CDF Development, LLC was founded in 2002 by principals of The Cordish Company, which has a long-standing national record for successfully deploying capital into low-income community retail and mixed-used developments. CDF Development is governed by an independent Board of Governors with experience in representing low-income community residents, and creating and investing in such communities.
CDF Development was created to employ New Markets Tax Credits (“NMTCs”) in order primarily to provide financing for large-scale, retail-oriented projects in low-income communities. CDF Development has deployed multiple prior NMTC allocations to finance multiple projects that would not have occurred but for the use of NMTCs. Each of CDF's prior investments has created significant new local jobs and businesses, as well as significant spin-off benefits. All of CDF Development’s investments involve public-private partnerships whereby private sector investment is aided by state and/or city public sector efforts, in combination with the NMTC financing. CDF Development uses its NMTC allocation to invest foremost in new retail/mixed-use developments in urban markets of particularly acute distress, particularly as measured by unemployment levels, but has experience in rural community investments as well. CDF Development also has an extensive record in investing in projects owned and operated by not-for-profit organizations.
CDF Development has received four rounds of NMTCs since its creation.