Mission: Ndc housing and economic development corporation was organized for the following charitable purposes: to construct new and support existing safe and adequate low-income housing for disadvantaged persons; thereby assisting generally in the alleviation of housing shortages throughout the united states; to stimulate economic development in economically distressed areas of the country; and to assist in the erection and maintenance of public buildings, monuments or facilities; to lessen the burdens of governments; and to promote social welfare.
Programs: To assist in the erection and maintenance of public buildings, monuments, facilities, or works to lessen the burden of government andto promote social welfare lessening the burdens of government: hedc also partners with units of local government to erect and maintain public buildings, monuments, facilities, and works to lessen the burden of government and to promote social welfare. In total, hedc has developed and financed more than thirty-one properties costing more than $2. 1 billion on behalf of local government including public buildings and city halls, educational and medical research facilities, student housing, parking facilities and other public infrastructure. During 2016, hedc undertook the following projects under the mission of lessening the burdens of government. Washington biomedical research properties seattle, wa in 2004 university of washington school of medicine began renovating their existing brotman building into a state-of-the-art biomedical research facility. The university was challenged to deliver the project in a timely and efficient manner and asked hedc to assist by undertaking the multi-phase project on their behalf. The third phase in uw medicine's south lake union campus consists of three phases. Phase 3. 1 broke ground in summer 2011 and was completed in 2013. It includes the construction of a 138,000 square-foot research laboratory building directly across the street from the first and second phases of the south lake union campus. The current proposed project is washington biomedical research properties 3. 2 (wbrp 3. 2). Wbrp 3. 2 will be an eight-story, approximately 157,000 sf biomedical facility that will be constructed over the foundation and parking from wbrf 3. Total project costs are currently estimated at $143 mm. The financing for phase 3. 2 closed in 2015 and the project broke ground. When completed, phases i, ii, and iii would provide over 800,000 gsf of research and office space in support of school of medicine research programs. Scranton parking facilities, scranton, pahedc was requested by the city of scranton to negotiate a long-term concession/lease for the city of scranton parking system, which included: 1) five parking garages containing 2659 spaces and approximately 36,000 sf of retail; 2) 1479 metered parking spaces; and 3) 550 publically-leased parking spaces. Hedc working with the city of scranton successfully negotiated the lease and will be responsible for the lease, operation, maintenance and capital repair of the entirety of the public parking system for forty years through one of its' subsidiary corporations. The consideration amount generated by a concessionaire/lease agreement is being used by the city, in combination with proceeds from a general obligation issuance, to defease or redeem all outstanding debt associated with the parking authority. This will free the city of the on-going liability and free municipal revenues for other critical needs and obligations.
to initiate and carry out activities to stimulate economic development in the economically depressed areas of the us. In particular, to undertake activities that:- relieve poverty and lessen neighborhood tension caused by a lack of jobs in deteriorated and depressed areas by providing training opportunities for the unemployed and creating job opportunities for disadvantaged groups. - combat community deterioration and eliminate blight by undertaking activities that stimulate the establishment of new businesses among disadvantaged groups and which rehabilitate and revive existing businesses operated by disadvantaged groups. Stimulate economic development in economically depressed areas - hedc works with nonprofit organizations and service providers and units of local government to stimulate economic development in the economically depressed neighborhoods across the nation. Working through the new markets tax credit program and with other financing, hedc creates employment and entrepreneurial opportunities for disadvantaged groups and individuals, combats community deterioration, and eliminates slum and blight through new investment in low income communities to rehabilitate and revitalize neighborhoods. Under the new markets tax credit (nmtc) program, hedc has sponsored 86 projects totaling over $1. 7 billion of new investment, created over 8,600 permanent jobs for disadvantaged individuals, and brought badly needed good and services to low income communities. Roswell park cancer institute - buffalo, nyroswell park cancer institute (rpci), is america's first cancer center founded in 1898 by dr. Roswell park. The non-profit institute has been providing hospital care to a medically underserved area in buffalo, ny for over 100 years. In 2016, with the assistance of the ndc and the nmtc program, rpci completed a 140,000 square foot clinical science center (csc) building on its campus. The 11-story csc building connects the main hospital to a new research center and expands the institute's cancer prevention program space by 100%. Benefits include space for administrative offices previously held in the main hospital and space for up to 10,000 additional community mammogram screenings to be performed each year. The institute is working with several area nonprofit and governmental organizations to recruit low-income employees to fill jobs created by the project. Webpagefx harrisburg , pa in 2016, hedc under the nmtc program assisted webpagefx a full-service digital marketing agency that was experiencing rapid client and employee growth which resulted in it outgrowing its current leased space, in acquiring and renovating a neighboring office structure built in the 1960s. The project created 9 construction ftes and is projected to create 100 ftes over a five-year period. 103 ftes were retained. The project is projected to provide community web software programming training 30-50 individuals per month and community internet marketing training 35-60 individuals per quarter. Capital access fund the capital access fund (caf) is a strategic alliance of cilf and the national urban league to create access to capital for minority communities who face these barriers to economic opportunity and participation in the american economy. Built upon a base of flexible patient capital with affordable interest rates and sound technical assistance and business support services, caf nurtures minority businesses into successful businesses. Many studies have documented that minority owned small businesses experience higher loan denial rates and pay higher interest rates than white-owned businesses even after controlling for differences in creditworthiness. Because of these denial rates, minority owned business must rely more upon owner's equity and less on bank debt. Yet, these minority businesses have less equity because their wealth base is smaller. As a result, minority small businesses launch with less total capitalization than conventional businesses. With inadequate capitalization, these businesses suffer a higher failure rate than white-owned businesses. For example, waverly willis was homeless in part as a result of the great recession. Struggling to get back on his feet, waverly began cutting hair to earn a living. He started working with the urban league of greater cleveland who mentored him through their entrepreneurship center. However, waverly could not qualify for bank debt to support and expand his fledgling business. Through the capital access fund, cilf structured expansion financing that permitted waverly to acquire the nearly vacant building he rented in a low-income neighborhood, renovate it, and expand his businesses. Today, waverly has six barber chairs, providing employment for other low-income community residents, and is renovating the storefront next to him into a beauty parlor. The cafgc a joint initiative of ndc and the national urban league recognizes cilf as its primary lending tool to make loans to minority entrepreneurs. In 2016, cilf hedc's newly certified cdfi, provided six loans totaling $150,500 to small minority entrepreneurs as part of the capital access fund of greater cleveland (cafgc).
to construct new low income housing and to develop, manage, operate, promote, fund, and support existing low income housing for persons of limited financial means, handicapped persons, elderly persons, and other persons in need of safe adequate affordable housing and to assist generally in the alleviation of housing shortages throughout the us. Low income housing: hedc is a national leader in low income housing through both development and investment. Working in partnership with nonprofit organizations and service providers around the nation, hedc has developed, financed, operated, and/or managed over 9,000 units of quality, safe, adequate, and affordable low income housing totaling $1. 5 billion of investment in low income communities in 30 states across the nation. In 2016 through our low income housing development and investment activities, hedc constructed or renovated 194 units of quality, safe, adequate, and affordable housing for low income persons and families, the elderly, and people with special needs. Investment and development activities totaled $23 million. The following is a sampling of hedc affordable housing projects completed in 2016:lincoln senior housing caliente, panaca and pioche, nvthis acquisition/rehabilitation of 52 units in these historic and colorful communities in rural lincoln county, nevada provides affordable housing for seniors at 30, 40 and 50% ami. Lincoln senior is one of only two affordable housing properties in 10,000-plus square mile lincoln county. All units have project based rd rental assistance. Renovations provided for extensive upgrades to the units as well as energy efficiency measures including state of the art heat pumps, a solar installation and water saving xeriscaping. Financing includes usda 515 and 538 loans, home funds, lihtc equity and renewable energy investment tax credits. Mast landing dover, nhmast landing is located in southeastern new hampshire, a few miles northwest of portsmouth and 55 miles from downtown boston. The project is providing 52 units of affordable senior housing on a site in a newly developing area well-suited for senior housing. Services including meals, medication reminders, housekeeping and assistance in other activities are being made available to the residents by an outside provider, abundant blessings homecare. "assisted living" is intended for seniors who need some assistance in the activities of daily life but do not need to be in a health care facility. The project received allocations of both 4% and 9% low income housing tax credits, and the new hampshire housing finance agency holds the first mortgage under its fha risksharing program. The sponsor, a long-established non-profit based in portland, continues its mission to house the elderly. Carlson crossing st joseph, mnthis 36-unit townhome project, built in 1982 and located in a steadily growing suburb of st. Cloud, was rehabilitated by one of the state's most successful non-profit developers and development teams. Rents are restricted at 50% and units are covered by a project-based section 8 contract. The renovation included improvements to the site and to building exteriors and unit interiors, ensuring that this family project would continue to provide safe, affordable and attractive housing for the community. Ndc community development loan fund (ndc cilf) ndc capital access fund in 2016, one of hedc's subordinate entities, ndc community development loan fund (ndc cilf) became a certified community development financial institution. Ndc cilf's primary mission follows hedc's mission. Ndc cilf's small business loans are being made to small businesses that otherwise lack access to credit and capital, and they create jobs for low income residents of community neighborhoods. These businesses also create wealth in the community for the business owners. Most of the small business loans are made to businesses who are not eligible for sba financing due to weaker credit, lack of business and/or credit history, or inability to meet regulatory requirements. Applicants will be small business owners or individuals starting a small business. The majority of the businesses will be located in low income communities or the businesses will be owned by minority individuals. Ndc cilf's community facility loans are being made to organizations that provide services primarily to low income community residents. The types of facilities that will be financed include child care facilities, health care facilities, social service agencies, youth organizations, like boys and girls clubs and other organizations that serve low income and special needs populations. The applicants will be non-profit organizations providing the social services or developers providing the facilities for these non-profit organizations. Ndc cilf will also make loans to organizations developing affordable housing. The housing will serve individuals and families at 80% of area median income or less, either through homeownership or through development or renovation of affordable rental housing. The applicants will be affordable housing developers, both nonprofit and for profit. Ndc cilf will also make real estate loans for projects being constructed or renovated in low income neighborhoods. In many of the communities where ndc works, developers are unable to find commercial loans for developments in redevelopment areas and other low income communities. In these areas, development costs are higher than appraised value and commercial lenders are unable to provide sufficient capital to developers to allow development to progress. In these low income neighborhoods, ndc cilf will make loans to non-profit and for-profit developers of real estate projects, that will increase community viability by providing space for needed commercial services including grocery stores, general merchandise stores, restaurants, pharmacies and all the other necessary components needed for strong neighborhoods.