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NMTC PROGRAM ASSISTS IN DISTRIBUTION OF HEALTHY FOOD IN SOUTHEAST TEXAS

The National Development Council partnered alongside the Community Reinvestment Fund and the Local Initiatives Support Corporation in the New Market Tax Credit financing of Houston Food Bank. Houston Food Bank distributed more than 46 million pounds of food annually through 572 hunger relief agencies in Houston and the surrounding 18 counties in southeast Texas. In the video linked below CohnReznick highlights the new 320,000 square foot facility that quadrupled the size of Houston Food Bank food storage.

Houston Food Bank

HISTORIC KINGS THEATRE FEATURED ON INSIDE EDITION

See Link below,

http://www.youtube.com/watch?v=VRhyBSLGnxM&feature=youtu.be

NDC NMTC ALLOCATION ANNOUNCED

The National Development Council (NDC), the oldest national non-profit community development organization in the country, has received $65,000,000 New Markets Tax Credit (NMTC) allocation, announced on Thursday by the U.S. Department of the Treasury.  The allocation is part of the Treasury’s Community Development Financial Institutions (CDFI) Fund $3.5 billion program to bring private investment into low-income and distressed communities throughout the U.S.
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USING PARTNERSHIPS TO BUILD GREEN

College Planning and Management magazine features an article written by John Finke, senior program manager of NDC HEDC Public-Private Partnerships (www.ndcppp.org) on How public universities and colleges can accomplish green development in today’s economy using public-private partnerships.

You can read the article here: http://collegeplanning.epubxp.com/i/122090/50

National Development Council’s Grow America Fund Helps Long Beach Small Businesses Invest in Themselves

National Development Council’s Grow Long Beach Fund mentioned in the Long Beach Chamber of Commerce Spring 2013 Advocate Publication.

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NDC OFFICIAL ANNOUNCEMENT OF THE FINALISTS FOR THE 2013 ACADEMY AWARDS SHOWCASE

Submissions came in from cities and communities across the nation in unprecedented numbers, the following 24 finalists have been chosen to compete for top honors in the following categories- Community Development, Creative Financing, Housing Development and Job Creation.

Community Development

- DC Housing Authority- Howard Theatre

- Neighborhood Progress, Inc.

- Anchorage Community Land Trust

- United Fund Advisors, LLC

- Neighborhood Development Center

- Wyoming Community Development Authority

Creative Finance

- Travois New Markets

- Forest City Economic Development

- City of Fort Collins

- Urban Strategies, Inc

- City of Cleveland

- Jefferson-Werner, LLC

Housing Development

- City of Cincinnati- Department of Community Development- Housing Division

- Lake Worth CRA

- Carrfour Supportive Housing

- Rural Ulster Preservation Company

- Low Income Housing Institute

- KSK Architects Planners Historians, Inc.

Job Creation

- City of Saint Paul

- DC Housing Enterprises

- Green City Growers Cooperative

- Cuyahoga County- Economic Development Division

- City of Cleveland Department of Economic Development

- Geauga County Economic Development

WING LUKE MUSEUM IS OFFICIALLY PART OF THE NATIONAL PARK SERVICE SYSTEM

Wing Luke Museum was established in the late 1960s to present history, culture and important issues to the Asian American community. In 2006 National Development Council contributed New Market Tax Credit Equity to assist the Wing Luke Museum in the renovation of the Historic East Kong Yick Building in Seattle’s Chinatown. The Museum has played a central role in the revival of the surrounding neighborhood and has been at the forefront of Asian-American and Asian-Pacific arts and culture in Seattle.

In February President Obama sent a special delegation to Seattle to officially introduce the Wing Luke Museum into the National Park Service system. See article below.

http://www.komonews.com/news/local/Seattles-Wing-Luke-museum-now-part-of-Natl-Park-Service-190621241.html

GROUND BREAKING HELD IN SEATTLE FOR 12th AVENUE ARTS

Capitol Hill Housing held a ground breaking on February 21 for the 12th Avenue Arts building that will be located 12th and Pine in Seattle,Washington. The building will provide theater space for neighborhood arts programs , 88 low-income apartments, community office and retail space as well as 111 underground parking stalls for the Seattle police department.

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, and expects to bring in another $500,000, 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. 12th Avenue Arts marks the first project in the NDC portfolio to combine CEF and NMTC equity.

Check out Photos from the event on the NDC Facebook Page.

NDC FACEBOOK POSTS PHOTOS FROM WARBURTON GARAGE RIBBON CUTTING

Follow the link below to check out photos from the Warburton Garage Ribbon Cutting on February 21, 2013. NDC celebrated the official opening alongside the Mayor of Yonkers and our financial and development partners.

https://www.facebook.com/media/set/?set=a.575550325788349.1073741827.192640474079338&type=1&l=f5bb1d13e0

HILLTOP REGIONAL HEALTH CARE CENTER TO BOOST LOCAL ECONOMY

In October Hilltop Regional Health Care Center began construction, once complete the project will provide health care services to an undeserved population. Even during the construction period the project is bringing benefits to the local economy by providing skilled service jobs to local iron-workers. This is highlighted in Tacoma Weekly, see link below.

http://www.tacomaweekly.com/news/view/new-hilltop-regional-health-center-to-bring-jobs-boost-local-economy/

NATIONS LARGEST FOOD PRODUCTION GREENHOUSE OFFICALLY OPENS IN CLEVELAND’S CENTRAL NEIGHBORHOOD

(CLEVELAND ) – Over the past 16 months, Cleveland’s Central neighborhood has watched a 3.5-acre state-of-the-art greenhouse sprout up in the heart of the city, at E. 55th Street near Kinsman Avenue. Today, Green City Growers Cooperative officially opens as the nation’s largest urban food production facility.
Read more…

YONKERS MAYOR MIKE SPANO TO CUT RIBBON AT WARBURTON GARAGE

From Right: Gary Pertlow- Assembly Person, Mayor Mike Spano, Dan Marsh- NDC, Chuck Lesnick- City Council President, Joe Cotter- National Resources, Shelly Mayer- Assembly Person

Yonkers, NY (February 21, 2013) – Yonkers Mayor Mike Spano will officially announce the completion of the new $14 Million Warburton Garage at a ribbon cutting ceremony on Friday February 22, 2013. The development was financed as a Public Private Partnership with $3.8 million in tax-exempt bonds, $4.0 million in municipal grants, a $2.7 million taxable mortgage  and $3.5 million in  New Markets Tax Credit (NMTC) equity from Solomon Hess CDE in partnership with Goldman Sachs, Yonkers Industrial Development Agency, Yonkers EDC, Hudson Valley Bank  and the  National Development Council (NDC).
Read more…

NDC’S CORPORATE EQUITY FUND CLOSES WASHINGTON STREET APARTMENTS.

Washington Street Senior Residences- Kokomo, IN

In Partnership with Miller Valentine, Saint Mary Development Corporation, Area Five Agency on Aging and the Corporate Equity Fund X,  Washington Street Senior Residences brings a new state into the CEF Portfolio. Located in Kokomo, Indiana this senior housing project will make use of low income housing tax credits in a new construction targeted to the senior population in the low- income community. The facility is located in close proximity to community services, and the Kokomo Senior Citizens Center which offers numerous programs for area senior residents. The  project will bring additional senior  living to an area in need, it is expected to be complete in Fall of 2013.

Witte Museum Closes $11 million in New Markets Tax Credit Financing for the South Texas Heritage Phase

SAN ANTONIO, TX—New Markets Tax Credit (NMTC) funding resulted in providing the Witte Museum with $2.1 million to begin the construction of the Witte Research & Collections Center. “The Witte Museum would like to thank Chase and the National Development Council for their investment and for recognizing the Witte Museum as an economic engine for this community,” said Marise McDermott, President & CEO of the Witte Museum. “Both the Robert J. and Helen C. Kleberg South Texas Heritage Center and the Witte Research and Collections Center provide dramatic access to the renowned artifacts of the Witte Museum,” she added.

Using New Markets Tax Credit Allocation from the CDFI Fund the National Development Council (NDC) and Chase was able to raise $11 million in financing for project completion. “The National Development Council is committed not only to the creation of jobs and economic growth in the City of San Antonio, but also supports the preservation of cultural traditions,” said Robert Davenport, Chairman of NDC.  “We look forward to the intrinsic community and economic impacts the Witte Museum will certainly contribute to the city,” he added.

The NMTC Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs).

“The Witte Museum has so much to offer our city and state. Chase is proud to partner with the museum and the National Development Council so that the Witte’s vast collections are more accessible, creating educational opportunities for many generations to come,” said Wanda Clark, Chase NMTC Banker.

The Witte Museum is home to 300,000 artifacts that have been collected over 86 years and only 1% is currently on view due to lack of permanent display space. The much-needed Witte Research & Collections Center will include a library and archives; a visitor lobby; research rooms; an archivist’s processing area; spaces on History, Anthropology, Military, Arms and Armor, Textiles, Coronation Gowns and the Hertzberg Circus Collection; and eventually, a conservation lab. With its open storage and glass corridors, will enable thousands of artifacts to be accessible for the public for the first time.

All objects will be maintained under optimum temperature, humidity and light levels to safeguard them for future generations. Except for light-sensitive works on paper and textiles, most collection items will be on constant view or readily accessible in pull-out drawers, making about 40% of the collection viewable. Visitors will also be able to use a computerized catalogue of the Collections to learn more about specific items.

The NMTC will fund the construction of the east wing of the Witte Research & Collection Center, scheduled to begin December 2012 and be complete April 2013.

Click here to download the official press release.

NDC selected by the County of Riverside, CA to develop their County Law Building

We are proud to announce that NDC Housing and Economic Development Corporation’s Public-Private Partnership team  has been selected by the County of Riverside Economic Development Agency to move ahead with the development of a new criminal justice center. The $35 Million dollar project will be built in Indio, California and will be financed using tax-exempt 63-20 bonds.  Construction is expected to be completed in the fall of 2014.   The development team consists of NDC HEDC Public-Private Partnerships as owner, along with Trammell Crow as developer and Langdon Wilson International as architect.

The project will provide much needed space for the offices of the District Attorney, Public Defender, County Counsel, the Law Library, and other related occupants.  The three-story facility will consist of 90,000 square feet on approximately 5 acres in the City of Indio, CA.  The planned LEED Gold project also includes a parking structure and sustainable landscaping.

CONTINENTIAL TIRE CONSRUCTION SITE SETS UP LIVE VIDEO FEED

New Markets Tax Credit equity has allowed Continental Tire to expand their operations in the United States. Last week the project announced the use of a live Webcam to monitor the construction process in Sumter, NC. The facility is located in a low-income community with an unemployment rate 1.53 times the national average. They anticipate the creation of 1,157 full time permanent jobs , 925 of which are entry level positions , the additional 232 positions were created for workers with more skills and experience in the industry.

http://www.earthcam.com/clients/SumterTirePlant/

NDC CONGRATULATES MADISON COUNTY HOUSING AUTHORITY ON THE OPENING OF GATEWAY VILLAGE

On Friday November 30th Madison County Housing Authority (MCHA) celebrated the opening of Gateway Village Development in Madison, IL. The housing development includes 78 units, including 53 affordable housing tax credit units and 25 units with rental assistance. MCHA anticipates being fully leased up by the end of 2012.

http://www.bizjournals.com/stlouis/news/2012/11/30/162-million-gateway-apartments.html

THE GROW VALLEJO FUND ASSISTS LOCAL MANUFACTURER IN MANUFACTURER IN STRENGTHENING ITS FOUNDATION FOR FUTURE GROWTH

The Grow Vallejo Fund, an innovative economic development finance program created by the City of Vallejo, in partnership with the National Development Council (NDC), is assisting a local manufacturer in strengthening its foundation for future growth. Alamillo Rebar, a family-owned company in Vallejo that manufactures and installs reinforcing steel bars, has received $740,000 in financing from the Grow Vallejo Fund to redesign its capital structure and improve its cash flow, giving it flexibility to meet future growth opportunities. The program was created to stimulate the local economy and create jobs, making loans to eligible small businesses with capital from both the City of Vallejo and NDC, as part of NDC’s Grow America Fund (GAF). The Grow Vallejo Fund is capitalized, in part, by $200,000 from the City’s federal Community Development Block Grant program allocation.

Read more: http://www.sfgate.com/business/prweb/article/City-of-Vallejo-Assists-Local-Manufacturer-4074656.php#ixzz2DeSeQl74

City of Vallejo Assists Local Manufacturer

Ceremony Held in Ithaca, NY, to Announce the Groundbreaking of Seneca Way- an Urban Renewal Project Key to the Revitalization Efforts of the historic downtown.

New Markets Tax Credits allowed National Development Council  (NDC) in partnership with the City of Ithaca to finance an infill project which includes the demolition of a vacant manufacturing facility in downtown and the new construction of a mixed use building on the site. The five story 54,000 sq. ft. new building will contain 8,600 sq. ft. of commercial space on the first floor and 39 one bedroom market-rate one and two- bedroom apartments on the top floors, over a parking garage.  This type of project exemplifies what is advocated by the downtown Ithaca Strategic plan, to create housing and office space in a downtown environment, promoting urban infill and densification as a viable competitive alternate to urban sprawl. The project is located in a non-metropolitan low-income community with a poverty rate of 30.1%, it is also a Urban Renewal Area. Seneca Way projects the creation of 60 construction jobs, 19 FTEs and 14 PTEs. Construction is expected to be completed by December 2013.

“NDC is proud to partner with the City of Ithaca as it continues its efforts to revitalize the local economy and create jobs” says Robert W. Davenport, CEO. “The closing of Seneca Way marks our third collaboration with the city using New Markets Tax Credit as the financing vehicle –this redevelopment project is critical to the continuing growth of the downtown area. We look forward to the intrinsic community and economic impacts Seneca Way will certainly contribute to the city of Ithaca.”


The National Development Council (NDC) is the oldest national non-profit community and economic development organizations in the U.S. It was founded in 1969 with one purpose: increasing the flow of capital for investment, jobs and community development to under served urban and rural areas across the country. Since that time, NDC has worked with thousands of communities in every one of the 50 states and Puerto Rico, providing technical assistance, professional training, and investment in affordable housing, small business financing and direct developer services. NDC has been using New Markets Tax Credits (NMTC) to support economic and community development since the program’s inception. NDC not only provides tax credit equity to our client communities, but also assists communities in structuring their NMTC deals, finding the necessary additional financing, and developing relationships with other organizations that receive allocations of the tax credits. To date NDC has invested over $607 million in 75 projects generating over $1 billion in total investment.www.nationaldevelopmentcouncil.org

About the New Markets Tax Credit Program
The New Markets Tax Credit (NMTC) Program was established by Congress in 2000 to encourage the investment of private capital in designated low-income communities in order to create jobs, generate economic activity and improve the quality of services in low-income communities and to low-income persons. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making qualified equity investments in specialized financial institutions called Community Development Entities (CDEs). Capital raised by the CDEs is then used to provide below-market financing to qualified businesses in low-income communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. For more information, visit www.cdfifund.gov.

NAVOS MENTAL HEALTH SOLUTIONS CELEBRATES GRAND OPENING IN BURIEN, WA

On October 25th NDC’s Michelle Morlan attended the grand opening event for Navos Mental Health Solutions, the project used creative financing through the New Markets Tax Credit program to complete the construction of a 45,000-square-foot, three-story mental health center and wellness center. The facility provides a wide range of integrated primary care and mental health services for low income people in Highline and south King County. Those services include counseling, crisis intervention, educational programs and employment services.

With the mission to improve the quality of life of people vulnerable to mental illness by providing a broad continuum of care, Navos Mental Health Solutions ensures that all of Burien Community has access to quality health care.

The Project was highlighted in the November Edition of the Novogradac Journal of Tax Credits, NMTCs Help Preserve, Expand Community Mental Health Clinic

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