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Posts Tagged ‘HUD Section 108’

Putting It Together: NDC’s Development Assistance

Thursday, July 15th, 2010

Technical 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…)

Another NDC Project on the Way to Success

Friday, April 9th, 2010
NDC’s Michelle Morlan and Con Vong on the job site at the new White Square Center. NDC put the pieces of the financing puzzle together using NMTCs and HUD Section 108, ending the Vong family’s year-long search for financing. Photo Courtesy of White Center Blog.

NDC’s Michelle Morlan and Con Vong on the job site at the new White Square Center. NDC put the pieces of the financing puzzle together using NMTCs and HUD Section 108. Photo Courtesy of White Center Now.

The economic fortunes of White Center, WA, an unincorporated community of 32,000 adjacent to Seattle, will be receiving a much-needed boost with the recently begun development of White Center Square. A project of local businessman, Con Vong and his family, White Center Square will be a commercial retail center on an infill site in the community’s commercial business hub, now home to nearly 140 businesses whose ownership reflects the great ethnic diversity of White Center itself.  

Although the community suffers from both unemployment and poverty rates exceeding national averages and median household income significantly below that of its neighbors, it is a busy urban area whose strength lies in that ethnic and socioeconomic diversity.  The economic downturn stalled White Center’s development and made business financing more difficult even for established companies. Con Vong and his family searched for a year without success for conventional financing to relocate and expand their grocery business, a neighborhood institution for more than ten years,
(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.

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