NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION
Programs
Program 1 [2020]
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. 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 13,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW-INCOME HOUSING TOTALING MORE THAN $2.5 BILLION OF INVESTMENT IN (CONT. SEE SCHEDULE O) LOW-INCOME COMMUNITIES IN MORE THAN 30 STATES. IN 2020, THROUGH OUR LOW-INCOME HOUSING DEVELOPMENT AND INVESTMENT ACTIVITIES, HEDC THROUGH ITS SUBORDINATE CORPORATION, NDC CORPORATE EQUITY FUND, INVESTED $98.5 MILLION IN 14 PROJECTS CONTAINING 1,019 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 MORE THAN $480 MILLION. THE FOLLOWING ARE REPRESENTATIVE SAMPLES OF HEDC AFFORDABLE HOUSING PROJECTS COMPLETED IN 2020:TENNY CREEK SUPPORTIVE HOUSING - VANCOVER, WA TENNEY CREEK SUPPORTIVE HOUSING PROJECT IS A 40-UNIT $17.1 MILLION SUPPORTIVE HOUSING PROJECT FOR INDIVIDUALS WITH COMPLEX BEHAVIORAL HEALTH CHALLENGES WHO ARE ABLE TO LIVE INDEPENDENTLY IN A SUPPORTIVE HOUSING SETTING BUT DO NOT REQUIRE INSTITUTIONALIZATION. THE 40 STUDIO APARTMENTS ARE SITUATED IN A THREE STORY BUILDING WITH COMMON AREAS INCLUDING A LIBRARY, SITTING AREA AND A CRAFT ROOM ALONG WITH OFFICES FOR SUPPORTIVE SERVICES. THE TENANTS RECEIVE MEAL SERVICE, HOUSEKEEPING/LAUNDRY SERVICES, CRISIS INTERVENTION ASSISTANCE AND TRANSPORTATION. THE PROJECT IS MANAGED BY THE VANCOUVER HOUSING AUTHORITY AND THE CLARK COUNTY DEPARTMENT OF MENTAL HEALTH PROVIDES FUNDING FOR SOME OF THE RESIDENT SERVICES. NDC CORPORATE EQUITY FUND INVESTED $6.9 MILLION IN THE PROJECT THROUGH THE PURCHASE OF LOW INCOME HOUSING TAX CREDITS. THE BALANCE OF THE FUNDING CAME FROM A LOW INTEREST LOAN FROM THE WASHINGTON DEPARTMENT OF COMMERCE HOUSING TRUST FUND. LILLIS LOFTS URBANDALE, IOWA LILLIS LOFTS IS A $9.9 MILLION 43-UNIT FAMILY HOUSING PROJECT WHERE 38-UNITS ARE OCCUPIED BY FAMILIES EARNING 30%, 40%, AND 60% OF AREA MEDIAN INCOME AND THE REMAINING 5-UNITS ARE RENTED AT MARKET RATE. THE PROJECT SERVES GENERAL OCCUPANCY HOUSEHOLDS AND CONTAINS 24 TWO-BEDROOM UNITS AND 19 THREE-BEDROOM UNITS. LILLIS LOFTS IS THE FIRST AFFORDABLE RENTAL HOUSING PROJECT BUILT IN UNIONDALE SINCE 1996 AND ACCORDING TO STATE RECORDS, THE CITY OF UNIONDALE HAS THE FEWEST AFFORDABLE HOUSING UNITS OF ANY CITY IN THE STATE OF IOWA. NDC CORPORATE EQUITY FUND PROVIDED $6.8 MILLION IN EQUITY FOR THE PROJECT THROUGH THE PURCHASE OF LOW-INCOME HOUSING TAX CREDITS. LONG-TERM FINANCING WAS PROVIDED BY CEDAR RAPIDS BANK AND TRUST AND THE POLK COUNTY HOUSING TRUST FUND.YWCA HOME AT LAST TACOMA, WASHINGTON YWCA HOME AT LAST IS A 54-UNIT RENTAL HOUSING PROJECT THAT PROVIDES PERMANENT SUPPORTIVE HOUSING DIRECTLY ACROSS THE STREET FROM THE YWCA'S CURRENT HEADQUARTERS IN TACOMA, WASHINGTON. THE PROJECT CONTAINS A RANGE OF STUDIO, ONE, TWO, AND THREE-BEDROOM UNITS OCCUPIED BY TENANTS WHOSE INCOME RANGE FROM 30% TO 50% OF AREA MEDIAN INCOME. THE SPONSOR, YWCA OF PIERCE COUNTY, HAS DEVOTED OVER A CENTURY TO CREATING OPPORTUNITY AND SAFETY FOR ADULTS AND CHILDREN IN THE GREATER TACOMA AREA. THE YWCA SERVES OVER 15,000 ADULTS AND CHILDREN ANNUALLY AND THIS PROJECT PROVIDES A FULL CONTINUUM OF SERVICES, FROM CRISIS INTERVENTION TO SHELTER AND PERMANENT HOUSING. NDC CORPORATE EQUITY FUND PROVIDED $12.2 MILLION IN PROJECT EQUITY AND THAT INVESTMENT LEVERAGED AN ADDITIONAL $12.9 IN PRIVATE LOANS AND OTHER PUBLIC FINANCING.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$7.1MProgram 2 [2020]
TO ASSIST IN THE ERECTION AND MAINTENANCE OF PUBLIC BUILDINGS, MONUMENTS, FACILITIES, OR WORKS TO LESSEN THE BURDEN OF GOVERNMENT AND TO PROMOTE SOCIAL WELFARE.HEDC ALSO PARTNERS WITH UNITS OF LOCAL GOVERNMENT TO: ERECT AND MAINTAIN PUBLIC BUILDINGS, MONUMENTS, AND FACILITIES; AND TO PROMOTE SOCIAL WELFARE. THE UNDERLYING MISSION IS TO "LESSEN THE BURDEN OF GOVERNMENT". IN TOTAL, HEDC HAS DEVELOPED AND FINANCED MORE THAN THIRTY-ONE PROPERTIES AT A COST OF MORE THAN $2.5 BILLION ON BEHALF OF LOCAL GOVERNMENT. PROJECTS INCLUDE PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE. (CONT. SEE SCHEDULE O) DURING 2020, HEDC UNDERTOOK NO PROJECTS UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. HOWEVER, NDC HEDC DID DESIGN AND STRUCTURE FINANCING FOR TWO PARKING GARAGES FOR THE NYACK COMMUNITY HOSPITAL IN NYACK, NEW YORK AND DAMAS HOSPITAL IN THE MUNICIPALITY OF PONCE, PUERTO RICO. BOTH TRANSACTIONS ARE SCHEDULED TO CLOSE IN 2022.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$797.2KProgram 3 [2020]
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. (CONT. SEE SCHEDULE O)HEDC WORKS WITH NONPROFIT ORGANIZATIONS, 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 ALONG WITH OTHER FINANCING TOOLS FOR SMALL BUSINESSES AND NONPROFITS, 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 94 PROJECTS THROUGH A $754 MILLION NMTC ALLOCATION, WHICH LEVERAGED PROJECT FINANCING TOTALING OVER $2.1 BILLION OF NEW INVESTMENT, CREATED OVER 16,000 PERMANENT JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODS AND SERVICES TO LOW-INCOME COMMUNITIES ACROSS AMERICA. ADDITIONALLY, THE 94 PROJECTS CONTAIN 9.1 MILLION SQUARE FEET (11.6 ACRES) OF SOLAR PANELS. IN 2020, HEDC DID NOT RECEIVE A NEW MARKETS TAX CREDIT ALLOCATION. NDC COMMUNITY IMPACT LOAN FUND (CILF) NEW YORK STATE, DELAWARE, AND THE NATIONAL URBAN LEAGUE URBAN EMPOWERMENT FUND MANY STUDIES HAVE DOCUMENTED THAT, EVEN AFTER CONTROLLING FOR DIFFERENCES IN CREDITWORTHINESS, MINORITY OWNED SMALL BUSINESSES EXPERIENCE HIGHER LOAN DENIAL RATES AND PAY HIGHER INTEREST RATES THAN WHITE-OWNED BUSINESSES. THIS TREND HAS ACCELERATED AS A RESULT OF THE COVID-19 INDUCED ECONOMIC DOWNTURN. BECAUSE OF THESE DENIAL RATES, MINORITY OWNED BUSINESS MUST RELY MORE UPON OWNER'S EQUITY AND LESS ON BANK DEBT. YET, MINORITY BUSINESSES HAVE LESS EQUITY AND LOWER HOUSEHOLD WEALTH TO DRAW FROM. 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. IN 2020, CILF, HEDC'S CERTIFIED NATIONAL CDFI, PROVIDED OVER 129 LOANS, TOTALING MORE THAN $20 MILLION TO SMALL BUSINESSES AND NONPROFITS LOCATED IN NEW YORK STATE AND DELAWARE. EIGHTY-FOUR PERCENT OF THESE LOANS WENT TO MINORITY AND WOMEN OWNED SMALL BUSINESS ENTREPRENEURS. IN 2020, CILF RECEIVED A $38 MILLION EQ2 INVESTMENT COMMITMENT FROM DISCOVER BANK THAT IT WILL LOAN IN PROGRESS INSTALLMENTS TO THE FINTECH CENTER LOCATED ON THE STAR CAMPUS OF THE UNIVERSITY OF DELAWARE. THE BUILDING WHEN FINISHED, WILL HOUSE UNIVERSITY CLASSROOMS, OFFICES AND FINANCIAL LITERACY PROGRAMS DESIGNED TO SUPPORT THE GREATER DELAWARE SMALL BUSINESS COMMUNITY. THE LOAN PROVIDED BY CILF WILL BE USED TO PROVIDE LOW-COST, PATIENT, AND PERMANENT FIRST MORTGAGE FINANCING FOR THE CONSTRUCTION OF THE FACILITY.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$974.2K
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