Through a development assistance partnership with Cuyahoga County, Ohio, the City of Cleveland received NDC’s help in structuring New Markets Tax Credit and HUD Section 108 financing for a critically-needed new police station that will support job creation near the world-renowned Cleveland Clinic. Read The Plain Dealer article at Cleveland.com.
Posts Tagged ‘Development Assistance’
NDC Brings Innovative Financing Solution to Cleveland, OH
Tuesday, July 20th, 2010Putting It Together: NDC’s Development Assistance
Thursday, July 15th, 2010Technical assistance from NDC has resulted in a financing plan for the City of Gresham, OR, an NDC client community, that will make possible a combined human services center and apartment complex for Gresham’s impoverished Rockwood neighborhood. This new building will house eight social service agencies and 47 apartments, 15 for homeless families, bringing together under one roof critically-needed services and facilities for community residents. NDC assisted the City of Gresham in applying for a $1,373,000 HUD Section 108 loan that will be used as leverage in a New Markets Tax Credit transaction by Bank of America CDE. Closing on the Section 108 loan and the combined NMTC / LIHTC financing is set to occur by mid-August.
To read more about this unique project, here’s a story that appeared recently in The Oregonian: (more…)
Morgan Hill, CA + NDC = Small Business Investment
Thursday, July 1st, 2010The Morgan Hill, CA Redevelopment Agency (RDA) has joined forces with NDC to bring much-needed credit to Morgan Hill’s small businesses. The RDA kicked off the new partnership with a $500,000 investment to create the Grow Morgan Hill Fund, which will be administered by NDC’s Grow America Fund (GAF). In addition to this program, which is expected to provide over $2 million in credit to Morgan Hill’s small businesses through GAF”s SBA-guaranteed loans, NDC will be providing its signature development assistance services to support the community’s economic development goals.
Read the complete story at the Morgan Hill Times.
NDC Begins Work in New Communities
Tuesday, July 7th, 2009
Partnerships between NDC and local governments and agencies continue in hundreds of communities across the U.S. to work towards local economic and community development goals. Since our last update, NDC has begun work with four new community partners:
Mt. Hope Community Center in the Bronx Opens Its Doors
Friday, June 26th, 2009
The Mt. Hope Community Center combines under one green roof critically-needed services, educational programs and recreational space for neighborhood residents.
The long-awaited Mt. Hope Community Center in the Mt. Hope section of the Bronx celebrated its grand opening with a ribbon cutting ceremony on June 25. The learning and recreational facility for youth and adults, constructed on vacant lots, turned an eyesore into a community oasis that’s a model of sustainable design. Green building principles guided the facility’s design including green roofs and an air purification system to help combat the neighborhood’s chronically high asthma rates. (more…)
May 28 A Good Day for a Groundbreaking in White Center, Washington
Monday, June 1st, 2009At a time when access to conventional financing is difficult to come by, a community celebration to kick off the groundbreaking for a new shopping center development in White Center, Washington understandably raises eyebrows. May 28 served as an auspicious day to break ground according to the project’s developers, the Vong Family. The ceremony included a Buddhist blessing and an offering to the ancestors for good fortune. The new $10.5 million White Center Square Retail Center is being financed with a HUD Section 108 loan provided by King County and NDC New Markets Tax Credits purchased by USBancorp CDC. The project will be the new home of the Vong’s Hung Long Asian Grocery store which will anchor the 26,000 square foot development. A Vietnamese restaurant and several other small retail uses will round out the development when complete, bringing an estimated 60 new jobs to a very low income ethnically diverse area just south of Seattle. Project completion is expected in June 2010. Read more. Check out local news coverage.
NMTCs Bring Biotech Companies - and Jobs - to Abilene
Monday, April 27th, 2009The latest development in NDC’s 20-year partnership with the City of Abilene , TX is the Abilene Life Sciences Accelerator (ALSA), a state-of-the-art facility with laboratory space and shared research equipment for six to eight fledgling biotech companies. The ALSA is a critical component of the City of Abilene’s on-going community development strategy. As the only facility of its type in West Texas, the ALSA is poised to brings new jobs to Abilene and diversify the regional economy.
NDC’s latest New Markets Tax Credit (NMTC) allocation was the last piece of the financing puzzle: a $7 million loan from the Development Corporation of Abilene is being used as leverage for a total NMTC investment of $10 million. Read more.
East Chicago Reaps Benefit of NDC’s Development Assistance
Monday, March 23rd, 2009After a three-decade struggle to develop high quality housing stock and rebuild a local economy following the decline of its major steel industry, East Chicago has begun to see some success in its efforts. Its latest challenges also include skyrocketing foreclosure rates and a high concentration of dilapidated public housing and vacant lots, combined with a prolonged absence of commercial development. However, NDC is working extensively with a team of partners including the East Chicago Housing Authority, the City’s Department of Economic Development and, the project lead, the City Department of Redevelopment to complete a strategic redevelopment plan that addresses these problems. (more…)
The City of Tacoma’s Partnership with NDC Continues
Sunday, March 22nd, 2009The City of Tacoma, a client community for more than 25 years, is modernizing its water, sewer and storm water services to city residents with new office and laboratory space and NDC’s Housing and Economic Development Corporation (HEDC) was selected to act as a developer for the project. (more…)
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