSF Community Investments, PDF - 55KB)
• Special Insert on CRA Investments (FRBSF Community Investments, PDF - 127 KB)
• Qualified Investments: How to Make Investing in Your Communities Really Count! (FRBSF Community Investments)
• Micropolitan Community Reinvestment Trusts FRBSF Community Investments, PDF - 546 KB)
• OCC’s National Bank Community Development Investments (PDF - off-site)
• Federal Reserve Board's Directory of Community Development Investments (off-site)
• OCC's Community Development Investment Quick Reference Guide (PDF - off-site)

Community Development Real Estate Investment Trusts (CD REIT)

Community Development Real Estate Investment Trusts (FRBSF Community Investments, PDF - 71KB)
Judd S. Levy, Community Development Trust

Summary
A real estate investment trust (REIT) combines the capital of many investors to acquire or provide financing for real estate. A REIT also permits real estate investors to obtain the benefits of a diversified portfolio. A CD REIT acquires debt and equity in projects that satisfy the definition of community development in the CRA regulation. Investments in CD REITs are carried as investments on the investing institution’s balance sheet in accordance with Generally Accepted Accounting Principles (GAAP).