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NDC’s Commitment to Affordable Housing
NDC’s affordable housing portfolio is 7,000 units strong and represents over $1.5 billion of investments. Our projects are diverse in geography, size and sponsorship. They provide housing for low-income families, senior citizens in need of independent and assisted living facilities and services, developmentally or physically disabled individuals and their families, and the formerly homeless and their families.
NDC Housing and Economic Development Corporation (HEDC) acts as developer, partnering with community and local sponsors, providing expertise in financial structuring, identifying and securing public and private sector funding sources and providing technical support through project completion. HEDC’s approach delivers quality affordable housing and builds capacity within the community to undertake future development projects.
NDC Corporate Equity Fund, L.P. (CEF) provides equity capital for the construction and preservation of affordable housing using Federal Low Income Housing Tax Credits, Federal Historic Preservation Tax Credits and Renewable Energy Credits.
CEF stands out among the funds that invest in affordable housing. What makes CEF different? Our projects range in size from six to 200+ units and our investments range from $2.0 to $10 million. We provide equity for new construction and rehabilitation and partner with for-profit and not-for-profit developers and general partners. CEF investments are at work in communities from metropolitan New York City and Chicago to rural Mancos, Colorado and Watertown, New York. CEF’s investments are built upon sound underwriting guidelines. A team of seasoned NDC professionals, together with the Fund’s legal counsel process, approve and close all transactions in a timely manner. A highly qualified asset management team provides compliance and financial oversight and training and operational support to the project sponsors throughout the regulatory period.
NDC Housing and Economic Development Corporation
NDC Corporate Equity Fund, L.P.
Tsigo bugeh
When the Ohkay Owingeh, a Pueblo Indian tribe, approached the development of new, affordable housing on their reservation in San Juan Pueblo, New Mexico, they were determined to create buildings that were appropriate for tribal members and tribal life.
The Medford Hamlet
For the first time ever, Long Island has an assisted-living facility that meets a critical need for lower-income seniors: affordable long-term care in a new state-of-the-art facility constructed to meet the highest standards of safety and quality. The Medford Hamlet in Medford, NY caters uniquely to seniors with incomes below 60% of area median - $40,000 for an individual and $46,000 for a couple. Unlike other similar facilities, residents cannot be evicted for financial reasons.
Washington Avenue Apartments
This dramatic transformation of a community in Madison and Venice, Illinois, was the beginning of a renaissance of hope for all of Madison County. Washington Avenue Apartments replaced 65 railroad boxcars – yes, boxcars – that had been welded together in the mid-1980s for use as low-income housing. Inadequate at best, they soon became crime-ridden and dilapidated.
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