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Call for Projects Deadline Extended for NDC Academy 2015 Awards!

Due to the inclement weather across the nation and a brief website outage, the deadline to submit projects for the NDC Academy 2015 Awards has been extended until Wednesday, February 25 at 5:00 pm PST.

 

If you submitted a project and haven’t received an email confirmation, please send an email to bcoy@nationaldevelopmentcouncil.org with the project category, title, and state, to confirm that your project has been received.

Saturday 2/21 – Last Chance To Submit Your Community Development Project for an NDC Academy 2015 Award!

The National Development Council is pleased to recognize the country’s most dedicated and innovative community development professionals and their work through our peer-selected NDC Academy 2015 Awards. Submit your project for the chance to exhibit your work at the Academy and on Capitol Hill.  The projects that receive the most votes will win an NDC Academy 2015 Award (plus free tuition to an NDC course of your choice)!  Projects may be submitted in four categories: Creative Financing, Job Creation, Housing Development, Community Development. Submit your project by this Saturday, February 21! There is no fee to submit your project.

SUBMIT YOUR PROJECTS HERE

Riverside County Law Building Celebrates Grand Opening

We’d like to Congratulate District Supervisor John J. Benoit, The City of Indio, and the County of Riverside on the completion of the Riverside County Law Building.  Congratulations also go out to our development team Trammell Crow Company, Langdon Wilson International, and Millie and Severson on an amazing project that has produced a genuinely amazing LEED Platinum (pending certification) building that came in $2 million under budget and four months ahead of schedule!

Riverside County Law Building small

We financed the project using the American Model approach to public-private partnerships, a model that combines tax-exempt debt with private sector expertise to provide significant cost savings on the project.

Read more in The Inauguration Article in the Desert Sun

Call for Community Development Projects

NEW YORK, N.Y.— NDC has opened its call for community development project submissions for the NDC Academy 2015. Over 200 projects from across the country are expected to be entered in four categories: creative financing, job creation, housing development, and community development.

The NDC Academy 2015 Awards will recognize and celebrate our nation’s most dedicated and innovative community development professionals and their work through peer-selected voting on the submitted projects.  Projects submissions will be accepted until February 21, 2015. There is no fee to submit your project.
Register for an informational Q&A webinar that will provide you with all the details on the NDC Academy 2015 Awards and how to submit your project at WWW.NDCACADEMY.ORG.

The theme of NDC Academy 2015 is “Your Work Moves Your Community And Our Country Forward.” To support the work of nonprofit and local government development professionals across our nation, it’s more important than ever to teach these leaders how to fully utilize the federal, state, and local development finance toolbox – and how to preserve, enhance, and expand it.  The NDC Academy’s unique structure allows for a synergistic flow between attendees and government officials while combining in-depth training for practitioners, and also providing a forum for attendees to have a voice on Capitol Hill. To ensure that attendees are successful in these Capitol Hill communications, NDC provides a “Capitol Hill Primer” that outlines key players, protocols, policies, and programs.

Over 400 community development practitioners attended NDC Academy 2013 from over 40 states and 230 communities and participation is projected to surpass 500 for Academy 2015. Our participants represent a broad range of professionals including non-profit community development organizations, housing authorities, city, federal and state government agency staff, and development partners from the philanthropic, banking, legal, and accounting industries.

Learn more about the NDC Academy 2015 at NDCACADEMY.ORG.

Broome County IDA to Offer New Financing Program for Small Business in Partnership with NDC GAF

BINGHAMTON, NY – The Broome County Industrial Development Agency (IDA) has announced a partnership with the National Development Council, Grow America Fund (NDC GAF) on a new lending program for eligible small businesses in Broome County.

“The unique financing tools provided through our partnership with Broome County IDA will allow NDC GAF a direct hand in assisting small businesses in Binghamton” said John Palyo, President of NDC GAF “NDC GAF believes that programs like this are key to a healthy economy, by creating jobs and supporting expanding small businesses”

In December 2014, the IDA Board of Directors approved a resolution to enter into a contract with the NDC GAF to begin funding the Fund. The benefits of the program for qualified borrowers are longer loan terms, larger loans, lower down payments and interest rates and a better structure to match the term of the loan to the life of the assets being financed. Through this partnership, NDC GAF will leverage a $250,000 commitment from the IDA to make available up to $2 million for lending.

More News Coverage Linked BELOW!

Broome County IDA Administers the Grow Broome Fund

New lending program aimed at small local businesses

 

About Broome County IDA
The mission of the Broome County IDA is to serve as a catalyst, partner and investor that delivers clear benefits including job opportunities, development sites, and enhanced quality of life. The IDA promotes and leverages all available resources and Broome County’s strength’s to foster economic growth and create prosperity in an ethical and transparent manner.

 

Businesses looking for more information on the Grow America Fund should contact Tom Gray, Deputy Director at the IDA at (607) 584-9000.

Novogradac Journal of Tax Credits February Issue Features NDC CEF Project, The Aeolian.

NDC Corporate Equity Fund is honored to have our project highlighted in the February Issue of the Novogradac Journal of Tax Credits. The highlight features NDC CEF project, The Aeolian, which received an honorable mention for the 2014 Development of Distinction Awards. The Development of Distinction Awards were created to recognize excellence and honor outstanding achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.

The Aeolian Building is a senior housing LIHTC project that combined Low-Income Housing Tax Credits and Historic Tax Credits to renovate an 86 year old historic landmark.  The project provides housing for seniors that otherwise would have to leave their community to find an appropriate place to live.  The residents benefit from the neighborhood, the proximity to downtown and shopping, and from the various programs hosted by The Aeolian.  The project has also created interest from developers and small business owners in the surrounding neighborhood and reinvestment in the community has already begun.

See article HERE! The Aeolian Novogradac Journal of Tax Credits

Video HERE!

NDC ANNOUNCED AS Recipient Of ASHRAE Technology Award

Center for Urban Waters was announced as a recipient of The American Society of Heating, Refrigerating and Air‐Conditioning Engineers (ASHRAE) Technology Awards. The awards recognize outstanding achievements by ASHRAE members and building owners who have successfully applied innovative building design. Their designs incorporate ASHRAE standards for effective energy management and indoor air quality and serve to communicate innovative systems design.

The NDC PPP project, Center for Urban Waters is a 51,205 square foot, three-story building. It functions as a shared research facility for the City of Tacoma, the University of Washington, and the Puget Sound Partnership, a not-for-profit with a mission to clean up Puget Sound. The building is a world-class, state-of-the-art marine research and testing laboratory that houses government and nonprofit groups that collaborate on the pollution problems facing urban communities.

The Center for Urban Waters is LEED Platinum designed and located in Tacoma, WA on the Thea Foss Waterway. Seen from the downtown core, the building is constructed on a brownfield site and is a beacon of possibility in an industrial neighborhood. The $38 million project is financed with a public-private partnership approach using 63-20 bonds and comprises laboratories, offices, conference rooms, a lunch room, an exhibit center, public art, a customer service center, and related building services including a loading dock and mooring facility on the Thea Foss Waterway.

Find Full Press Release HERE,  Recipients of Technology Awards Announced by ASHRAE Urban Waters

NDC Grow America Fund Closes its 500th Loan!

The closing of Big G Food Mart in Cincinnati, OH marks NDC Grow America Fund’s 500th loan, since program inception. Big G Food Mart is minority, family owned and operated small business located in the North Side of Cincinnati. The owner of Big G Food Mart immigrated to the United States in 1982 and has worked at the same convenience store, under different ownership, for over 25 years. Starting as an associate, working his way up to manager and in March of 2013 became convenient store owner. NDC GAF’s SBA loan allows the owner to purchase the building where the convenient store currently operates. Ownership will give the minority owned small business significant savings on monthly lease, supporting their continued growth.

Congratulations to Big G Food Mart and NDC Grow America Fund!

 

NDC Corporate Equity Fund will be Honored at Novogradac Conference THIS WEEK!

NDC Corporate Equity Fund   will attend the Novogradac Tax Credit Developers Conference in Miami, FL this week where our LIHTC project, The Aeolian will receive an honorable mention for the 2014 Development of Distinction Awards. The Development of Distinction Awards were created to recognize excellence and honor outstanding achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.

The Aeolian Building is a senior housing LIHTC project that combined Low-Income Housing Tax Credits and Historic Tax Credits to renovate an 86 year old historic landmark.  The project provides housing for seniors that otherwise would have to leave their community to find an appropriate place to live.  The residents benefit from the neighborhood, the proximity to downtown and shopping, and from the various programs hosted by The Aeolian.  The project has also created interest from developers and small business owners in the surrounding neighborhood and reinvestment in the community has already begun.

Congratulations to our partners, Brownstone Affordable Housing Ltd. We are honored to have another one of NDC’s projects receive a Novogradac Award!

Official Press Release

 

Project Photos

GAF Borrower TO CELEBRATE GRAND “NEW” OPENING

After 40 plus years of operating a collision repair and towing business from 120 Union Avenue in Williamsburg, Brooklyn, NDC GAF borrower Knights Collision has expanded and found a new home within the Borough at 200 Eastern Parkway at Broadway.

Knights Collision is a locally owned and operated family business that provides towing and storage services for vehicles that are disabled, involved in accidents, seized in parking enforcement and involved in theft recovery. The auto-body repair and maintenance shop provides complete auto repair services. In 2007 NDC Grow America Fund provided Knights Collision a SBA guaranteed working capital loan to facilitate the growth of the company.

The event will take place tomorrow December 19th @2pm. More Details HERE

McFarland A. Bragg II, President of the Peoria Citizens Committee for Economic Development and an NDC EDFP and HDFP, Shares How His NDC Training Experience Produced, “A tremendous return on investment”

“The Economic Development Finance Professional Certification that I received in December 1994, the Housing Development Finance Professional Certification received in May 1999 as well as my attendance and participation in the biennial NDC Academies have proven to be invaluable to my professional development and PCCEO’s economic development.

The rigorous training required to complete the certifications is invaluable. Our development team of seven (all trained and certified by NDC), is responsible for the construction of 168 single family residences, using a combination of Low Income Housing Tax Credits and other affordable financing techniques, in several of Peoria’s most impoverished neighborhoods. The first project of 80 homes was funded at $6,812,600; the second project of 60 homes was funded at $5,966,654. We are currently initiating Year 16 activities for the OKPARA I project wherein we will begin to sell the homes to the residents that are prepared to purchase.

Through the relationships developed with Academy attendees, PCCEO’s development team was able to “pick the brains” of experts which enabled us to craft and execute a development agreement (The Spring Grove Subdivision) with the City of Peoria to complete a market rate project in an area that had been the victim of a stalled Urban Renewal Initiative which was dormant for a considerable period of time! The Spring Grove Development produced 28 “affordable” market rate homes which sold for an aggregate total of $3,883,185!!

I look at the National Development Council’s certification process and attendance at the NDC Academy as a knowledge and skill development investment which when used correctly, can produce has a tremendous return on investment for economically challenged areas of many communities!”

McFarland A. Bragg II, CCAP
President/CEO
PCCEO

NDC Certified Over 300 Development Finance Professionals in 2014

Congratulations to the following participants who became Economic Development Finance Professionals (EDFPs),  Housing Development Finance Professionals (HDFPs) or Rental Housing Development Finance Professionals (RHDFPs) in 2014!

Read more…

NDC Mentioned in US Treasury 2014 Agency Report

NDC’s project, Continental Tire in Sumter, SC is highlighted in the US Department of Treasury 2014 Agency Report! See Report HERE, and Continental Mention on page 16.

New Markets Tax Credit investments of over $58 million helped bridge a financing gap for the $542 million Continental Tire project, allowing plans for the production plant to move forward and begin on time. The one-million-square-foot production facility is located in a severely distressed, low-income community with an unemployment rate exceeding 1.5 times the national average.  National Development Council partnered with Chase New Markets Corporation, Community Reinvestment Fund, USA, People Inc. and UrbanAmerica Advisors to leverage the NMTC equity.

Senate Poised to Take Up Tax Extenders Legislation

The Senate may take up H.R 5771, the Tax Increase Prevention Act of 2014, as early as this evening. Please take a moment to reach out to your Senators and urge them to support passage of H.R. 5771, which includes retroactive extensions of expiring tax provisions, including the NMTC.

The most effective message you can deliver your Senators is to tell them compelling stories of how the NMTC created jobs, improved services, or revitalized communities in their state. If you need examples or project profiles, please see our NMTC project map. If you need state-specific statistics, please see our state post cards.

We also crafted broad talking points that you should feel free to use in your calls and emails to Senate offices:

 

Music Legend Diana Ross to Perform Inaugural Concert at Brooklyn’s Revitalized Kings Theatre

Today our project partners, ACE Theatrical, announced that the inaugural year of programming at the Kings Theatre will kick off with an opening concert by internationally acclaimed artist Diana Ross, as the newly revitalized entertainment palace opens to the public for the first time in nearly 40 years. The inaugural performance by Ms. Ross on February 3, 2015 at 8:00 p.m. follows an extensive $93.9 million restoration and renovation of the architectural gem.  The largest theatre in Brooklyn with more than 3,000 seats, the Kings Theatre will serve as a cultural and economic cornerstone of the community and an extension of the borough’s cultural renaissance. Tickets for An Evening with Diana Ross will go on sale Friday, December 12 at 12:00 p.m. at KingsTheatre.com, Ticketmaster.com, 800-745-3000, and all Ticketmaster outlets.

See official Press Release HERE! Press Announcement Inaugural Preformance Kings Theatre

 

About the Kings Theatre

The historic Kings Theatre will reopen its doors in 2015 as one of New York’s premier performing arts venues.  Providing a destination for large-scale popular entertainment and serving as a resource for local arts groups and community organizations, the City-owned Theatre will be a cultural and economic cornerstone of the Flatbush community and add a major fixture to Brooklyn’s vibrant cultural landscape. The Kings Theatre was originally designed by Rapp & Rapp in 1929 and was one of the five Loew’s ‘Wonder Theatres’ built in New York and New Jersey during that period. Featuring high curved ceilings, ornate plaster walls, wood paneling, pink marble, and a glazed terra-cotta ornamental façade, the classic 20th-century movie palace was inspired by the French Renaissance Revival style of the Palace of Versailles and the Paris Opera House. Spearheaded by ACE Theatrical Group and designed by Martinez+Johnson Architecture, with Gilbane Building Company serving as construction manager, the redevelopment project will both revive the historic structure’s original splendor and transform the Theatre into a state-of-the-art facility with over 3,000 seats—the largest of its kind in Brooklyn. The Theatre was recently selected as a recipient of the 2014 New York State Historic Preservation Award for excellence in preservation and revitalization.

The renovation and restoration of the Kings Theatre is a partnership between the New York City Economic Development Corporation and the Kings Theatre Redevelopment Company—a consortium of ACE Theatrical Group, Goldman Sachs Urban Investment Group, and the National Development Council. Public sector funding is provided by the City of New York, through the Office of the Mayor, the Office of the Brooklyn Borough President, the New York City Council and District 40 Council Member Dr. Mathieu Eugene, and by the State of New York. Additionally, the Kings Theatre is a Federal and New York State Rehabilitation Tax Credit project and a Federal New Markets Tax Credit project in partnership with Goldman Sachs Urban Investment Group, United Fund Advisors, and the National Development Council.  www.KingsTheatre.com.

 

Facebook: facebook.com/KingsTheatreBklyn

Twitter: @KingsBklyn

 

Kings Theatre Honored at 2014 New York State Historic Preservation Awards

Right, Andy Beers- Executive Deputy Commissioner, Seth Bongartz- NDC Board, Neil Heyman-Gilbane Construstion, David Terevisani-NDC, Adam Field- Martinez+Johnson Architecture, Peter Trozze-Martinex+Johnson Architecture, Toland Grinnell-Evergreen Architectural, Christina Derose-NYCEDC, Ruth Pierpont Director of NYSHPO

Established in 1980, the state preservation awards are given by State Parks each year to honor excellence in the protection and rejuvenation of New York’s historic and cultural resources.

NDC was an honored recipient of the NY State Preservation Award for their work on the Kings Theatre in Flatbush, Brooklyn. The theatre was recognized for the outstanding rehabilitation and restoration of the lavish early 20th century entertainment palace.  The awards were presented at a ceremony held at the award-winning Academy Lofts in Albany, an abandoned school that has been transformed into a vibrant living and work space for artists as well as a community arts center and business incubator for creative enterprises.

Seth Bongartz, Board Member, accepted the award on behalf of NDC. Seth stated “For us, being involved in the revitalization of the Loew’s Kings Theatre means returning home. The National Development Council was formed in 1969 to work in economically underserved communities throughout the United States. However, the inspiration for the founding of NDC was the late Senator Robert Kennedy’s work in inner city Brooklyn, which started in 1967 with the creation of the Bedford Stuyvesant Restoration Corporation.”

NDC would like to thank Goldman Sachs our investor, the City of New York our partner and primary grant provider, the Dormitory Authority of the State of New York for its generous grant, the Office of the Brooklyn Borough President who championed the project and provided a grant to complete some important improvements, ACE Theatrical for including us in their magnificent project, the State Historic Preservation Office for their support though the entire process and the hard working men and women who applied their skills to recreate this wonderful theatre.

Below are some photos of the event.

 

Seth Bongartz Accepts Award for NDC

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Academy Lofts, Albany NY

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Academy Lofts, Albany, NY

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THE NOVOGRADAC JOURNAL OF TAX CREDITS HONORS SPECIAL ACHIEVEMENT IN AFFORDABLE HOUSING DEVELOPMENT

NDC Corporate Equity Fund and Brownstone Affordable Housing Ltd. will receive honorable mention for the 2014 Developments of Distinction Awards, which will be presented at the Novogradac Tax Credit Developers Conference, Jan. 8-9, 2015 at the Mandarin Oriental Miami in Miami, Fla. The Developments of Distinction Awards were awarded to development teams for exceptional achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.

See official Press Release Here! Novogradac Award Winners 2014

NEW ASSISTED LIVING FACILITY TO OFFICIALLY BREAK GROUND IN NORTHAMPTON, MA

NDC Corporate Equity Fund will join local officials, project partners, developers and investors at the Official Groundbreaking for Christopher Heights of Northampton tomorrow, November 21st at the project site.

Christopher Heights Groundbreaking

The Christopher Heights of Northampton project is the new construction of an 50,000 square foot assisted living facility located in the Village Hill neighborhood of Northampton, MA. The 1.3 acre site formally housed a state hospital and is being redeveloped under the direction of Massachusetts Development Finance Authority (MassDev). The $13.4 million project will consist of 83- assisted living units, 17 of the units will be designated for individuals with incomes below 30% of AMI and 26 for residents with incomes below 60% of AMI. In partnership with the Grantham Group of Boston, NDC Corporate Equity Fund contributed LIHTC capital from NDC Corporate Equity Fund XI.

 

NDC teams up with the Broad Tax Extenders Coalition in Support of Extending Expired and Expiring Tax Provisions

Today, NDC along with over 500 organizations, representing millions of individuals, businesses of all sizes, community development organizations and non-profit organizations, urged Congress to act in the Lame Duck session to extend seamlessly the expired and expiring tax provisions this year to provide a necessary bridge to comprehensive tax reform. These tax provisions are critically important to U.S. jobs and the broader economy. Enacting a seamless extension of the expired tax provisions will provide important predictability necessary for economic growth.

See Tax Extender Sign On Letters Below:

Tax Extenders Sign On Letter November 18 2014_House

Tax Extenders Sign On Letter November 18 2014_Senate

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