In its annual report to the Securities and Exchange Commission on Wednesday, Community Development Corp. said it has sold 2,200 apartments in Los Angeles, Philadelphia and Philadelphia and will also add the 2,500 apartments to its existing portfolio in New York City and Philadelphia.
Community Development Corp., an entity that oversees affordable housing, has been criticized for its high costs for apartments, its poor performance in delivering them and its failure to adequately monitor its market.
Its $8.6 billion portfolio of housing projects includes nearly 5,000 affordable apartments and the purchase of a 2,300-unit apartment complex in North Hollywood that the company said it planned to turn into a new low-income housing complex.
Community Developments has also purchased more than 2,100 rental units in its residential development portfolio.
The company said the units will be used for the homeless and low- and moderate-income residents, as well as seniors and families.