NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION - GROUP RETURN
Programs
Public Infrastructure Development
LESSENING THE BURDENS OF GOVERNMENT: 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 2022, IN ADDITION TO PROVIDING PRE-DEVELOPMENT SERVICES TO SELECT CLIENTS HEDC BEGAN PRE-CONSTRUCTION WORK ON 1 PROJECT AS THE OWNER/DEVELOPER UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT, AND ANOTHER WHERE IT WILL SERVE AS THE OWNER/DEVELOPER. THE FIRST IS A PARKING GARAGE FOR THE TOWN OF RIVERHEAD, NEW YORK AND IT IS EXPECTED TO CLOSING FINANCING AND BEGIN CONSTRUCTION IN 2024. THE SECOND PROJECT IS A MIXED USE MIXED IN THE CITY OF HARTFORD WHICH WILL PROVIDE SPACE FOR THE CITY'S DEPARTMENT OF HEALTH AS WELL AS SOME ADDITIONAL RETAIL USES. THE TRANSACTION WILL HAVE A FINAL CLOSING ON ALL FINANCING IN EARLY 2024.GeographiesNot indicatedDatesJan 1, 2022 – Dec 31, 2022Source990No causes providedNo populations provided–$79.8MEconomic Development Initiatives
STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED AREAS: 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.(CONT. SEE SCHEDULE O) UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM, HEDC HAS SPONSORED 102 PROJECTS THROUGH A $804 MILLION NMTC ALLOCATION, WHICH LEVERAGED PROJECT FINANCING TOTALING OVER $2.4 BILLION OF NEW INVESTMENT, CREATED/RETAINED OVER 17,000 PERMANENT JOBS AND OVER 10,000 CONSTRUCTION JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODS AND SERVICES TO LOW-INCOME COMMUNITIES ACROSS AMERICA. ADDITIONALLY, THE 102 PROJECTS CONTAIN 9.1 MILLION SQUARE FEET (11.6 ACRES) OF SOLAR PANELS. IN 2021, HEDC RECEIVED A $50 MILLION NEW MARKETS TAX CREDIT ALLOCATION. HEDC THROUGH ITS AFFILIATE, HEDC NEW MARKETS, INVESTED IN SIX PROJECTS IN 2022, TOTALING $35.4 MILLION IN QUALIFIED EQUITY INVESTMENTS (QEIS). EXAMPLES OF NMTC PROJECT CLOSINGS: GRADY HEALTH SYSTEM PONCE INFECTIOUS DISEASE PROGRAM - ATLANTA, GAGRADY HEALTH SYSTEM IS A $41MM REDESIGN AND EXPANSION OF ITS AIDS/HIV CLINIC. THIS FACILITY PROVIDES THE MAJORITY OF AIDS/HIV TREATMENTS IN THE STATE OF GEORGIA. THE AIDS/HIV EPIDEMIC IS STILL ONGOING IN FULTON AND DEKALB COUNTIES AND DISPROPORTIONATELY AFFECTS THE AFRICAN AMERICAN MALE POPULATION. GRADY IS ALSO A CLOSE PARTNER WITH MOOREHOUSE COLLEGE'S MEDICAL SCHOOL, OFFERING RESIDENCY AND INTERNSHIP OPPORTUNITIES TO ALL OF THE MED STUDENTS AT THE SCHOOL. HEDC NEW MARKETS PROVIDED AN $8.0 MILLION QUALIFIED EQUITY INVESTMENT IN THE $41 MILLION PROJECT THAT RESULTED IN APPROXIMATELY 100 CONSTRUCTION JOBS, THE EXPECTED RETENTION OF 99 JOBS AND THE CREATION OF 22 PERMANENT JOBS. AGC LEARNING HUB - CHICAGO, ILTHE ACADEMY OF GLOBAL CITIZENSHIP'S (AGC) "CULTIVATE COLLECTIVE" IS A SUSTAINABILITY AND WELLNESS HUB LOCATED IN SOUTHWEST CHICAGO. THE HOLISTIC CAMPUS WILL UNITE EDUCATION, WELLNESS, SUSTAINABILITY, AND ECONOMIC VITALITY TO CULTIVATE A RESILIENT, EQUITABLE AND VIBRANT FUTURE FOR THE COMMUNITY. THE FIRST PHASE, ANCHORING A 40-ACRE FORMER PUBLIC HOUSING SITE WILL HOUSE AGC'S EXISTING K-8 SCHOOL, AN EARLY CHILDHOOD CENTER, COMMUNITY HEALTH CARE CENTER, THREE-ACRE URBAN FARM, NEIGHBORHOOD MARKETPLACE, SIX TEACHING KITCHENS AND A RANGE OF COMMUNITY WELLNESS PROGRAMS AND AMENITIES. COMMUNITY OUTCOMES INCLUDE 22 NEW K-8 SEATS, A NEW 120-SEAT HEAD START PROGRAM, ESPERANZA, A BIPOC CONTROLLED FQHC, WILL RUN AN ON-SITE COMMUNITY HEALTH CLINIC SERVING 1,200 PATIENTS ANNUALLY, REMEDIATION OF A BROWNFIELD, AND CONSTRUCT A NET ENERGY/WATER POSITIVE BUILDING THAT WILL GENERATE 105% OF ENERGY NEEDS FROM ROOFTOP SOLAR PANELS. AGC'S STUDENTS ARE 98% BIPOC AND 24% HAVE SPECIAL NEEDS. HEDC NEW MARKETS PROVIDED A $7.0 MILLION QUALIFIED EQUITY INVESTMENT INTO THE $53.1 MILLION PROJECT THAT RESULTED IN APPROXIMATELY 100 CONSTRUCTION JOBS AND THE CREATION OF 40 FULL-TIME QUALITY JOBS. CITY FRESH FOODS - ROXBURY, MACITY FRESH MAKES AND DELIVERS HEALTHY MEALS TO SCHOOLS, CHILDCARE CENTERS AND SENIOR CENTERS THROUGHOUT GREATER BOSTON. THE PROJECT PRODUCES OVER 15,000 MEALS PER DAY FOR A TOTAL OF OVER 3.5 MILLION MEALS PER YEAR. THE MEALS FEED APPROXIMATELY 25,000 LOW-INCOME INDIVIDUALS AND OVER 95% OF THE PEOPLE RECEIVING ITS MEALS ARE BIPOC. THE PROJECT WILL INCLUDE THE ACQUISITION OF AN 18,000 SF COMMERCIAL CONDOMINIUM PLUS 1/2+ ACRE OF LAND PROVIDING SPACE FOR EXPANSION. THE NEW PROPERTY CONSISTS OF A BUILDING SHELL THAT WILL REQUIRE A COMPLETE RENOVATION WITH ALL NEW SYSTEMS. THE NEW FACILITY WILL ENABLE CITY FRESH TO SECURE USDA CERTIFICATION AND PRODUCTION CAPACITY WILL INCREASE FROM 3.5 MILLION MEALS TO 8.4 MILLION. THE NMTC SUBSIDY WILL ALSO ENABLE MANAGEMENT TO EXPAND ADDITIONAL OWNERSHIP OPPORTUNITIES TO ITS EMPLOYEES, 98% OF WHICH IDENTIFY AS RACIAL OR ETHNIC MINORITIES. HEDC NEW MARKETS PROVIDED A $5.0 MILLION QUALIFIED EQUITY INVESTMENT INTO THE $15 MILLION PROJECT THAT RESULTED IN 37 CONSTRUCTION JOBS AND THE CREATION OF 226 PERMANENT JOBS. NDC COMMUNITY IMPACT LOAN FUND (CILF) FEDERAL HOME LOAN BANK MEMBERSHIP, NEW YORK FORWARD, SOAR, WASHINGTON SMALL BUSINESS FLEX FUND, DISCOVER/STATE OF DELAWARE EQ2, AND DELAWARE HISTORIC TAX CREDIT BRIDGE FUND NUMEROUS STUDIES HAVE DOCUMENTED THAT, EVEN AFTER CONTROLLING FOR DIFFERENCES IN CREDITWORTHINESS, BIPOC 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, BIPOC OWNED BUSINESS MUST RELY MORE UPON OWNER'S EQUITY AND LESS ON BANK DEBT. YET, BIPOC BUSINESSES HAVE LESS EQUITY AND LOWER HOUSEHOLD WEALTH TO DRAW FROM. AS A RESULT, BIPOC 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 2022, CILF, HEDC'S NATIONAL CDFI, OPERATED LOAN PROGRAMS AROUND THE COUNTRY, DEPLOYING MORE THAN $63 MILLION TO APPROXIMATELY 600 SMALL BUSINESSES THE VAST MAJORITY OF WHICH (87%) WERE OWNED BY PERSONS OF LOW INCOME AND IN TRADITIONALLY UNDERSERVED COMMUNITIES OF COLOR AND LOW INCOME. THOSE ENTREPRENEURS RETAINED MORE THAN 2,500 EXISTING JOBS AND PROJECTED ADDING ANOTHER 1,000+. IN DECEMBER OF 2021, NDC COMMUNITY IMPACT LOAN FUND (CILF) WAS GRANTED MEMBERSHIP INTO THE FEDERAL HOME LOAN BANK OF NEW YORK. AS A CDFI MEMBER, CILF WILL UTILIZE DRAWS FROM THE FHLB TO FUND UP TO SEVENTY PERCENT OF A LOAN MADE TO AN ELIGIBLE BUSINESS, HOUSING AND/OR NONPROFIT BORROWER. THE MEMBERSHIP WILL ALLOW CILF TO CONTINUE TO EXPAND ITS LENDING ACTIVITY, INCLUDING PRIORITY LENDING IN CDFI ELIGIBLE CENSUS TRACTS AND TO LOW INCOME BORROWERS. IN 2020, CILF RECEIVED A $38 MILLION EQ2 INVESTMENT COMMITMENT FROM DISCOVER BANK. CILF IN TURN MADE A LOAN TO THE UNIVERSITY OF DELAWARE SPONSORED FINTECH CENTER AND HAS BEEN FUNDING CONSTRUCTION PROGRESS PAYMENTS FOR THE FINTECH CENTER LOCATED ON THE STAR CAMPUS OF THE UNIVERSITY. WHEN FINISHED, THE BUILDING 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. EXAMPLES OF THE LOANS MADE BY CILF IN 2022 INCLUDE: - AN $80,000 LOAN TO EZ DRYWALL AND CARPENTRY SERVICES CORP., AN AFRICAN AMERICAN-OWNED CONSTRUCTION COMPANY IN PORT ST. LUCIE, FLORIDA- A $300,000 LOAN TO CHEF K INC., AN AFRICAN AMERICAN AND WOMAN-OWNED JUICE MANUFACTURER AND DISTRIBUTOR IN WATERBURY, CT- A $55,000 LOAN TO LATINO EDUCATIONAL TRAINING INSTITUTE, A HISPANIC & WOMAN OWNED LOW-INCOME-OWNED NON-PROFIT THAT ASSISTS NEW IMMIGRANTS IN LYNWOOD, WASHINGTONGeographiesNot indicatedDatesJan 1, 2022 – Dec 31, 2022Source990No causes providedNo populations provided–$12.6MLow-Income Housing Development
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 14,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW-INCOME HOUSING TOTALING MORE THAN $2.5 BILLION OF INVESTMENT IN LOW-INCOME COMMUNITIES IN MORE THAN 30 STATES.(CONT. SEE SCHEDULE O)GeographiesNot indicatedDatesJan 1, 2022 – Dec 31, 2022Source990No causes providedNo populations provided–$793.3K
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