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NDC Comments on CRA Published

Thursday, September 9th, 2010

In July and August, the Office of the Comptroller of the Currency; the Federal Reserve System; the Federal Deposit Insurance Corporation; and the Department of the Treasury —  the Federal agencies that oversee the administration of the Community Reinvestment Act (CRA)–  invited comments, both written and oral, on regulations governing procedures for assessing performance under the CRA.  The agencies described the purpose of the hearings:  to seek a wide range of views on whether and how they should revise their regulations to better serve the goals of the CRA,  Hearings were held in Chicago, Los Angeles, Atlanta and Arlington, Virginia.

NDC President Bob Davenport set down NDC’s perspectives, observations and recommendations improving CRA in comments that can be downloaded here in PDF format or found on the government regulations website:  

There are 83 pages of submissions on the website.  Please click here, type in 23 at the bottom of the webpage and hit enter. NDC is listed midway on page 23.  Click the PDF and view the comment letter.

CDFI Fund Awards $750,000 to NDC’s Grow America Fund

Thursday, August 19th, 2010

Part of $104.9 Million Awarded to Local Financial Institutions Across the Nation Serving Struggling Communities

NDC’s small business loan program,  the Grow America Fund (GAF), has received an award from U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI) as part of its program to assist financial institutions serving struggling communities.  Recognizing GAF as a financial institution that plays ” a critical role financing small businesses and providing access to capital where it is needed most,” CDFI has awarded $750,000 to GAF that GAF President Pat Thomson said will be used in its nationwide lending program to increase capital for small businesses located in low-income communities.  Treasurer of the United States Rosie Rios noted that, “The awards we are announcing today will provide critical support to local financial institutions, which are on the front lines creating jobs and economic opportunity in communities across the country.” 

Read the full press release here.

NDC Goes the Distance

Thursday, July 8th, 2010

NDC’s Michelle Morlan and Misty Baskett Run in the Rock ‘n Roll Seattle Half Marathon

NDC's Misty Baskett and Michelle Morlan after running the Rock 'n Roll Seattle Half Marathon.

NDC's Misty Baskett and Michelle Morlan after running the Rock 'n Roll Seattle Half Marathon.

On Saturday, June 26, after weeks of training, $2,000 in fundraising, and 13.1 miles of non-stop running, NDC’s Misty Baskett and Michelle Morlan crossed the finish line of the American Cancer Society’s Rock ‘n Roll Seattle Half Marathon. Part of the DetermiNation Marathon Series, the race represents a significant personal accomplishment for both athletes and lands them among thousands of others who since 1996 have swum, biked, and run to raise money and awareness for the fight against cancer.   

Misty was heard post-race saying, “Well, that was easy.”  While just the thought of running 13.1 miles makes a lot of us break into a sweat, Misty and Michelle made the commitment and met their goal with aplomb. NDC congratulates both Michelle and Misty on their hard work and perseverance. We are delighted to support their efforts, cheer them on from the sidelines and applaud their accomplishment!

Visit Michelle’s personal fundraising page to learn more about her efforts.

NDC PARTNERS WITH THE CITY OF SEATTLE AND SEATTLE STEAM ON $32 MILLION RENEWABLE ENERGY INVESTMENT

Thursday, July 1st, 2010

NDC Creates New Markets Tax Credit Package to Convert Steam Boiler to Biomass

SEATTLE, Wash. - NDC today announced the closing of a $32 million New Markets Tax Credit (NMTC) deal that will allow Seattle Steam, a privately-owned district heating utility, to convert its boiler from natural gas to biomass.

Through the NDC’s ties to the federal NMTC initiative, Seattle Steam secured the necessary private investment to move the project forward, enabling the utility to fully fund the waste wood-fired boiler conversion and access additional working capital. (more…)

National Development Council Marks Groundbreaking of LeMay Car Museum

Monday, June 14th, 2010

NDC Leads Effort to Provide New Markets Tax Credits to Turn Museum into a Reality 

Tacoma, WA - On June 10, 2010, NDC joined the City of Tacoma, LeMay executives and donors, regional leaders and car enthusiasts from around the nation to mark the official groundbreaking for the Harold E. LeMay Museum.  NDC helped the City of Tacoma structure a complex financing package that includes Federally Guaranteed loans and a City property donation of the museum site, located next to the Tacoma Dome on the Thea Foss Waterway.  NDC, through its HEDC New Markets, Inc.,  teamed with USBancorp Community Development Corporation and Consortium America  to raise an additional $8.2 million in Federal New Markets Tax Credit equity for the project.  The multi-phase development will eventually make the museum one of the most important development projects in Tacoma’s history.

NDC's John Finke, second from left, with the Tacoma City Council at the LeMay Museum groundbreaking on June 10, 2010.

NDC's John Finke, second from left, with the Tacoma City Council at the LeMay Museum groundbreaking on June 10, 2010.

(more…)

NDC’s CELESTIN TO PRESENT AT GREEN OPPORTUNITIES FOR LONG ISLAND SEMINAR

Wednesday, May 19th, 2010

Event Sponsored by Abundant Communities Together, Inc.

NDC Field Director Regina Celestin will participate in a panel discussion at “The Emerging Green Economy: Access & Opportunity for Diverse Communities,” a seminar to be held on Friday, May 21 at the Melville TI Building (68 S. Service Road) in Melville (Nassau County, Long Island), New York.  The panel discussion, which includes a Q&A session, is titled, “How to Green Up Your Building & Find the Money to Do It.” (more…)

X2O Xaviar’s Brings the Spotlight to Yonkers

Tuesday, March 23rd, 2010
X2O Xaviar's Restaurant is at the heart of the Yonkers Pier restoration.

X2O Xaviar's Restaurant is at the heart of the Yonkers Pier restoration.

Peter X. Kelly, accomplished chef and owner of X2O Xaviar’s Restaurant on the renovated Yonkers Pier, has been nominated for the prestigious Best Chef Northeast award presented the James Beard Foundation. Considered the Oscars of cooking, Kelly’s nomination through a public voting process was confirmed by secret ballot by culinary professionals.  The winner will be announced May 3. 

X2O Xaviar’s Restaurant is the crown jewel in the Yonkers Pier revitalization.  NDC and community partner, the City of Yonkers, used New Markets Tax Credits in combination with a HUD Section 108 loan to bring the project to fruition.  Read more about the Yonkers Pier project.

Haiti: Help One of Our Own Help Others

Monday, March 1st, 2010

Grow America Fund’s Yvon Alexandre Organizing Relief Fund and Medical Mission March 8-13
Donate Now to Help Provide Critically-Needed Supplies

(Hartford, CT)  -  We’ve all been stunned by the initial and continuing accounts of the devastating earthquake that struck the island nation of Haiti and left more than 212,000 dead, and another 1 million homeless.

The staggering impact of the earthquake on his native homeland has moved Grow America Fund borrower Yvon Alexandre to take action. He has put his extraordinary entrepreneurial skills to work by organizing a response to the catastrophe, under the auspices of the Connecticut Haitian American Organization, Inc. (CHAO), a non-profit, 501(c)3 organization.

To date, CHAO has collected more than $29,000 and over 30,000 pounds of supplies for the earthquake survivors, including food, water, clothing, medicine and personal hygiene items.  But more is desperately needed. Now, Alexandre, through CHAO, is mounting a medical mission to Haiti’s capital, Port-au-Prince, scheduled for March 8 through 13.  To date, Alexandre says CHAO has received commitments from 18-20 physicians, nurses and others who will pay $1,000 a piece to cover their own transportation and lodging in order to take part in the humanitarian effort.  Among the volunteers are a team of five prosthetics experts volunteering on behalf of The Pakistani American Association of Connecticut (PAACT). The team will be able to fit survivors, mostly children, with artificial limbs. 

Alexandre says additional funds are greatly needed to purchase and to ship much needed first aid items, pain relievers, and toiletries.  If you would like to donate to the CT Haitian American Organization, Inc.’s humanitarian efforts in Haiti, plese click here for information.

Donations can also be mailed to:
CT Haitian Earthquake Relief Fund
P.O. Box 290161
Wethersfield, CT 06129

For general comments and questions, please visit CHAO’s website or e-mail info@ctforhaiti.org.

(more…)

NDC Is Now on LinkedIn and Twitter!

Tuesday, February 23rd, 2010

linkedin_iconStay in touch with your colleagues through The NDC Alumni Association on LinkedIn.  Or follow us on Twitter and get the latest updates on our work with our community partners across the country.

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NDC’s Work in Communities Draws Recognition

Tuesday, February 16th, 2010

NDC’s work with community partners across the country has caught the attention of blogger Mike Flynn, former editor and publisher of the Puget Sound Business Journal turned blogger and business consultant.  Read the complete blog post.

CEF Kicks off $100 Million Fund with $11.0 Million in Investments

Tuesday, February 2nd, 2010

Fifth Third, Key are First to Invest
NDC Corporate Equity Fund IX launched in March, and in the third quarter, received its first commitment, from Fifth Third Bank for $8.0 million, announced Ann Vogt, CEF managing director.  A second investor, Key Bank, has committed to $3.0 million at the start of the fourth quarter.    (more…)

Gateway Village Named NCHFA “Development of the Month”

Tuesday, February 2nd, 2010

Gastonia, NC - The North Carolina Housing Finance Agency (NCHFA) named our Corporate Equity Fund (CEF) project, Gateway Village their November 2009 “development of the month.” (more…)

NDC Takes First Place for Yonkers Pier in Novogradac Community Development Awards

Tuesday, February 2nd, 2010

Chicago, IL - The renovated Yonkers Pier, in Yonkers, New York, and its renowned restaurant, Peter Kelly’s X2O, were recognized on Thursday, October 22, 2009 by The Novogradac Community Development Foundation (NCDF) at its Second Annual Community Development Awards luncheon held in Chicago, IL. (more…)

President Obama Awards $2.3 Billion for New Clean-Tech Manufacturing Jobs

Tuesday, January 12th, 2010

Recovery Act Tax Credits to Enable More Than $7 Billion in New Manufacturing Projects and Create Tens of Thousands of Jobs

NDC Grow America Fund borrower Cardinal Fastener and Specialty Co. received a $480,000 tax credit from the U.S. Department of Energy as part of a $2.3 billion award in Recovery Act Energy Manufacturing Tax Credits for clean energy manufacturing projects across the United States.

President Obama announced the award of $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy manufacturing projects across the United States on January 8, 2010.   One hundred eighty three projects in 43 states will create tens of thousands of high quality clean energy jobs and the domestic manufacturing of advanced clean energy technologies including solar, wind and efficiency and energy management technologies. 

As part of the Recovery Act, these tax credits are focused on putting Americans back to work by building a robust domestic manufacturing capacity to supply clean and renewable energy projects with American made parts and equipment.  These credits are also an important step towards meeting the President’s goal of doubling the amount of renewable energy the country uses in the next three years with wind turbines and solar panels built right here in the United States.  More at: http://www.energy.gov/news2009/8501.htm.

Cardinal Fastener will manufacture hot forged, critical fasteners used in wind turbines - transportation bolts, tower bolts, nacelle bolts, and blade studs.

Another NDC Project Honored

Tuesday, November 10th, 2009

tsigobugeh_webTsigo bugeh Village, a modern community, built around distinctive principles of Pueblo communal living, has been recognized again, this time with an award from the Harvard Project on American Indian Economic Development as an outstanding example of tribal governance.  The project was financed with an equity investment from NDC’s Corporate Equity Fund.

Another Winner: NDC New Markets Project Honored

Friday, October 23rd, 2009

Yonkers Pier, Yonkers, NYThe renovated Yonkers Pier, in Yonkers, New York, and its renowned restaurant, Peter Kelly’s X2O, were recognized on Thursday, October 22, 2009 by The Novogradac Community Development Foundation (NCDF) at its Second Annual Community Development Awards luncheon held in Chicago, Ill. The project, financed through NDC’s HEDC New Markets Inc., received the award as the best New Markets Tax Credits project in the Operating Business category. (more…)

NDC President’s Recommendations Incorporated in Obama’s Small Business Proposals

Thursday, October 22nd, 2009
Bob Davenport, President, National Development Council

Bob Davenport, President, National Development Council

On March 4, 2009, NDC President Bob Davenport testified before the House Financial Services Subcommittee onFinancial Institutions and Consumer Credit about the effects of the economic downturn on small business lending, particularly the drastic reduction in small business credit from traditional bank lenders. Noting that economic recovery cannot occur until small businesses have the capital and credit they need, Davenport made a number of recommendations that would address this problem.  

In a meeting later that spring with staff of the President’s National Economic Council, Davenport made similar recommendations.  

On Wednesday October 21, President Obama announced a sweeping initiative to improve access to credit for small businesses, and we are pleased to note that NDC’s key recommendations are incorporated into the President’s program. 

Two of the most important are:  providing low-cost capital to Community Development Financial Institutions and increasing the lending limit on SBA’s 7A loans from $2 million to $5 million. 

For more of Davenport’s recommendations and the President’s program, please read the Testimony of Bob Davenport before the Housing Financial Services Subcommittee on Financial Institutions and Consumer Credit and President Obama’s Announcement of New Efforts to Improve Access to Credit for Small Businesses.

New! Campus Living at Edmonds Community College

Tuesday, October 20th, 2009
Edmonds Community College Lobby - Grand Opening

Edmonds Community College Lobby - Grand Opening

A grand opening celebration was held on Friday, October 16th, for Rainier Place, the new Edmonds Community College single-student housing facility.  About 100 people gathered to mark the successful completion of Rainier Place. (more…)

GAF Helps Bring Dentistry to Kids in Downtown Newark (Don’t Worry Kids, You’ll Love It!)

Wednesday, October 14th, 2009

For Immediate Release

MAYOR BOOKER AND BRICK CITY DEVELOPMENT CORPORATION CUT THE RIBBON ON DENTAL KIDZ, A NEW PEDIATRIC DENTISTRY IN DOWNTOWN NEWARK 

Local husband and wife team open 8,000 square foot state-of-the-art pediatric dentistry and orthodontic practice; $710,000 project financed by the Grow Newark Fund

Ribbon Cutting Ceremony at Dental Kidz

Ribbon Cutting Ceremony at Dental Kidz

Newark, NJ - October 13, 2009 - Mayor Cory A. Booker was joined today by Deputy Mayor for Economic Development Stefan Pryor, Brick City Development Corporation Executive Vice President Darryl Godfrey, Grow America Fund (GAF)  President Pat Thomson and Loan Officer Charlie Giuliano, and Christopher and Dr. Lezli Harvell, Newark residents and BCDC Grow Newark Fund Recipients, to mark the opening of Dental Kidz, a new pediatric dentistry and orthodontic practice at 24 Commerce Street, in the City of Newark’s downtown district.  GAF, NDC’s small business lending program is partnering with Brick City Development Corporation to make credit available to qualified small businesses in Newark. (more…)

GAF’s Thomson Presents for OCC and SBA Webinar: “Small Business Lending in the New Environment”

Tuesday, September 29th, 2009
Pat Thomson

Pat Thomson

Pat Thomson, President of NDC’s small business lending company, Grow America Fund (GAF), was part of a panel of experts for the recent webinar, “SBA Lending Programs and the American Recovery and Reinvestment Act of 2009.”  Thomson’s presentation, “Small Business Lending in the New Environment,” described GAF’s business model and provided lenders with advice on identifying lending partners and surviving the current credit environment.

(more…)

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