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Lancaster Urban Village- Creative Financing NDC Academy Award Semi-Finalist

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Congratulations to The City of Dallas, City Wide Community Development Corporation (CWCDC) and Urban Lancaster Community Development Corporation (ULCDC) on being selected as a semi-finalist in the Creative Finance Category for the NDC Academy Awards 2015. The NDC Academy Awards Semi-Finalists represent some of the most innovative and impactful developments changing the lives for residents in underserved communities across the country, NDC is honored to highlight the achievements of these organizations at the NDC Academy 2015.

 

Lancaster Urban Village – Dallas, TX

Lancaster Urban Village (LUV) development is a transit oriented development (TOD) with mixed-income multifamily housing units that will serve the needs of persons newly employed in the area as well as those currently employed in the area and with mixed-use retail. The project includes activities that increase economic opportunity principally for low- and moderate-income persons by creating permanent jobs and providing affordable housing accessible to both existing and planned jobs in the project area. LUV is located across the street from the Veteran’s Administration (VA) Medical Center, the second largest system in the country, which serves over 113,000 veterans a year, with over one million outpatient episodes per year, and employs some 4,700 people.  The hospital also serves as a major research center and teaching facility.  LUV also provides transportation connections via the Dallas Area Rapid Transit Blue Line light rail station at the VA stop.

The Lancaster Urban Village development is the first of four development projects planned for the City of Dallas Neighborhood Investment Program (NIP) Lancaster Corridor Target Area.  The commercial portion of the Lancaster Urban Village development delivers 13,926 square feet of retail, restaurant, small office and commercial space and a 405-space parking garage to the NIP

Lancaster Corridor area, which generates permanent jobs and goods and services for the area. The housing component of the project provides 193 mixed-income, multi-family rental units with 51.8% (100 units) of the units rent-restricted for 15 years for affordability to low- to moderate-income persons.

LUV increases economic opportunity principally for low- and moderate-income persons, creates permanent jobs, and provides affordable housing accessible to both existing and planned jobs, and creates retail, restaurant, small office and commercial space that provide goods and services to the surrounding community. The commercial aspects of the project meet the national objective of benefiting low- and moderate-income persons by providing job creation through commercial development that will create employment opportunities in which a minimum of 72 permanent full-time equivalent jobs will be created for low- and moderate-income persons.  These jobs will be held by individuals with incomes at 80% or less of the Dallas area median family income (AMFI) established by the Department of Housing and Urban Development (HUD).  In addition to providing permanent full-time jobs, any community-serving businesses generated by the project will also provide goods and services to the 11,369 low- and moderate-income residents in the NIP Lancaster Corridor area. The potential is great for Lancaster Urban Village to spur economic growth in the region. The development’s close proximity to the VA Medical Center will appeal to the housing needs of the hospital’s employees.  And its new commercial space and retail will be a draw for the more than 30,000 annual visitors to the hospital area.

Read More HERE!

Island Employee Cooperative- Creative Financing NDC Academy Award Semi-Finalist

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Congratulations to CEI  on being selected as a semi-finalist in the Creative Finance Category for the NDC Academy Awards 2015. The NDC Academy Awards Semi-Finalists represent some of the most innovative and impactful developments changing the lives for residents in underserved communities across the country, NDC is honored to highlight the achievements of these organizations at the NDC Academy 2015.

Island Employee Cooperative – Stonington, ME

After 43 years in business, the owners of Burnt Cove Market, V&S Variety, and The Galley, all based on Deer Isle, Maine, decided to sell their stores. When a viable buyer didn’t materialize, the employees organized themselves into a worker cooperative, negotiated a purchase and sale agreement with the owners, and purchased the three stores. The Island Employee Cooperative (IEC) is now Maine’s largest worker co-op and the second largest in New England. The IEC employs 60 island residents, 45 of whom are member/owners. Burnt Cove Market and The Galley are grocery stores, one in Stonington and one in Deer Isle, the two towns on Deer Isle. V&S Variety offers a wide range of items from greeting cards, fabric, house wares, small appliances, clothes, and everyday hardware and tools, as well as housing a pharmacy. Burnt Cove Market also sells gas. In sum, these businesses provide a large majority of the products needed to survive on this isolated island community. A team of financial institutions, service providers, and technical assistance providers (core TA at time of closing was over 2800 hours!) worked together to complete the conversion and purchase in 12 months, a short time given the complexity of the project. Cooperative development had to occur in tandem with financial and business planning. The seller was supportive provided the transaction happened quickly. The successful completion of the project maintained local ownership and 60 jobs, buffered the stores from off-island competition, and ensured vital economic activity would continue on-island.

Three items are particularly notable about this transaction: (1) creative financing; (2) the development of a succession planning model for independent grocers in rural communities; (3) and the concurrent development of a worker cooperative conversion model. The project demonstrates a powerful way to maintain community assets and empower local workers

The purchase of these businesses by the IEC provided a “win-win-win.” The sellers gained a succession plan that will allow them a comfortable retirement; the employees have the opportunity to build wealth through ownership; and ownership stayed local, keeping operations and profits on the island.

  • Transfer of ownership to 45 former employees and the creation of a democratic ownership structure: these individuals live and work on-island, which will keep money revolving locally as well as deepen the ties and capacity of the IEC to serve both residents and summer visitors. The new owners participate in running the business and get an equitable share of the proceeds.
  • Ongoing technical assistance: Current TA providers are under contract to the IEC for 5 years to ensure the strength of the governance and business capacity of the coop. An advisory body has been formed. In addition, following an assessment process, workforce development trainings are planned in conjunction with regional partners. These training opportunities provide professional development for the employees and will build real, transferable skills.
  • Food access, a priority of CEI’s, has been maintained on the island. In addition, the IEC is working with local producers, both farmers and value-add, to provide market outlets and highlight their products.
  • Owners will build equity through purchase of Class A (voting) and Class B shares. In time, the coop may decide to sell additional Class B shares to the community, further deepening ties.
  • Models of succession planning for independent grocers and worker cooperative conversion.
  • While there is no initial environmental impact, the IEC is currently developing a plan to switch out old equipment for new energy efficient units (i.e. refrigerated cases) and developing plans to capture sales leakage off-island which would reduce vehicle miles traveled, among other strategies.

 Read More HERE!

NDC Publishes Comments to Tax Reform

On April 15, 2015 NDC submitted comments to the US Senate Finance Committee Tax Working Groups, Community Development & Infrastructure on Tax Reform. Our submission can be found in the link below, read more and SHARE YOUR PROJECTS using #NDCACT on Twitter and Facebook.

NationalDevelopmentCouncil_SFCcomments

 

Building Communities, Changing Lives- Creative Financing NDC Academy Award Semi-Finalist

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Congratulations to Southern Bancorp Community Partners on being selected as a semi-finalist in the Creative Finance Category for the NDC Academy Awards 2015. The NDC Academy Awards Semi-Finalists represent some of the most innovative and impactful developments changing the lives for residents in underserved communities across the country, NDC is honored to highlight the achievements of these organizations at the NDC Academy 2015.

Building Communities, Changing Lives – Little Rock, AR

Net worth drives economic opportunity for people and communities. As individuals become economically empowered, the local community benefits through increased economic activity, job creation, and an overall higher quality of life. Southern Bancorp Community Partners (SBCP), a Community Development Financial Institution (CDFI) loan fund, in affiliation with Southern Bancorp Bank (SBB; collectively, Southern), a mission-oriented bank and CDFI, has developed and continues to refine a sustainable and scalable CDFI model that focuses upon economically distressed rural communities in Arkansas and Mississippi. SBCP builds communities and changes lives by providing a road-map to help individuals build net worth through three primary routes: entrepreneurship, home-ownership, and savings–the economic opportunity pathways. SBCP supports entrepreneurship and small businesses, in order to increase the number of sustainable, well-paying jobs and empowers individuals to increase their savings and assets and become homeowners. SBCP works with SBB to create responsive, innovative financial products and financially-related development services for people (particularly low-income), small businesses, rural communities, and the un/underbanked, Because clustering economic activities in neighborhoods or communities creates synergy, SBCP provides a concentrated suite of programs and services in order to accelerate the success of development activities. SBCP staff guide small businesses on a personally tailored path towards economic opportunity and mobility by providing them with extensive pre-loan counseling, entrepreneurial education, workforce development, and creative financing. For individuals, SBCP offers a tailored combination of financial education, credit counseling, matched savings accounts, free tax preparation services, counseling and flexible financing for homeownership, and low or no cost checking accounts. Each pathway is unique, evolving, tested, and refined and features proven and promising new strategies based on needs and available opportunities.

Direct Community Impacts, changing lives!

One recent client includes a first-time homeowner from low-income Helena, Arkansas, who was otherwise unbankable because of her credit history. SBCP provided her with a personalized financial education and a matched savings account. She improved her credit and saved enough for a down payment, and Southern creatively financed a loan, so she could make the purchase. Another client, a non-profit that used its loan to pave the main street of Drew, Mississippi, which is located in Sunflower County, Mississippi, one of the poorest counties in the United States. Southern also helped Hoffinger Industries, an important employer in Helena, Arkansas, which would have closed its plant if Southern had not financed Hoffinger’s purchase by a group of employees.

READ MORE HERE!

NDC TO HONOR AWARD SEMI-FINALISTS WITH DAILY PROJECT HIGHLIGHT

The NDC Academy 2015 is quickly approaching! We would like to take the time to honor the projects that have been selected as Semi-Finalists for the NDC Academy Awards, by posting a daily blog highlighting each extraordinary project.  The NDC Academy Awards for project excellence in the categories of Community Development, Housing Development, Creative Financing and Job Creation are recognized as the affirmation of “best in class” of projects nation-wide. Semi-finalists will present their deal at the NDC Academy in Washington, DC, one project in each category will be awarded the top honor at the NDC Academy Awards Luncheon. Read more…

PHOTOS FROM THE HOTEL INDIGO GRAND OPENING IN NEWARK

On March 25th NDC gathered to celebrate the Grand Opening of Hotel Indigo in Newark, NJ. Newark’s Community Economic Development President and CEO, Otis Rolley acted as master of ceremonies, addressing an audience of project partners, investors and supporters.

NDC worked in partnership with Newark’s Economic Development Agency to fill a financing gap for the rehabilitation of a 99 year old bank building into a hotel. The development of Hotel Indigo has had significant impact on reactivating the pedestrian environment and complimenting the emerging dining and entertainment district in the downtown area. The project is located in a low- income community with a poverty rate of 44.7%, median family income of 25.5% and unemployment rate of 4.21 times the national average. NDC’s $10 million Qualified Equity Investment in the $29.6 million project was combined with financing from US Bank, resulting in the projected creation of 150 construction jobs and 100 permanent jobs, 90% of which were hired from Newark Works.

Additional Community Impacts include, creating a hospitality training program with Newark Works, The Department of Labor, and Essex County College.  Over 80 Newark residents where trained with these programs. A vocational mentorship program was also created in partnership with International Youth Organization (IYO) and has mentored over 20 local young adults from the ages 15-25. During planning and development the Hotel created a contest through the Newark Arts Council to choose a local artist to complete all of the murals in the building. All plants and greenery is maintained locally by the Greater Newark Conservatory, and all coffee is supplied by local roaster TM Ward.

Below are some photos from the event! NDC is looking forward to continuing to work with the City of Newark to create jobs and opportunity for its residents!

 

Grand Opening Ceremony

Grand Opening Ceremony

Otis Rolley President and CEO of Newark CEDC Welcomes Group

Otis Rolley President and CEO of Newark CEDC Welcomes Group

Terri Ryan VP of Operations for IHG

Terri Ryan VP of Operations for Crestline Hotels and Resorts

Mark Grier Vice Chairman of Prudential Financial

Mark Grier Vice Chairman of Prudential Financial

Jason Moskal VP of Lifestyle Brands IHG

Jason Moskal VP of Lifestyle Brands IHG

Tim Lizura President and CEO of NJ Economic Development Authority

Tim Lizura President and CEO of NJ Economic Development Authority

Councilwoman Gayle Chaneyfield Jenkins

Councilwoman Gayle Chaneyfield Jenkins

Essex County Executive Joseph DiVincenzo Jr.

Essex County Executive Joseph DiVincenzo Jr.

Owner of Hotel Indigo Newark Samer Hanini

Owner of Hotel Indigo Newark Samer Hanini

Newark Mayor Ras J. Baraka

Newark Mayor Ras J. Baraka

NDC's (left) Allison Marsh, Daniel Choi and Angela Butler

NDC’s (left) Allison Marsh, Daniel Choi and Angela Butler

NDC's Angela Butler and Mayor Baraka

NDC’s Angela Butler and Mayor Baraka

ALVA open for business!

ALVA open for business!

ALVA restaurant open for business!

ALVA restaurant open for business!

Members of the Newark Works hospitality program

Members of the Newark Works hospitality program

The event made official with a ribbon cutting, Hotel Indigo is welcomed to Newark NJ!

The event made official with a ribbon cutting, Hotel Indigo is welcomed to Newark NJ!

NDC Board Member to Host Talk at Vermont State House

On April 8, 2015, 7:30 pm, at the Vermont State House, Seth Bongartz, President of Hildene The Lincoln Family Home in Manchester, Vermont  and Board Member of the National Development Council will be giving a talk commemorating the 150th anniversary of Lincoln’s Second Inaugural Address. Mr. Bongartz will be discussing the significance Mr. Lincoln’s March 4, 1865  address to a still divided nation, and its relevance today. The program is sponsored by the Friends of the Vermont State House.

NDC TO CELEBRATE GRAND OPENING IN NEWARK, NJ

March 26, 2015- Today NDC will joining project partners and developers at a Grand Opening Celebration for The Hotel Indigo in Newark, NJ. NDC worked in partnership with Newark’s Economic Development Agency to fill a financing gap for the rehabilitation of a 99 year old bank building into a hotel. The development of Hotel Indigo has had significant impact on reactivating the pedestrian environment and complimenting the emerging dining and entertainment district in the downtown area. The project is located in a low- income community with a poverty rate of 44.7%, median family income of 25.5% and unemployment rate of 4.21 times the national average. The address is also located in an Economic Development Hot Zone, a NJ Urban Enterprise Zone and the Four Corners Historic District of Newark.

Additional Community Impacts include, Creating a hospitality training program with Newark Works, The Department of Labor, and Essex County Collage.  Over 80 Newark residents where trained with the program. Creating a vocational mentorship program with international Youth Organization (IYO) and mentored over 20 local young adults from the ages 15-25. During planning and development the Hotel created a contest through the Newark Arts Council to choose a local artist to do all of the murals in the building. All plants and greener is maintained locally by the Greater Newark Conservatory, and all coffee is supplied by local roaster TM Ward.

NDC’s $10 million Qualified Equity Investment in the $29.6 million project was combined with financing from US Bank, resulting in the projected creation of 150 construction jobs and 100 permanent jobs, 90% of which were hired from Newark Works.

Grand Opening Scheduled for First National Bank Building

The Port Arthur Economic Development Corporation is celebrating the Renovation of a Port Arthur Icon and the completion of their new office space.

Port Arthur, Texas— The restoration of the Historic First National Bank Building in downtown Port Arthur is complete.  A grand opening celebration and Open House has been scheduled for March 25th, 2015.  The open house will take place from 4:00 P.M. to 6:00 P.M. at 501 Procter Street.

The building was originally home to the First National Bank when it was originally built circa 1930. The building has undergone significant restoration and has been converted to office space for the Port Arthur Economic Development Corporation (PAEDC) and the Greater Port Arthur Chamber of Commerce with additional lease space available.

National Development Council (NDC), in partnership with PAEDC, used New Markets Tax Credits to help finance the redesign of the 19,500 sq. ft. three story building as a modern office space.  NDC’s $5.5 million Qualified Equity Investment in the $5.5 million project was combined with financing from Chase Bank, resulting in the creation and retention totaling 30 construction jobs and 20 permanent jobs.

 

More about PAEDC

The Port Arthur Economic Development Corporation is a 4a sales tax corporation created to enhance Port Arthur’s business climate and overall economic development. The PAEDC is responsible for encouraging and developing business growth and attracting new business to Port Arthur.

 

###

Contact:

Floyd Batiste, Chief Executive Officer

info@paedc.org

(409) 963-0579

501 Procter St., Ste. 100

Port Arthur, TX 77640

 

Spread the Word! Orton Family Foundation Hosting Economic Development Discussion

Economic Developers—This Talk’s for You!

Join a lively one-hour call and learn how Community Heart & Soul™, the Orton Family Foundation’s signature approach to planning and community development, offers a way to involve everyone—from business owners to neighbors—in planning and development that leads to lasting results. You’ll hear from community development experts who have seen first-hand the transformation that happens when resident-driven economic development takes effect, reducing risk for developers, increasing investor confidence and making possibilities happen in a way that benefits community members and investors, alike. The call includes time for audience Q & A.

Featured speakers are: Jared Duval, economic development director, Vermont Department of Economic Development and Orton Family Foundation trustee; Daniel Stevenson, director of economic and community development, Biddeford, Maine, and Patrick Wright, executive director, Gardiner Main Street, Gardiner, Maine.

Heart & Soul for Economic Development: Why Broad Community Engagement Leads to Revitalization, 4-5 p.m., Eastern, Thursday, April 9, Free. Register today!

 

Heart & Soul for Economic Development: Why Broad Community Engagement Leads to Revitalization is part of the Orton Family Foundation’s bimonthly Heart & Soul Talks conference call series.

http://www.eventbrite.com/e/heart-soul-for-economic-development-why-broad-community-engagement-leads-to-revitalization-registration-16204794978?aff=PR

The Franklin Building Receives New York State Housing and Community Renewal 2014 Design Award!

NDC Corporate Equity Fund is proud to congratulate The Franklin Building in Watertown, NY for receiving the HCR Design Award 2014 in the category of Outstanding Rehabilitation. The Housing and Community Renewal Design Awards Committee selected The Franklin Building, Watertown NY as an example of excellence in design.

The historic Franklin Building in downtown Watertown, New York sat vacant for 10 years before Neighbors of Watertown, Inc., Watertown Local Development Corporation, and NDC CEF partnered to rehabilitate the c.1905 building. The vacant three-story building was turned into 16 low-income housing apartments and approximately 13,000 sq. ft. of ground floor commercial space. The $7.8 Million project used historic rehabilitation tax credits and low-income housing tax credits to help finance the project.

The residential units are located on the upper two floors. Because of the adaptive reuse of a historic building, each unit is unique in design. There are four studio apartments averaging over 500 sq. ft. per unit, six 1-BR’s averaging 688 sq. ft. per unit, and 6 2-BR’s averaging over 1100 sq. ft. per unit. All the units have combined living and dining rooms with wall-to-wall carpeting, a full bath, and a walk-in kitchen with all necessary appliances.

 

 

Landmark Capitol Theatre Continues to WOW Salt Lake City

NDC’s NMTC project, Capitol Theatre mentioned in ERN Mountain States Article. See article below.

Capitol Theatre ENR Article

New Markets Tax Credit Equity was used to bridge a gap in financing, which allowed the completion of the Capitol Theatre. The restoration of the 75,000 SF theatre includes an expanded lobby and increased circulation space. The theatre has been refitted for ADA accessibility and new elevators for easier access. In addition, the NMTC project will finance the construction of an adjacent 51,000 SF dance studio for Ballet West. The new Jessie Eccles Quinney Center for Dance will increase current enrollment to 600 students and triple the number of Dance Academy scholarships provided to low income students. The modernization and restoration of the treasured Capitol Theatre will allow the theatre to continue to serve as a center for the arts in downtown Salt Lake City for generations to come.

NDC’s $8 million Qualified Equity Investment in the $29.7 million project was combined with financing from Morgan Stanley, resulting in the expected creation and/or retention of 600 construction jobs and 18 permanent jobs.

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!

 

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