NDC is proud to announce the closing of CEF’s Burl Oaks Townhomes. This project will include the construction of 5 buildings, totaling 38 townhomes in Sartell, MN. The large units at Burl Oaks will provide affordable housing to families in the area, the project will also set aside four units for homeless tenants. A special thanks to the closing team and our General Partner for this deal, Podawiltz Group.
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Feb
24
Jan
Open house for new Medical Arts Pavilion at Island Hospital
© 2012 Doug Scott / dougscott.com
Island Hospital in Anacortes, Washington is celebrating its new Medical Arts Pavilion with an open house and ribbon cutting ceremony that is open to the public. The event starts with a ribbon-cutting at 5:15 p.m. with doors opening 5:30 p.m.
The new 2-story, 26,000 square foot Medical Arts Pavilion, designed by Architects Taylor Gregory Broadway and built by Lydig Construction, will house hospital services on the east campus close to the Emergency Room with enclosed access to the hospital. The Medical Arts Pavilion facility will relocate a number of existing services and will also provide new services not currently available anywhere else in the region. Specific services that will be housed in the new pavilion cover Cancer Care, Physical Therapy & Rehabilitation, Pain Management, and Hyperbaric Wound Care.
The $12.1 million project was financed through New Markets Tax Credit allocations provided by the National Development Council and Kitsap County NMTC Facilitators (an affiliate of Kitsap County Consolidated Housing Authority). Washington Federal Bank provided additional debt financing.
More about Island Hospital
Island Hospital is the primary health care center serving west Skagit County, north Whidbey Island and the San Juan Islands in Washington State. Recognized as one of the most innovative small hospitals in the U.S., it is an integral part health care delivery in this rural county. With 43 private beds and more than 100 physicians, it is the smallest hospital in Washington State to offer Level III Trauma care and an array of services more typically found at an urban medical center, such as: Emergency Services, Cancer Care, Diagnostic Imaging, Inpatient & Outpatient Surgery, Birth and Prenatal Care, Home Health Services, Laboratory, Cardiac Rehabilitation, Pulmonary Rehabilitation and many others.
11
Jan
NDC’s New Markets Tax Credit Allocation Advances Mental Health and Wellness Center Project in Washington State
Navos Burien Campus gets a boost from New Markets Tax Credits
A partially completed mental health campus in Burien received a significant boost last week when it closed on a $23 million financing transaction involving the federal New Markets Tax Credit (NMTC) program. The additional financing , along with pending foundation and individual contributions, will enable Navos, a nonprofit community mental health agency, to complete the build-out of its three-story 45,000 square foot outpatient mental health clinic and construct an adjacent 8,000 square foot Community Activities building for operation of a café, supported employment program and other program services.
The new facilities replace an existing Burien facility that must relocate to due to the third runway project at SeaTac airport. The project is expected to generate 150 FTE construction jobs in the south Puget Sound region as well as retain 175 existing FTE jobs from the relocated operations. Navos expects to expand its capacity to provide critical health and mental health care services by 20% in the new Burien location. Read more…
27
Dec
Salt Lake County and NDC: A Partnership that Achieves Results
New Markets Tax Credits a Key to Success
Several years ago Salt Lake officials came to NDC looking for our special brand of financing and deal structuring expertise on a variety of local community development projects and initiatives. The results speak for themselves: projects include the Sorenson Unity Community Center, Artspace Utah’s Artspace Commons mixed-use development, the recently-opened Magna Library and the installation of solar panels atop Salt Lake County’s Convention Center. NDC, through its affiliate, HEDC-New Markets, was instrumental in generating equity for the Magna Library and Convention Center projects. Darrin Casper, Salt Lake County chief financial officer, is justifiably proud of these accomplishments. “We’ve been able to turn development opportunities into results, and these projects provide vital community facilities and much-needed jobs for County residents.” Casper is quick to point out that NDC’s assistance has been critical to the County’s success. Chuck Depew, NDC’s Seattle office director, “has a knack for structuring complex projects with innovative financing while balancing the needs of the key players. Without Chuck’s help these projects might still be on paper instead of in the ground.”
27
Dec
NDC Financial Expertise and NMTC Equity Help Make Salt Lake County’s “Journey to Solar” a Reality
Salt Palace Convention Center in Salt Lake City, UT.
Convention Center project joins the recently-opened Magna Library as HEDC-New Markets’ second deal in the County
The Salt Palace Convention Center in Salt Lake City will soon host the largest solar installation in the state of Utah – nearly doubling the state’s current solar capacity – and one of the largest roof-top solar installations in the United States. The 1.65 megawatt photovoltaic rooftop solar array – the size of five football fields – is expected to provide the convention center with up to 17 percent of its energy from the sun. Savings to the county over the 25 to 35 year useful life of the system is expected to be $8.5 million. As a result of the clean solar energy system, an estimated 86 million pounds of CO2 will be avoided, and over 26 million gallons of water used in association with coal-fired electricity will be saved. The project could not have gone forward without NMTC, as costs exceeded funds available. NDC’s HEDC-New Markets has made the equity investment happen. Read more…
27
Dec
Salt Lake County and NDC Make a New Library Come to Life
Read All About It
The new Magna Library in Salt Lake County, Utah.
The construction of a new library in Magna, UT was part of an overall community revitalization plan. In 2004, Salt Lake County initiated a planning process to develop strategies for the economic development and revitalization of Magna with a special focus on a Main Street neighborhood where many residents live in homes that are neglected and in a substandard condition. One of the revitalization strategies was to locate important community buildings on Main Street – including a new library – buildings that would expand “big city” opportunities to a community that wants to maintain its “small-town” ambiance. Read more…
20
Dec
Chase, NDC and Nassau County Officials Announce $6 Million Grant to Help Small Business Lending in the New York Tri-State
From left to right: Dudley Benoit, Senior Vice President, Chase; Dr. Robyn Cadet, Child Life Pediatrics; Bob Davenport, President , National Development Council
Chase has awarded a $6 million grant to the National Development Council (NDC) to help make small business loans throughout the New York Tri-State area.
The Manhattan-based nonprofit makes business loans to create jobs and build wealth in underserved communities throughout the country with a special emphasis in New York through its Grow America Fund (GAF).
Read More
press release
media alert
15
Dec
EDFP in the Spotlight
Lindsey Zion, EDFP, with Saginaw Future in Saginaw, MI receives local recognition.
9
Dec
San José Uses Innovative Financing to Build Environmental Innovation Center First municipally-sponsored project in California to use New Markets Tax Credits
The City of San José, long a center of technology innovation, is now leading the way with innovative financing by closing an approximately $27 million New Markets Tax Credits financing transaction to complete construction of the new San José Environmental Innovation Center (EIC) – a premier demonstration facility for emerging clean technology companies, a construction materials store, and a household hazardous waste facility. “Closing San José’s very first New Markets Tax Credit transaction exemplifies our City’s commitment to leverage public-private partnerships that help us advance key projects at a time when City resources are scarce,” stated San José’s Mayor Chuck Reed.
8
Dec
Grow Long Beach Fund, NMTCs Highlighted in Long Beach Business Journal
A recent news article highlighted two economic development programs of long-time NDC client community, the City of Long Beach, California.
The Long Beach Business Journal article focused on the GAF-administered Grow Long Beach Fund, and the New Markets Tax Credit program, to which Long Beach has access through NDC’s HEDC New Markets, Inc.
1
Dec
Welchel Named to NRHC Board
Deborah Welchel, CEF acquisitions director, was named to the National Rural Housing Coalition (NRHC) Board of Directors at its November meeting.
Welchel has over fifteen years of public and private sector affordable housing financing experience. She came to know NDC CEF from her participation in NDC training. She received NDC Economic Development Certification in 1997 and NDC Housing Development Certification in 1998. Welchel is based in Austin, Texas.
1
Dec
NDC CEF Hosts Reception for National Rural Housing Coalition
NDC Corporate Equity Fund, L.P. (CEF) hosted a reception Tuesday evening (Nov. 29) for the seventy-member board of directors of the National Rural Housing Coalition (NRHC), following their November board meeting. At the event, CEF fund manager John Linner made a presentation highlighting CEF’s rural affordable housing developments.
The NRHC works to focus policy makers on the needs of rural areas by direct advocacy and by coordinating a network of rural housing advocates around the nation.
CEF provides equity capital for the construction and preservation of affordable housing using Federal Low Income Housing Tax Credits (LIHTC), Federal Historic Preservation Tax Credits and Renewable Energy Credits.
20
Nov
NDC’s Grow America Fund receives $5.5 million from Bank of America to finance energy efficient building retrofits
The National Development Council’s Grow America Fund announced that it has received a $5.5 million low-cost loan and operating grant from Bank of America to expand its energy efficient retrofit financing programs for 20 small businesses across a diverse array of industries in Seattle, San Francisco, Los Angeles, New York City, and Washington, DC.
“We are thrilled to be the recipient of this grant from Bank of America that goes beyond mere check-writing but in developing and delivering a program that is putting dollars to work in a way that will directly impact local communities and measure the outcomes,” said John Palyo, President of The National Development Council’s Grow America Fund.
Grow America Fund is one of the Community Development Financial Institutions (CDFIs) selected to participate in Bank of America’s $55 million Energy Efficiency Finance Program announced last spring. The program will enable CDFIs to finance the upfront investment costs for building owners in low-income communities, bringing to scale innovative, local programs, providing energy efficient retrofits or improvements to buildings, contributing to local job creation and reducing overall energy usage. It also will reduce the carbon emissions from these residential and commercial buildings, which account for nearly 40 percent of all primary energy consumption in the United States. The energy cost savings realized over time will create cash flow to repay the loan.
4
Nov
NDC’s Michelle Mooney to speak at New York State Urban Council Retail Roundtable
On November 15th at Syracuse University, The New York State Urban Council will hold a comprehensive educational and networking opportunity entitled “Retail Roundtable.” Details and registration information on the event can be found below.
New York State Urban Council Retail Roundtable – November 15th, Syracuse, NY
Please join commercial brokers, developers, retailers, and economic development professionals in this FREE event highlighting the issues impacting downtown redevelopment in New York State.
Speakers include Howard F. Carr, New York State Government Relations Committee Chair, the Howard Group; Michelle Mooney, ICSC New York Alliance Public Sector Co-Chair, the National Development Council; and developers Robert Doucette, Paramount Realty and Armory Development and Management; and Joseph Hucko, Washington Street Partners, as well as other industry professionals who will discuss:
* What is the downtown development value proposition?
* What are the emerging trends in the retail marketplace?
* What are the common criteria used by retailers to select downtown locations?
* What types of local, regional and national retailers excel in downtown settings?
* What are some of the most effective ways to market downtown retail spaces?
Location: Syracuse University Warehouse – 4th Floor, 350 W. Fayette Street, Syracuse, NY 13202
Date: Tuesday, 11/15/11
Time: 8:30 am -12:00 pm
Admission: FREE
Contact: Heather Carrington, Downtown Committee of Syracuse, Inc., (315) 470-1958
For More information: http://www.nysurbancouncil.com/documents/news/247.pdf
Event Sponsors:
ICSC Alliance Program
The Alliance Program is a special ICSC initiative that provides forums for the public and private sectors to network, share ideas, discuss industry issues and explore retail development opportunities. ICSC Alliance meetings are both time and cost effective opportunities for public officials, developers, retailers and other industry leaders to grow their relationships and learn from one another.
The New York State Urban Council
The New York State Urban Council is a statewide not-for-profit organization created to facilitate and encourage the revitalization and development of central business districts in cities, towns and villages across New York State. With assistance from the Empire State Development Corporation, the New York State Urban Council was created in 1991, as a unique forum for downtown practitioners and economic development professionals. Today, its membership has grown into an organization of more than 400 members, representing those who are directly involved in the revitalization of communities and downtowns throughout the state.
3
Nov
Stephanie Dugan Receives NDC’s Training Lifetime Achievement Award!
NDC’s Lifetime Achievement Award Recipient, Stephanie Duagn.
Congratulations to Stephanie Dugan on being selected for NDC’s Training Lifetime Achievement Award!
Stephanie Dugan, a field director for the National Development Council since 1996, works with communities primarily in Texas to bring together financing for business expansions and affordable housing projects. She teaches NDC courses in Economic Development Finance, Business Credit Analysis, Problem Solving & Deal Structuring, Home Ownership Finance, Mixed Use Real Estate Finance and Low-Income Housing Tax Credits. She has assisted a number of clients to secure historic rehabilitation tax credits for various projects including a museum, a performing arts center, a movie theater, and a visitors center; and Low Income Housing Tax Credits for affordable housing projects. She draws on experience gained as the Assistant Director of Economic Development for the City of Abilene where she administered a small business finance and incentive program, capitalized at $6 million per year. Prior to leaving the City of Abilene, she served as project manager for the “Windsor Hotel,” $5 million downtown restoration project. She holds of Bachelor of Arts Degree from Texas Tech University in Economics.
3
Nov
Robert “Bud” Sweet Wins NDC Trainer of the Year!
Trainer of the Year, Bud Sweet.
Congratulations to Bud Sweet on being selected Trainer of the Year!
As a member of NDC’s East Team, Robert Sweet works primarily in the northeastern U.S. providing technical assistance to client communities including operational analyses of proposed client projects to structuring financing packages which include Historic Rehabilitation and New Markets Tax Credits. Bud teaches four courses in NDC’s Economic Development Finance Certification Program: ED101 – Economic Development Finance, ED201 – Business Credit Analysis, ED202 – Real Estate Finance and ED300 – The Art of Deal Structuring. He is also an underwriter for NDC’s SBA 7 (a) loan fund program: NDC Grow America Fund.
Prior to joining NDC in 2007, Bud served as the Deputy Regional Director for the Southern Tier for the New York State Empire State Development Corporation and as well as the Director of Loan Funds for the Broome County, New York Industrial Development Agency. He is a graduate of SUNY-Binghamton.
1
Nov
Public-Private Partnerships – How One Council is Changing the Development Industry
NDC brings its special public-private partnership approach to Los Angeles County with The Gateway at Alhambra, a new state-of-the-art facility for the County’s Economic Development Commission and its Housing Authority. Read more
22
Sep
NDC Joins Sen. Cantwell (D-WA) at Seattle Children’s Research Institute to Urge Extension of New Market Tax Credit Program
U.S. Senator Maria Cantwell and NDC's Michelle Morlan stress the importance of the New Market Tax Credit (NMTC) program.
Cantwell: National Jobs Strategy Should Include Extending Program That Helped Bring 150 Jobs to Seattle Children’s Research Institute
On Sept. 16, 2011, U.S. Senator Maria Cantwell (D-WA) joined NDC and the leadership of the Seattle Children’s Research Institute for a tour of the Institute, and to call for the Congressional jobs strategy to include an extension of the New Market Tax Credit (NMTC) program.
With the help of NDC, Seattle Children’s Research Institute was able to secure $30 million in NMTCs to expand its facility and its groundbreaking research into cures for childhood diseases. The new facility has enabled the Institute to attract top researchers and add 150 new employees including 50 hired in 2011. .
With the NMTC program set to expire in December 2011, Sen. Cantwell called on Congressional leaders to extend the New Markets Tax Credit as part of a national jobs strategy.
“Our top priority for a national jobs agenda should be continuing to invest in the proven programs that put people back to work,” said Cantwell. “The New Markets Tax Credit is attracting the kind of middle-class jobs that will get Washington moving again. This is my second visit in less than a month to a site that is using the New Markets Tax Credit to provide quality jobs for Washingtonians. That is why I’m calling on Congress to include it in a national jobs strategy.” U.S. Senator Maria Cantwell
NDC’s Michelle Morlan highlighted the program’s significant impact on economic development in Washington and around the nation. Since the program’s inception in 2001, NDC’s HEDC New Markets, Inc. has been awarded $549 million in NMTC allocations from the U.S. Department of Treasury, which it has used nationally to spur investment and job creation in low income communities. Says Morlan, “we hope for the program’s renewal because clearly it works.”
Using federal Recovery Act standards, the NMTC Coalition estimates that NMTC-financed projects have created or retained up to 500,000 jobs throughout the U.S. since 2001, with steady progress even during the recession of 2008-2010 and currently through this continuing period of high-unemployment.
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Sep
29
Aug
Senator Cantwell Visits a New Markets Project, Announces Her Support for Program Extension
Senator Maria Cantwell announces her support of the Farwest Steel Processing Center.
On Wednesday, August 24th, Senator Maria Cantwell (D-Washington State) announced her support for a five-year extension of the New Markets Tax Credit program against the backdrop of the new Farwest Steel Processing Center in Vancouver, WA. Senator Cantwell stressed the importance of projects like Farwest Steel in job creation and building local economies . “ In this case you’re leveraging a few federal dollars, a lot of private sector dollars and the win-win is job creation,” said Cantwell.
National Development Council provided technical assistance to the City and the Port of Vancouver in coordinating the NMTC financing.
The Farwest Steel Processing Center, which began construction last month, is a 330,000SF facility that will maintain its current employment of 100 and add an additional 128 jobs, , all high-value-added manufacturing jobs so important to our national economy. Building the facility will also create an additional 300 direct construction jobs.
For more on Senator Cantwell’s visit:
http://www.kgw.com/news/business/Cantwell-Push-for-Tax-Credit-Extension-128351068.html
For more on Farwest Steel’s new Processing Center:
http://www.columbian.com/news/2011/jul/05/farwest-secures-48m-in-federal-tax-credits-for-new/
