The Kings Theatre restoration in Flatbush Brooklyn is receiving vast local and national press coverage. On September 16th, NDC joined project partners and investors to host a media tour.
Chicago, IL- At an award ceremony held during the Novogradac Historic Tax Credit Conference at the Drake Hotel in Chicago, the Novogradac Journal of Tax Credits honored the recipients of the 2014 Historic Rehabilitation Awards. Award winners were recognized for their “exceptional achievement in preservation using the historic rehabilitation tax credit (HTC)”. Recipients of the Historic Rehabilitation Award were recognized in three categories: Major Community Impact, Overcoming Significant Obstacles and Financial Innovation.
Novogradac & Company LLP honored Steeple View Lofts as an Honorable Mention winner in the Historic Development that Best Exemplifies Major Community Impact.
“Recipients of the Historic Rehabilitation Awards represent some of the very best work in historic preservation,” said Michael J. Novogradac, CPA and managing partner of Novogradac & Company LLP. “We are pleased to commend their accomplishments and to spotlight the importance of the historic tax credit in revitalizing communities.”
Steeple View Lofts on North Water Street in Lancaster, PA exemplifies how the revival of a historic asset can have major impacts on a community. Located in the City’s Gallery Row Arts district, the North Water Street Development, now known in the community as Steeple View Lofts, includes 36 senior apartments and 10,200 Sq.Ft of street-level retail and office space. Downtown Lancaster is a highly walkable community with creative parks and community space. Today, the Gallery Row Arts district, where the project is located, is a thriving commercial district, offering restaurants, retail and art galleries that attract people in the area both day and evening. Historic Tax Credits were utilized in the financing of Steeple View Lofts, the project created affordable rental commercial space and increased affordable housing options for the growing senior population in the Lancaster community as well as adding foot traffic and stability to Gallery Row.
Please visit Novogradac & Company LLP for more information on 2014 Historic Rehabilitation Award recipients.
Click here to read the official Novogradac press release.
Bothell, WA- The City of Bothell will mark the construction of its new City Hall at a official groundbreaking ceremony Wednesday September 3 at 10am on the project site. Located at 18305 101st Ave North East, the project will play in integral role in the revitalization efforts downtown.
“It is Bothell’s prudent fiscal policies and smart investments that have made it possible to move forward with the city hall project,” explained John Finke, senior program manager at National Development Council. “We’re proud to be a partner in this exciting project.” Working with the National Development Council, the City of Bothell is facilitating the City Hall development financing through a lease/leaseback financing structure using 63-20 Bonds, a form of tax exempt bonds. Upon substantial completion of the project the facilitating non-profit, National Development Council, will leaseback the City Hall project to the City of Bothell. Ownership of the City Hall will transfer to the City at no additional cost when the lease (debt) payments are fully paid.
Located in the heart of Bothell’s downtown, the city hall and multi-use campus is a key element of the City’s downtown revitalization plan that has already attracted over $200 million in private investment and is expected to stimulate an additional $450 million in private investment over the coming years.
The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded NDC’s Grow America Fund, Inc. (GAF) a $1.75 million grant under its financial assistance program. The announcement was part of $160 million to more than 150 organizations who applied for the fiscal year 2014 round of the CDFI Program. The CDFI Fund’s Financial Assistance Program creates opportunity in America’s underserved communities by providing access to affordable financial products and services by investing in private, for-profit and nonprofit organizations serving rural and urban low-income people and communities across the nation that lack access to affordable financial products and services.
This is the fifth award from the CDFI Fund to GAF. The grant funds will be used to make loans to small business in more than fifty distressed communities across the United States. GAF is the nation’s first and until recently was the only U.S. Small Business Administration-licensed small business lending company (SBLC) owned and operated by a nonprofit organization. GAF’s mission is aligned with the parent organization, National Development Council, to create jobs, stimulate investment, and build the strength of the entrepreneurial and small business base in low-income communities by lending to small businesses.
The National Development Council, a mission based non-profit community development organization, is pleased to announce the selection of Saundra Hudson to serve as the Council’s Chairperson of the Board. Ms. Hudson is the first woman and minority to chair the organization. She is replacing Samuel S. Beard, founder of The National Development Council (NDC).
“I am honored to be NDC’s new Chair and humbled to follow Samuel Beard in the role,” Ms. Hudson said. “I believe that NDC represents the best of what a national for-purpose economic and community development organization can offer and successfully deliver: affordable housing, small business lending, economic revitalizing and professional training for everyone from developers to practitioners.”
Ms. Hudson’s successful career in several industries has led her to her role as Chairperson of the Board at NDC. In New York at IBM Corporation, she worked in technology as a Systems Programmer. Later, she returned to her roots in St. Louis where she continued in the technology field with Olin Corporation as Manager of Information Systems. Ms. Hudson left the corporate world to purchase a franchise which she operated for eight years and helped to strengthen her understanding of capital raising and job creation. Although varied, all aspects of her career path share one common thread, problem-solving. She transitioned this analytical skill-set to her work as President and CEO of the Madison County Urban League. Judge Duane Bailey, Board Chairperson of the Madison County Urban League, credited Ms. Hudson with stabilizing the organization during her tenure and expanding the group’s work into developing affordable housing. “Saundra Hudson brought a steady hand to the ship of the Madison County Urban League,” he said. Her work in the Madison County Affordable Housing market was where Ms. Hudson was first introduced to NDC nearly twenty years ago.
Ms. Hudson was invited to join the NDC Board of Directors in 2007, because of her extensive experience and community engagement in Madison County, IL. Inspired by her parents, who taught her that education is the key to improving one’s station in life. She is a passionate advocate for human rights and has fought for quality public education with the goal of leveraging the future for children, especially those who live in an urban environment. Ms. Hudson has served as an elected member of the Edwardsville, IL School Board for sixteen years, as well as a member of the three-person financial oversight panel appointed by the Illinois Board of Education for East St. Louis Public Schools.
“Ms. Hudson truly understands what our organization does in the trenches in our communities, NDC is fortunate to have her serve in such an important role as Chairperson of our Board,” said NDC President Robert W. Davenport “Her insight on issues facing our communities is thoughtful and inspiring. She is a strong, passionate, and fearless leader and has been a true partner to NDC over the years.”
Mr. Beard founded NDC, and for forty-five years has served as NDCs only Chairman. He will continue to serve on the Board of Directors and help plan the future of NDC. He will use his experience and wealth of contacts to take the organization to new heights and help lessen its dependency on federal funding.
“Sam has been a strong and inspiring leader of NDC from its inception through difficult economic times until today. He is a brilliant collaborator, with a deeply humanistic view of community development. I am delighted that he will continue to be my friend, colleague, and advisor on the Board,” Hudson said.
“It has been an honor to have served as the Chairman of the Board for the National Development Council since 1969,” Mr. Beard said. “During this time I have seen NDC grow into one of the leading community development organizations in the country. Saundra brings new and creative ideas to this leadership role, and I am looking forward to her success as we continue to support the efforts of NDC.”
About National Development Council
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive providers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. NDC is headquartered in New York City with offices in Seattle, WA and Edgewood, KY. For more information visit http://www.NationalDevelopmentCouncil.org.
The National Development Council was honored to be part of the Grand Opening Celebration at the Omak Family Health Center on August 12, 2014. Thank you to NDC’s West Team Director Pat Thomson for sending photos of the event.
Event Attendees included Senator Maria Cantwell, Representative Shelly Short, Representative Joel Kretz, Omak Mayor Cindy Gagne, Judge Culp, Peg Calloway, Family Health Centers Board of Directors, Bouten Construction, KDF Architecture, LISC, NDC, and Okanogan County Community Action Council.
Omak, WA (August 12, 2014)- Family Health Centers (FHC) of Okanogan County will host a grand opening celebration today at the new Facility located at 1003 Koala Drive in Omak.
The event will begin with opening remarks from FHC CEO Mike Hassings followed by introductions and welcome from key partners and staff. The event will include a free community health fair beginning at 11am- in conjunction with the annual Nationwide Health Center Week.
Family Health Centers in Omak is a critical resource in the area, the new clinic replaces FHC’s outdated health center. The 18,200 SF clinic and 1,600 SF pharmacy has quadruple the size of the old facility, allowing for a 33% increase in patient visits by 2016 and providing access to health services for an additional 7,100 low-income patients a year. The new facility is better equipped to provide residents of Okanogan County with primary and preventative out-patient services, dental care, pharmacy services, chronic care and obstetrics. NDC’s $6.6 million Qualified Equity Investment in the $9.2 million project was combined with financing from The Healthy Futures Fund and LISC resulting in the creation of 26 construction jobs and 67 permanent jobs.
NDC made its New Markets Allocation available under the Healthy Futures Fund a Partnership including Local Initiatives Support Corporation (LISC), The Kresge Foundation and Morgan Stanley which supports the development of Federally Qualified Health Centers in underserved areas.
Congratulations to the project and to our partners, we look forward to following the success of FHC in Omak!
Ponty Bistro to Celebrate Grand Opening of Second Location with Support from NDC’s Grow America Fund
August 4, 2014- Today, Ponty Bistro Chef Cisse and Chef Cheick will welcome project partners to the Grand Opening of the restaurant’s second location in Harlem, NY. Ponty Bistro Harlem, located on West 139th and Adam Clayton Powell Boulevard will offer patrons fusion cuisine with influences from France, The Mediterranean and West Africa. The Harlem menu will be similar to what is offered at the restaurant’s first location in Manhattan’s Gramercy Neighborhood.
NDC’s Grow America Fund (GAF) provided Ponty Bistro with a loan to expand the restaurant to a second location in Harlem. The GAF loan provided equity to support tenant improvements, refinancing of existing debt, working capital and project soft and closing costs. The expansion has created 6 FTEs for the Harlem neighborhood.
Executive Chef and owner of Ponty Bistro, Elhadji Cisse entered the restaurant business over 15 years ago, Cisse started as a dishwasher and worked his way to acting Sous-Chef for internationally renowned chefs at Michelin-star restaurants, such as Daniel Boulud. This restaurant experience prepared him to achieve his dream of opening his own restaurant.
More information about the grand opening can be found in the links below.
Three years ago, Niagara Lubricant’s former location burned in a devastating fire in July of 2011. In an effort to keep the business afloat, Chairman of Niagara Lubricant, Leon Smith III, moved the third generation family-owned business into a competitor’s space but found the location was inadequate.
“The space was not safe for my employees to work in, and not large enough for us to meet the demand of our customers.” Said Leon Smith III, “We had insufficient space to store inventory and to take advantage of supplier discounts, this also drove up shipping costs. We spent too much time moving inventory around the facility rather than manufacturing, packaging and shipping products. I needed a new facility to overcome these challenges and grow the business. I reached out to a local SBA 504 lender and they turned us down. No one would give us a loan! Until the Eerie County IDA connected us to NDC Grow America Fund.”
Niagara Lubricant is the first business in Buffalo to benefit from JP Morgan Chase Foundation’s SME Collaboration Grant. The grant adds capital to an existing loan fund that is administered by the National Development Council, through its Grow America Fund, in partnership with Erie County Industrial Development Agency, the Buffalo Urban Renewal Agency and the City of Niagara Falls.
“Without Grow America Fund, the Chase SME Grant, and Eerie County IDA, I wouldn’t have been able get into the new facility.” Said Leon Smith III, “This loan was amazing. Let’s face it, it got me into a building I couldn’t have otherwise afforded. A building that is safer for my staff and allows my family business to be even more productive than it was before the fire.”
Speakers at the event included Leon Smith III, Buffalo Mayor Byron Brown, Leon Smith III, and GAF Loan Officer Sheldon Bartell.
We are proud to announce that UW Medicine’s South Lake Union biomedical research campus has won the National Council for Public-Private Partnerships (NCPPP) 2014 Innovation Project Award. Congratulations to our Partners, UW Medicine, Vulcan Real Estate, Inc., and Perkins+Will!
In 2003, using NDC’s HEDC Public-Private Partnership’s innovative approach to 63-20 financing and our collaborative delivery model, the University of Washington School of Medicine began renovating the already existing Brotman Building into a state-of-the-art biomedical research facility. The project was the first step in UW Medicine’s multi-phase development plan to build an impressive biomedical research campus in the South Lake Union area of Seattle. The plan was an important development for the University of Washington and also an important catalyst in the redevelopment of Seattle’s south lake union area. A Neighborhood in Seattle that suffered from lack of investment but has, in the last ten years, grown exponentially with the addition of several mixed-use housing options, restaurants, retail stores, and the office headquarters for Amazon.com.
The currently completed campus consists of three state-of-the-art laboratory buildings and one office building. It totals 542,000 square-feet, with a total bond issue of more than $362 million. Plans to continue development (Phases 3.2 and 3.3) will add two new buildings to the same city block as Phase 3.1. With the completion of Phase 3.3, the entire UW Medicine Lake Union Campus will consist of six buildings and 903,000 square-feet of office and life sciences laboratory space.
The phases of UW Medicine South Lake Union
- UW South Lake Union Phase I (Brotman Building) – Construction of the UW Medicine South Lake Union Campus began in 2003 with the complete renovation and redevelopment of the 105,000 square-foot Brotman Building. The four-story Building was converted into state-of-the-art biomedical research wet and dry labs, lab support, animal resource spaces, and conference spaces.
- UW South Lake Union Phase II – The second phase of the south lake union campus included two new buildings on the same city block as the Brotman Building; an office building and a state-of-the-art laboratory facility. The combined square-footage of the second phase totals 288,000 gross square-feet of laboratory and office space. Below-grade parking was also included in the project.
- UW South Lake Union Phase III – The third phase in UW Medicine’s South Lake Union Campus consists of three lesser 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.
- UW South Lake Union Phase IV and V – Two more buildings, Phase 3.2 and Phase 3.3, totaling more than 300,000 gross square-feet are expected to be built later (dates to be determined) on the same block as phase 3.1.
The City of New Rochelle has announced the issuance of a Request for Qualifications for development of the parcels in the Transit Oriented Development and Downtown Clusters.
The City is seeking responses from qualified real estate development firms to develop plans and implement strategies to fulfill both existing and revitalization concepts and to formulate new ideas for the design, construction and operation of mixed use development clusters downtown.
Find out more information HERE
On June 5, the Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury announced the Round 11 Awardees of the 2013 New Markets Tax Credit (NMTC) The $3.5 billion in NMTC authority will be awarded to 87 organizations across thirty-two states and the District of Columbia, chosen from a pool of 310 applicants that requested close to $26 billion in authority. This was the final round funded by the U.S Government. Currently, the House of Representatives and U.S. Senate have introduced legislation to make the NMTC program permanent. To see if your Senator is a co-sponsor of Senate Bill S. 1133, click here. To see if your U.S. Representative is a co-sponsor of the House Bill, H.R. 4365, click here.
This is a critical economic development tool that is at risk of not being made permanent or extended. Please contact your elected officials and share the impact this program has had in your community.
The Environment Innovation Center project will support job creation for green businesses in San Jose.
San Jose, CA – The San Jose Environmental Innovation Center (EIC) – a model of sustainability and demonstration of the City’s commitment to sustainable design- will host a Ribbon Cutting Ceremony today at the project location of 1608 Las Plumas Avenue in San Jose, CA. Local officials, project sponsors, investors and partners will join Mayor Chuck Reed in celebrating the completion of the new 50,000 square foot facility.
EIC will provide laboratory, office, proto-type manufacturing and demonstration space for emerging clean technology companies. The LEED Platinum building will itself be a model of sustainability with solar PV panels installed throughout the project to generate all or most of the facility’s energy, a storm water mitigation system, a pervious sidewalk and LED street lighting.
“This project, through its programs and tenants, will create opportunities to stimulate growth, promote energy efficiency and create viable jobs in the San Jose Community” Said Bob Davenport, President of NDC “NDC is proud to partner on a project that supports the City of San Jose’s Green Vision Plan”
As part of the City’s Green Vision Plan to nurture emerging green technology businesses, EIC will integrate broad-spectrum workforce training opportunities for local residents seeking to enter the green economy. The EIC facility will be fully integrated with the City’s work2future program, to recruit and employ jobseekers from the low-income community. EIC will also partner with the Center for Employment Training (CET), a San Jose based nonprofit organization dedicated to fighting poverty and promoting self-sufficiency by making hands on training available to youths and adults in the area.
New Markets Tax Credit Equity financed the development of EIC. The National Development Council’s New Markets arm, HEDC New Markets, Inc., invested $7.35 million qualified equity investment in the $25.9 million project. This was combined with financing from Chase New Markets Corporation, Northern California Community Loan Fund, and Brownfields CDE to leverage the NMTC equity.
NDC’s Grow America Fund received notice that it has been recertified as a Community Development Financial Institution (CDFI). As a certified CDFI, GAF is a member of a select group of financial institutions that distinguish themselves by continuously working to transform the lives of America’s most underserved populations. GAF first received CDFI Certification recognition in 1997.
GAF’s dedicated mission to providing opportunity in the face of ongoing obstacles to economic development in distressed communities is critically important, and every day communities across the country benefit from the products and services provided by certified CDFI’s like GAF. We are looking forward to continuing to deliver financial solutions in economically underserved areas. Learn more about GAF here
JPMorgan Chase Launches $7 Million Community Development Financial Institution Collaboratives Loan Program in Buffalo and Erie County
The funds will be available through the City of Buffalo and the Erie County Industrial Development Agency to small and mid-sized businesses
In partnership with the City of Buffalo and the Erie County Industrial Development Agency (ECIDA), National Development Council’s (NDC) Grow America Fund is launching the JPMorgan Chase “Small and Medium Enterprises (SME) Collaboratives” lending program in Buffalo, N.Y. The new lending program is a $33 million commitment to help CDFIs and small business lenders build capacity and jumpstart job creation in low- and moderate-income communities across the United States.
NDC Grow America Fund is a small business loan program that provides small business lending across the country. Using capital provided by the JP Morgan Chase SME Collaboratives Grant, the Grow America Fund will provide low-interest loans to existing small businesses in Buffalo and Erie County.
“The NDC’s Grow America Fund is welcome news as it will provide an important funding tool that links private and public partners, like JPMorgan Chase, the City of Buffalo and the ECIDA, to support and strengthen small businesses in our community,” said Congressman Brian Higgins. “Improving the lending capacity to provide resources to existing businesses looking to stay and grow here takes collaboration and confidence in the marketplace and helps build on the job growth and positive momentum building in our region”
“Small businesses and entrepreneurs are important drivers of job creation and innovation in Buffalo, spearheaded by people who have a vested interest in our neighborhoods, schools and our quality of life,” said Buffalo Mayor Byron W. Brown. “With over $4.3 billion in new economic development activity underway, we continue to work hard and cooperatively with our many great partners to retain, attract and expand small business in the city. We are thrilled that the National Development Council Grow America Fund is launching the JPMorgan Chase small business lending program in Buffalo that will further contribute to our city’s entrepreneurial community.”
NDC’s Grow America Fund Buffalo lending program is open to qualified existing businesses in operation for at least three years, with between two and 500 employees. Real estate investments or development projects and financing entities are not eligible. The loans will range from $150,000 to $2.5 million, however the amount an eligible business can borrow is subject to underwriting and available cash flow.
“It is great news for local small business that the NDC Grow America fund is expanding small business lending here in Erie County,” said Erie County Executive Mark C. Poloncarz. “Small businesses are the backbone of our economy and are a vital component of our regional economic success. These businesses can now apply for a loan to build capacity, add jobs or product lines, or otherwise grow and improve their companies, which is good news for everyone in Erie County.”
In 2012, the ECIDA partnered with the NDC to create the “Grow Erie” fund.” That $4 million fund included $3 million in seed money from the EDC, combined with $1 million from the ECIDA.
That loan program, like the new infusion of “Grow America” fund, is much more flexible than traditional lending programs. The “Grow Erie” fund, which offers loans ranging from $100,000, up to $2 million, features repayment schedules of up to 25 years and lower rates than those offered by traditional banks and other financial institutions.
“This is a great new tool to assist smaller businesses looking to grow and prosper across Erie County. It’s a wonderful companion program to the Grow Erie fund,” said ECIDA President and CEO Steve Weathers.
NDC’s East Team Director, Dan Marsh will speak at the Hudson Valley Pattern for Progress: Infrastructure Conference on May 19th in New Windsor, NY. Dan will join Congressman Sean Maloney and other industry professionals from the region to discuss infrastructure issues and help to answer the question, Is infrastructure crumbling or tumbling, and what can be done? Dan’s will be speaking on a panel discussing financing public infrastructure. More information can be found here, 2014 infrastructure Agenda
NDC ACT LAUNCHES STATE BY STATE ECONOMIC DEVELOPMENT AWARENESS CAMPAIGN STARTING WITH SOUTH CAROLINA
As we all know, the future of federal economic development programs is under serious threat as Congress targets them in their tax reform and deficit reduction proposals. Over the last three decades, federal outlays for programs that support community and regional economic development have fallen by 75 percent as a share of Gross Domestic Product. Now, in addition to this alarming statistic, the potential for Congressional Tax Reform puts Federal tax incentives for community revitalization, such as the Low Income Housing Tax Credit Program (LIHTC), the New Market Tax Credit (NMTC) Program, U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture programs, U.S. Department of Energy, Tax Exempt Bonds and Small Business Administration (SBA) lending programs, at risk.
NDC ACT, Advocating for Communities Together, was created as a Call to Action—a way to generate a dialog among community and economic development organizations across the United States to share the results of our collective work and to demonstrate to our elected officials the significant contributions of these community development tools to the national and local economies. Together we can build awareness of the collective impact of these programs and advocate continued Congressional support for them.
As part of a focused effort, NDC ACT will select a specific state and profile the impact of federally funded economic development programs within that state and then share that impact with the states senators and congressmen and women. The first states we have selected are states where the congressional leadership can have a great impact on preserving these programs. In profiling a state, our goal is to focus on projects from Community Development Corporations, municipalities, Community Development Financial Institutions, NMTC Community Development Entities, housing organizations, LIHTC syndicators and local non-profits, and share these project with the state’s U.S. Senators and U.S. House of Representatives.
The month of April will highlight economic development projects completed with federal resources in South Carolina. By using social media to communicate directly with Senator Graham and Senator Scott and South Carolina’s representatives in Congress, we will show the impact of federal economic development resources in their state. Over the course of a month we hope to create a very clear image of the scale of impact South Carolina’s economic development community has had in their state.
We need your help! Tell us about your projects: Email us, Connect with us on Twitter and use #NDCACT and like us on Facebook. We will re-post and re-tweet your story and do our best to communicate the impact of your work in South Carolina and across the Nation.
The National Development Council’s Grow America Fund is hard at work creating opportunity for small businesses in Salinas Valley, CA. Check out the April Issue of The Salinas Valley Chamber of Commerce Business Journal to learn more about the Grow Salinas Fund- a partnership between GAF and the City of Salinas which created a $2.2 million revolving loan fund to assist eligible small businesses.
In a previous Blog Post we asked you to help our partners @ National Alliance of Community Economic Development Association by signing on to urge leaders of the House and Senate Appropriations Committees to allocate the highest possible levels of funding to the Transportation, Housing and Urban Development, and Related Agencies (THUD) Subcommittees.
3,267 organizations signed on in support- a full re-cap of the letter can be found on the NACEDA Blog . NACEDA and our DC coalition partners are sharing the letter with Members of Congress. We suggest you do the same. You worked hard to meet our 3,000 signer goal. Let us make sure it is seen and read.