National Development Council
National Development Council Blog


New Biomedical Research Building in South Lake Union

University of Washington closes on a $143 million biomedical research building

Seattle, WA – University of Washington’s School of Medicine and the National Development Council closed on the financing for the development of a $143 million biomedical research building in South Lake Union.  The project is the fourth phase in a biomedical research campus and is located on two full city blocks in the South Lake Union neighborhood of Seattle.

The existing campus has established University of Washington as a national leader in biomedical research and consists of 3 state-of-the-art laboratory buildings and one administrative building, totaling over 400,000 square feet of usable space.  In total, the projects represent an investment of more than $365 million.

The new building will provide approximately 165,000 square feet of biomedical research facilities, with three clinics and associated clinical research facilities.  Research at the new site is expected to include new programs and the expansion of existing programs, including microbiology, global health, kidney research, immunology, biomedical informatics, neurosciences, protein design, gastrointestinal and behavioral assays.  The new building will include a primary care clinic, as well as a diabetes clinic and an ophthalmology clinic focused on retinal diseases.

The project is being delivered using the National Development Council’s American model for public-private partnerships.  The model uses tax-exempt bond financing and employs a private sector development team to maximize the benefits of private sector development expertise.  The development team includes the UW School of Medicine, Vulcan Real Estate, Perkins+Will, Sellen Construction and National Development Council.

“This project will further ensure that the School of Medicine remains at the forefront of leading edge biomedical research focused on improving the health of the public.” Said John Slattery, Vice Dean for Research and Graduation, School of Medicine, University of Washington, “The presence of clinic space will also provide a unique opportunity to integrate clinical care and research in this vibrant area of the city.”



P3s Offer Financing Options for Cash-Strapped Governments

CHECK OUT this great article talking about how Public-private partnerships (P3) are gaining popularity across the country as governments tighten budgets. In the article, NDC’s John Finke described the NDC American Model for P3, a financing that is uniquely American: tax-exempt financing, typically through bonds.

Read Full Text HERE

12th Avenue Arts Wins ULI 2015 Global Awards for Excellence

NDC’s Corporate Equity Fund and New Markets Tax Credit project, 12th Avenue Arts was selected as one of ten real estate developments to win the 2015 Urban Land Institute Global Awards for Excellence. The award is widely recognized as one of the land use industry’s most prestigious award programs. 12th Avenue Arts was honored Tuesday (October 6, 2015) at the ULI Fall Meeting in San Francisco.

The awards competition, now in its 37th year, recognizes real estate projects that achieve a high standard of excellence in design, construction, economics, planning, and management. The program, open to all and not limited to ULI members, is viewed as the centerpiece of ULI’s efforts to identify and promote best practices in all types of real estate development.

“Each of this year’s finalists and winners demonstrates how innovation and design intersect with development performance,” said jury chair Michael Covarrubias, chairman and chief executive officer of TMG Partners in San Francisco, California. “The diversity of these projects is a reflection of the land use industry’s interdisciplinary nature, illustrating the variety of ways to stabilize a neighborhood, improve the streetscape, and create meaningful experiences for communities worldwide.”

NDC worked in collaboration with Capitol Hill Housing to complete the project, which transformed a 29,000-square-foot surface parking lot into a light-filled cultural center mixing arts, affordable housing, and public-safety needs. The bulk of the funding for this project was from public and private sources, including the City of Seattle, State of Washington, National Development Council Corporate Equity Fund (CEF), National Development Council HEDC New Markets (NMTC) and KeyBank. The affordable housing component was financed with a combination of tax exempt bonds and differed loans from the City of Seattle and the State of Washington. Capitol Hill Housing raised $4.1 million in donations for 12th Avenue Arts, the capital campaign combined with New Markets Tax Credit Equity, a 108 Loan from the City of Seattle and a conventional bank loan were used to finance the art space as well as the office and retail portion.

Today the project is active both day and night and has become an anchor of the community. Congratulations to the project and our partners on receiving this prestigious award!

For more information about the 2015 winners, finalists, and the development teams behind each project, visit the Global Awards for Excellence page

Chuck Depew
National Development Council
(206) 842-7572 direct
(206) 419-3904 mobile

NDC Corporate Equity Fund Project Completes Lease-Up!


NDC is excited to announce that our Sunny View Village project in Freeland, Washington, has competed lease-up. Located in the City of Freeland on Whidbey Island, The project consists of a cluster of family apartments totaling 26-units of affordable housing. Seven units will have Project Based Section 8 Rental Vouchers and will be set aside for homeless/very low income families, thirteen are set aside for those earning 50% AMI, five are reserved for 60% of AMI with a on-site manager’s unit.


NDC CEF partnered with Common Ground and the Housing Authority of Island County, using a combination of Low-Income Housing Tax Credits, Tax-Exempt Bond Financing, Island County HOME Funds, and Island County 2063 Funds to help finance and develop the $6.3 Million project.


IIUSA Sends Congress Letter of Support for EB-5 Reauthorization

WASHINGTON–()–Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), today delivered its “EB-5 is Working” letter to Congress signed by more than 875 organizations supporting reauthorization of the EB-5 Immigrant Investor visa program. Unless Congress passes reauthorization legislation, the program will expire on September 30.

“The more than 875 organizations signing on to IIUSA’s letter of support for EB-5 reauthorization highlights the vital role that the EB-5 Regional Center Program plays in economic development across the country. EB-5 investments support job creation in sectors ranging from healthcare to construction to energy production. Reauthorization before September 30 is critical to maintain confidence in the program that is on track to generate $4 billion in investments this year,” said Peter Joseph, executive director of IIUSA.

The 875+ signatories include: National Association of Counties, U.S. Conference of Mayors, Council of Development Finance Agencies, and National Development Council. Also signing the letter are numerous city mayors, economic development agencies, port authorities, chambers of commerce, banking institutions and associations, energy organizations and associations, and more.


NDC to Support The Non-Profit Community in New Orleans

August and September 2015 mark the 10-year anniversary of Hurricanes Katrina and Rita. The regions’ geographic, economic and social landscapes were severely impacted by these events. In the years following, Not-for-profits played a pivotal role in rebuilding communities and lives in the great city of New Orleans.

On Friday September 25, 2015, Institute for Local Innovations (ILI) will host ILI OpenS.O.U.R.C.E. (Sharing of Understanding, Resources, and Connections Equitably) to facilitate a conversation between development experts and community based non-profit organizations.  The program will discuss best practices for organizational sustainability including, but not limited to, communications, public policy, leadership, financial management, legal compliance and measurements of community impact. More information about the event can be found HERE.

The National Development Council (NDC) in its mission to support and strengthen communities across the U.S. is pleased to partner with ILI in support of its redevelopment efforts in the City of New Orleans. NDC’s sponsorship of the OpenS.O.U.R.C.E. event includes Technical Assistance and Training support to the nonprofit community in the city of New Orleans through the Institute for Local Innovations, Inc. (ILI).

Follow-up to #RaisetheCaps Campaign

In response to a letter signed by 24 organizations calling for Congress to keep the caps intact, NDD United issued a statement, available here. The statement points out that for every one of these 24 groups, there are over 100 talking about the importance of raising the caps for the economy and for Americans.

Additionally, The White House has put out a blog by OMB Director Shaun Donovan today on the importance of lifting sequestration caps to the economy. The text is available here.

Continue to spread the word through social media and by calling your representatives! Tell Congress to (1) raise the spending caps and (2) fully fund affordable housing and community development programs.


Leighton Landing- Big Lake, MN

In partnership with Central Minnesota Housing Partnership (CMHP) The NDC Corporate Equity Fund XI has closed the financial portion of Leighton Landing. The project is located in Big Lake, MN and provides 32 units of affordable housing to low-income families. NDC’s LIHTC investment recapitalized the project and supported the rehabilitation of the townhome units. CMHP will retire existing debt from the original investor in order to preserve financing and keep the development an affordable housing project under LIHTC tenant eligibility.

Kimbark Apartments- Longmont, CO

In partnership with Thistle Communities, The NDC Corporate Equity Fund XI has closed the financial portion of Kimbark Apartments. The project is located in Longmont, CO in an area abundant with shopping, recreation, government services and schools. NDC’s LIHTC investment supported the rehabilitation of 48 units of affordable housing. The improvements to be made under this transaction are to increase resident satisfaction. Thistle Communities will replace the roofs and all of the siding, repair and seal coat the parking lots, repair areas of concrete sidewalks, install new windows and sliding patio doors, update kitchen and baths with new cabinets, counter-tops and new Energy-Star rated appliances, replace flooring, upgrade plumbing and exterior lighting and install carbon-monoxide detectors in all units.

NDC Grow America Fund Receives CDFI Award

The Small Business Lending Arm for National Development Council Receives an award from the CDFI Fund of $1.75 Million

NEW YORK, NY – The Community Development non-profit, National Development Council’s small business lending arm, Grow America Fund, has been selected to receive a grant from the Community Development Financial Institutions Fund (CDFI Fund) in the amount of $1.75 million.

The CDFI Fund supports Community Development Finance Institutions or CDFI’s by issuing monetary awards that will be used to promote access to capital and local economic growth in low-income communities across the United States.

NDC Grow America Fund has loaned more than $195 million to over 530 small businesses across the United States, with a special focus on minority and women-owned companies.  The program has created or retained more than 13,000 permanent jobs while increasing investment in underserved communities.

“We are thrilled to receive an award,” said Robert Davenport President of NDC. “We are proud of our program and its achievements, but more importantly we are ready to get this money invested in communities across the country.”

“We see the impact of small businesses and the jobs they create in communities first hand,” said John Palyo President of NDC Grow America Fund. “This grant will provide us with capital that we can use to make a positive impact in urban and rural low-income communities across America.”


About National Development Council and NDC Grow America Fund

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.  NDC’s Grow America Fund (GAF) is a Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors


NDC will Join Advocates in DC To Call on Congress to End Sequestration


(WASHINGTON, DC) Today, at 11 AM, Reps. Chris Van Hollen (MD-08), Rosa DeLauro (CT-03), and Barbara Lee (CA-13) will join advocates representing more than 2,500 national, state and local organizations for veterans, teachers, scientists, law enforcement, women’s rights, transportation safety, and others to call for Congress to avoid America’s next great budget crisis.

With the bi-partisan Murray-Ryan deal set to expire on October 1st, nondefense discretionary (NDD) programs—ranging from education and job training, to housing and science, to natural resources and veterans services, to public health, safety and security—are once again on a crash course to disaster as the true impact of sequestration will be felt by millions of Americans from all walks of life.

Leaders of NDD United will present a letter signed by more than 2,500 groups to Congressional leaders and Committee members demanding Congress raise the spending caps and end sequestration through a bipartisan budget deal. A deal would prevent drastic cuts to women’s health, early education, transportation safety, law enforcement, veterans, and other important sectors. NDD advocates will discuss some of the critical cuts our country will face if no deal is reached on the budget.

More Details about the event below,

Press Conference THURSDAY, September 10th, 11 AM

  • Rep. Chris Van Hollen (MD-08), Rep. Rosa DeLauro (CT-03), Rep. Barbara Lee (CA-13)
  • Emily Holubowich, Coalition for Health Funding; Co-Chair, NDD United
  • Joel Packer, Committee for Education Funding; Co-Chair, NDD United
  • Dustin Speakman, Director of Community Services, Ohio Association of Foodbanks
  • Dr. Shobha Ghosh, Associate Chair for Research, Department of Internal Medicine Virginia Commonwealth Medical Center
  • Stephen Glaude, Executive Director, Coalition for Nonprofit Housing and Economic Development
  • Todd Mann, Executive Director of Magnet Schools of America (MSA)
  • Daniel Marsh III, Executive Vice President of National Development Council
  • Jane Campbell, National Development Council Director of Government Relations


WHAT: Members of 2,500 NDD related groups to call on Congress to end sequestration, invest in critical programs


WHERE: House Triangle (Rain location: Rayburn 2456)


WHEN: September 10th, 2015, 11 AM

ACTION NEEDED: #CapsHurt Communities National Call-In Days September 15 & 16

NDC and our fellow partners in the #CapsHurt Communities campaign have organized  National Call- IN Days on September 15 and 16 to educate Members of Congress on just how devastating these cuts are to low-income children, families, seniors, and veterans in our communities.

Please Mark Your Calendars!

#CapsHurt Communities National Call-In Days

September 15 and 16, 2015

9:00 A.M. to 5:00 P.M. EST

Call your Senators and Representative(s) to deliver a simple unified message: Tell Congress to (1) raise the spending caps and (2) fully fund affordable housing and community development programs.

For more information on funding levels for housing and community development programs please revisit the budget chart we released earlier this year.


NDC to Sponsor N.E.D.A Annual Conference in Syracuse, NY

NDC’s Bud Sweet will join fellow community development professionals September 13-15, 2015 for the N.E.D.A Annual Conference in Syracuse, NY.

The conference will bring together organizations from across the Northeast to discuss experiences, challenges and best practices for revitalizing communities across the region. The conference goal is to help attendees Re-Think the possibilities for their community, Re-Vive professional passion for everything from downtown revitalization, to tech incubation, to sustainable land use, and workforce development.



See you there!

SIGN ON – Tell Congress to Stop Sequester Spending Caps

From our friends at NACEDA- Today is the last day to add your organization to add your organization to the list!
Sign on TODAY - Tell Congress to stop disproportionate cuts to non-defense spending.
The Federal Budget has been on a collision course with Sequester spending caps since they were put in place in 2011. Budget gimmicks kept us from feeling the full impact of the spending caps in FY14 and FY15.
Congress returns to DC on September 8 to craft a budget deal. These are a few of the cuts on the table:
  • Empty the National Housing Trust Fund in 2016 and forever after (House bill).
  • Effectively eliminate the HOME program with a 93% funding cut (Senate bill).
  • Fail to renew existing vouchers (House bill would not renew 28,000 existing vouchers, Senate bill would not renew 50,000 existing vouchers).
  • Insufficiently fund the renewal of all project-based rental assistance contracts (House bill).
  • Cut public housing capital funds (House and Senate bills).
  • Eliminate increases sought by HUD for Homeless Assistance Grants (House and Senate bills).
More than 1,600 organizations around the country have signed a letter urging Congress to replace Sequester spending caps with a budget deal that fairly balances defense and non-defense discretionary (NDD) spending caps. Read the letter.
Please add your organization to the list. The deadline is TODAY, Friday, August 21.

NDC Corporate Equity Fund XII Scheduled to have its’ first Fund Closing in Late Summer 2015

NDC Corporate Equity Fund (NDC CEF) is proud to announce its’ twelfth low-income housing tax credit (LIHTC) fund, NDC Corporate Equity Fund XII, L.P.  The $60 – $75 million fund is scheduled to have its’ first Fund closing late summer 2015.

NDC CEF, provides equity capital for the construction and preservation of affordable housing using LIHTC, Federal and State Historic Preservation Tax Credits and Renewable Energy Credits.

“We owe great thanks to our partners and investors for their continued support of NDC Corporate Equity Fund” said Ann Vogt, Managing Director, NDC Corporate Equity Fund, L.P. “We look forward to investing our time, expertise and equity in projects across the country that will provide much needed quality affordable housing units.”

Over the past 20 years, NDC CEF has successfully subscribed eleven previous multi-investor funds (NDC CEF I through XI) raising and investing more than $550 million in housing for families, seniors and people with special needs nationwide.  The 175 projects in NDC Corporate Equity Fund’s portfolio total over $1.5 billion in investments and include over 7,500 units of LIHTC housing in 29 states.


Suffolk County Executive Steve Bellone Receives National Award

NDC Presents the 2015 Robert W. Davenport Community Development Leadership Award to Bellone at the Wyandanch MTA LIRR Parking Garage Ribbon Cutting

August 13, 2015 (Wyandanch, NY) – National Development Council (NDC) presented Suffolk County Executive, Steve Bellone with the Robert W. Davenport Community Development Leadership Award. Bellone is the first ever recipient of this award and is recognized for his incredible work and single-minded focus on making the Wyandanch Rising project on Long Island a reality.

“I am honored that I have been chosen to be the first recipient of the Robert W. Davenport Community Development Leadership Award for the Wyandanch Rising project,” said Suffolk County Executive Steve Bellone.  “Robert Davenport is truly a committed community servant who has dedicated a large portion of his career to ensuring that underserved communities have access to the resources needed to alleviate pervasive poverty  among its residents.  The Wyandanch Rising project is an initiative which is aligned with the mission of the National Development Council and I thank you for finding me and the project a worthy candidate to receive this most prestigious award.”

Wyandanch is a hamlet in the Town of Babylon in Suffolk County, NY just 35 miles east of Manhattan and an hour from Penn Station on the Long Island Rail Road. Bellone’s focus has been to increase development and private capital flowing into Wyandanch.  The Wyandanch Village development, the cornerstone project of the Wyandanch revitalization plan has spurred community revitalization, infrastructure investment in roads, sewers and a parking garage, and creates a transit oriented-brownfield redevelopment that will include affordable rental housing, planned public space, public services, and the Long Island Music Hall of Fame.

“As a result of Steve Bellone’s leadership, Wyandanch is experiencing an incredible transformation, evolving from Long Island’s most economically distressed community to a national best practice model of community inspired smart growth, transit-oriented development.” Said Daniel Marsh Executive Vice President of NDC “I want to commend Steve and celebrate Robert Davenport whose legacy will live on through this award”

About the Robert W. Davenport Community Development Leadership Award

The Robert W. Davenport Community Development Leadership Award is a biennial award named in honor of retiring NDC President Bob Davenport, a nationally recognized community development advocate who has helmed the organization since 1986. Under his leadership, NDC has achieved recognition as one of the Nation’s most innovative and respected economic development organizations, credited with introducing leading-edge financing techniques and programs designed to increase the flow of capital into economically underserved communities.

Sunny View Village Affordable Housing Development Celebrates Grand Opening

August 5, 2015 – NDC will join project partners, investors and supporters at the Grand Opening of Sunny View Village on Whidbey Island. The Event will take place today at 11am at 1667 Scenic Avenue in Freeland, Washington and is sponsored by the Housing Authority of Island County.

Sunny View Village is a newly constructed project that consists of one, two and three bedroom apartments and addresses the demand for affordable family housing on Whidbey Island.  Seven units will have Project Based Section 8 rental vouchers and will be set aside for homeless families, the remaining units are set aside for those earning 50% of AMI and 60% of AMI.

The seven units set aside for homeless families are considered transitional housing and are supported by the non-profit Opportunity Council, to provide referrals, case management and other services at no cost to the project. These services will continue until residents either no longer need them or the family are ready to transition into a self-support program.

NDC CEF partnered with Common Ground and the Housing Authority of Island County, using a combination of Low-Income Housing Tax Credits, Tax-Exempt Bond Financing, Island County HOME Funds, and Island County 2063 Funds to help finance and develop the $6.3 Million project.

We are proud to be a part of Sunny View Village and would like to congratulate our partners and investors on this impactful project!

JOIN the Campaign for a Real Federal Budget Solution!

The federal budget has been on a collision course with sequester spending caps since they were put in place in 2011. With the caps in place, the math just doesn’t add up for programs supporting families and neighborhoods and building a ladder to the middle class.

A Congressional spending bill that lifts sequester spending caps is the most feasible way to avoid the severe cuts to HUD and other programs recently passed by the House and Senate. We need to influence Members of Congress in their districts during their August recess. They return to DC on September 8 to pass a budget deal.

Sign on to join the Caps Hurt Communities Campaign. The campaign will have sign-on letters, call-in days, twitter storms, and office visits throughout the summer. The campaign will clearly tell Congress that families and communities should not suffer from a budget gimmick that does not solve the federal deficit.

Tweet using #CapsHurt hashtag.


Sample tweets:

LIFT the unfair budget caps and END the sequester cuts for a stronger and more prosperous America. #CapsHurt

Families thrive because of housing&community development investments. #Congress should increase #AffordableHousing resources. #CapsHurt

America is stronger and prosperous when we have decent, affordable homes & stable communities. #CapsHurt

Get creative and combine hashtags, such as #CapsHurt #RuralAmerica. Add images to your Tweets. You’ll find them at www.CapsHurtCommunities.


Thousands of activists who care deeply about the effects of sequestration of families and communities are uniting around this campaign over the summer.


Sign on to join the campaign now and stay tuned throughout the summer!

Three Local Salinas Businesses Benefit From the Grow Salinas Fund

The Grow Salinas Fund continues to provide capital and refinancing opportunity to local small businesses.

Salinas, CA –The Grow Salinas Fund has announced the addition of three small businesses to their growing portfolio. Central Coast Sign Factory, North County Industrial Machine Shop and Dairy Queen have all received individual loans from the fund to help the small businesses expand and grow.

Central Coast Sign Factory, located at 1311 Dayton Street, received a loan to acquire machinery and equipment that has allowed the company to take on additional printing work.  North County Industrial Machine Shop on Brunken Avenue used the capital to expand and to purchase new equipment to support operations. The Dairy Queen located at 1118 E. Alisal Street, utilized loan funds to finance leasehold improvements to the restaurant.

“Grow Salinas Fund has made it possible for these businesses to expand and provide jobs in our Community,” said Maria Orozco, Economic Development Specialist for the City of Salinas.

“The four businesses that have benefited from the fund have received loans totaling over $1 million, directly resulting in 41 local jobs for residents of the community,” said John Palyo President of NDC Grow America Fund. “We are excited to work with the City of Salinas to identify additional eligible businesses that will benefit from our partnership.”

The City of Salinas and the NDC Grow America Fund established and capitalized the Grow Salinas Fund as an Economic Development tool to assist eligible small businesses who are looking to obtain financing for expansion.  The Fund supports local small businesses that are unable to attain conventional bank lending by providing low-interest capital. Loans made under this program will be underwritten by NDC Grow America Fund and Guaranteed by the SBA.

“Without Grow America Fund and the City of Salinas, we would have not been able to grow and invest in top of the line machinery,” said Julio Gil, owner of Central Coast Sign Factory.

About National Development Council and NDC Grow America Fund

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.  NDC’s Grow America Fund (GAF) is a Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors

Cony Flatiron Affordable Senior Apartment Community Celebrates Grand Opening

July 28, 2015- Project partners, local officials, investors and supporters will gather at 110 Cony Street to celebrate the grand opening of the creative rehabilitation and reuse of the Cony Flatiron Building.

The Cony Flatiron Building, overlooking Cony Circle in downtown Augusta, Maine, was constructed in the early 1920’s the building, named for its “flatiron” wedge-shape, served as the city’s public school until 2006. Following its closing in 2006, the building sat vacant and the city supported the maintenance at a cost of $75,000 per year.

Led by Cynthia Taylor, President of Housing Initiatives of New England Corporation, financing was put in place to convert the vacant building into affordable senior apartments. The building is now home to 48 one- and two-bedroom affordable senior apartments. Twenty-nine units are reserved for tenants with 50% or less of the AMI, and nineteen are reserved for tenants with 60% or less of the AMI.

The rehabilitation was funded with tax credits from federal LIHTC Program awarded by the Maine State Housing Authority. The project also received a Community Development Block Grant and grant money from the Federal Home Loan bank of San Francisco. Today we celebrate the efforts of Housing Initiatives of New England and NDC Corporate Equity Fund as they welcome tenants to the senior affordable housing community.

NDC’s Grow Olympia Loan Fund Closes First Small Business Loan

Olympia Coffee Roasting Co. is the first recipient of the city’s “Grow Olympia Fund,” a small business loan program that provides loans at low interest rates for several business needs, including expansion.

NDC’s Grow America Fund is partnering with the City of Olympia to administer a $1 million loan fund that is available to growing local small businesses.



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