Course Descriptions

Economic Development Finance Professional Certification Program

ED 101 - Economic Development Finance, the first course in the EDFP certification program, explores the financial skills required for the successful practice of economic development within the context of an overall economic development finance system. The session provides a conceptual framework for the role of economic development finance in the larger economy and involves participants in analyzing and structuring financing for operating businesses: Specific topics include:

Economic Development Finance Overview
• financing gaps in the private capital markets
• underwriting practices of private sector lenders
• plugging the gaps with economic development financing incentives
• implementing financing programs through an economic development system

Business Credit Analysis
• financial statement spreading and analysis
• quality indicators and ratio analysis
• calculating debt service

Fixed Asset Financing
• measuring repayment ability
• structuring incentive financing

Real Estate Financing
• developer's pro forma income and expense statement
• measuring return on investment
• calculating the financing gap

Economic Development Finance Program
• SBA 504 and 7(a)
• HUD CDBG and 108
• New Markets Tax Credits
• revolving loan funds and interim financing
• loan packaging procedures

Prerequisite: None
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

ED 201 - Business Credit Analysis. The second course in the EDFP certification program explores advanced techniques to determine if a business is a candidate for financing. You will look at the underwriting standards and procedures of commercial lenders and adapt this knowledge to economic development loans. You will acquire skills to obtain dollars that fill financing gaps. You will analyze the financial statements of various types of real companies - manufacturing, service and retail - and structure fixed asset and permanent working capital financing. Topics include:

Credit Analysis Process
• evaluating a company's strengths and weaknesses
• refining quality indicator and ratio analysis
• assessing operating needs
• measuring a company's ability to digest growth

Permanent Working Capital Analysis
• determining a company's operating cycle
• measuring PWC needs
• financing a company's growth

Cash Flow Analysis
• analyzing cash flow management
• determining debt capacity
• matching sources and uses of funds
• identifying fast growth syndrome

Projections and Deal Structuring
• balance sheet and profit and loss statement projections
• evaluating financing options
• break even analysis
• structuring fixed asset and PWC financing
• restructuring financing packages

Prerequisite: ED101
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

ED 202 - Real Estate Finance. The third course in the EDFP certification program presents a detailed look at commercial real estate development. You will gain insight into the way investors see the real estate market and how to meet their requirements. Economic development projects are evaluated using the same measuring tools used by lenders, developers and investors. You will examine the amount and type of incentive financing needed to make a deal happen. In addition, you will learn about attracting equity investment for real estate development projects as well as the techniques to decrease the amount of public subsidy. Topics include:

Real Estate Financing Process
• calculating project costs
• projecting the developer's pro forma
• determining debt capacity
• measuring equity attracted
• quantifying the financing gap
• closing the gap

Return on Investment
• cash-on-cash rate of return
• after-tax cash flow rate
• present value analysis
• internal rate of return

Appraisals
• the capitalization rate
• three approaches to value
• reconciling value

Impact of Taxes on Real Estate Ownership
• depreciation
• leverage
• tax credits
• taxable gains and losses

Prerequisite: None
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

ED 300 - The Art of Deal Structuring. The final course in the EDFP certification program combines the financial lessons learned in previous courses with problem solving and negotiating techniques to address the non-financial demands of deal structuring. ED 300 provides a process that can be used to overcome non-financial problems such as political and social conditions that affect economic development deals. The course emphasizes casework and classroom problem solving exercises involving complex financial issues. Topics include:

Problem Solving
• elements of the problem solving process
• devising a negotiation strategy
• creating "win-win" solutions

Deal Structuring
• valuing tax credits
• mixed-use developments

Workouts and Buyouts
• developing a workout plan
• business valuation methods
• structuring a buyout

Syndication
• equity attraction
• allocation of benefits
• limited partnership model

Prerequisites: ED 101, ED 201 and ED 202
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

Housing Development Finance Professional Certification Program

HD 410 - Home Ownership Finance. The first course in the HDFP certification program examines the skills required to succeed in developing single-family housing that is affordable for low and moderate-income families. The focus is on financing, especially the relationship between the development and the affordability for a home buyer. Topics include:

Home Ownership Development Overview
• achieves a public purpose
• stabilizes neighborhoods
• promotes economic growth
• establishes markets

Home Ownership Development Process
• the players
• non-profits and public sector roles
• selecting and developing the site

Financing and Deal Structuring
• construction financing
• profit and loss statement
• cash flow statement

Qualifying Home Buyers
• calculating ratios
• verifying information
• evaluating credit reports

Income and Credit Barriers to Home Buyer Qualification
• down payment and closing costs
• debt/income ratios
• methods of overcoming barriers
• lease purchase

Permanent Mortgage Programs
• federal programs
• private lenders

Prerequisite: None
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HD 420 - Rental Housing Development Finance. The second course in the HDFP certification program examines in detail the financing and developing of rental property. The course emphasizes the criteria used by lenders and investors to decide if they will put money into a project. The course also explores methods to attract private funds and the use of public funds to fill financing gaps. Topics include:

Rental Housing Development Process
• key actors and their concerns
• steps in developing rental housing

Preparing Financial Projections
• pro forma income and expense analysis
• sources and uses of funds statements

Private Financing
• permanent lender ratio analysis
• construction lender analysis
• construction management

Appraisals
• three approaches to value

Tax Credits
• rehabilitation tax credits
• low-income housing tax credits

Discounted Cash Flow Analysis
• present value theory
• internal rate of return

Syndication
• pricing benefits
• investor concerns
• key partnership issues

Deal Structuring
• altering rates of return
• debt and equity investment vehicles

Prerequisite: While not required, NDC recommends completing HD 410
before taking HD 420. 
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HD 422 - Computer Spread Sheet Analysis for Housing. The third course in the HDFP certification program builds the skills using computerized spread sheets. Participants use financial analysis forms and spread sheets to improve their decision making skills. Affordable home ownership and rental development case studies, based on actual projects, are analyzed using computer-based models. Topics include:

Spread Sheet Basics
• navigating financial analysis forms and spread sheets
• entering data into computerized spread sheets
• implications of changing project assumptions

Home Ownership Spread Sheets
• development budget
• monthly cash flow pro forma
• profit and loss
• home buyer mortgage analysis
• interpreting data

Rental Housing Development Spread Sheets
• development budget
• pro forma income and expense statement
• sources of funds
• tax and appreciation benefits
• conventional debt

Debt and Equity Investment Vehicles
• conventional debt
• alternative mortgage instruments
• HOME
• CDBG
• other financing programs

Prerequisite: HD 410 and HD420
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HD 430 - Housing Development Finance: Problem Solving and Deal Structuring.  The fourth and final course in the HDFP certification program, blends the financial analysis techniques covered in the previous sessions with the problem solving and negotiating skills needed to successfully close complex housing deals.  The course focuses on the structuring of housing deals that are complicated by various factors, both financial and non-financial.  Participants explore structuring options which most effectively use local, state, and federal dollars to maximize public sector leverage.  Specific topics include:

Deal Structuring
• creative gap filling techniques
• problem solving
• devising a negotiation strategy
• mixed-use deals
• low-income housing tax credit deals
• asset management
• lease purchase housing projects

Fees and Reserves
• hidden costs
• acquisition
• developer's compensation
• investors
• permanent lenders

Government Regulatory Requirements
• zoning
• HUD Davis-Bacon
• environmental

Prerequisite: HD410, HD420 and HD422
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

Rental Housing Development Finance Professional Certification Program

HD 420 - Rental Housing Development Finance. The first course in the RHDFP certification program examines in detail the financing and developing of rental property. The course emphasizes the criteria used by lenders and investors to decide if they will put money into a project. The course also explores methods to attract private funds and the use of public funds to fill financing gaps. Topics include:

Rental Housing Development Process
• key actors and their concerns
• steps in developing rental housing

Preparing Financial Projections
• pro forma income and expense analysis
• sources and uses of funds statements

Private Financing
• permanent lender ratio analysis
• construction lender analysis
• construction management

Appraisals
• three approaches to value

Tax Credits
• rehabilitation tax credits
• low-income housing tax credits

Discounted Cash Flow Analysis
• present value theory
• internal rate of return

Syndication
• pricing benefits
• investor concerns
• key partnership issues

Deal Structuring
• altering rates of return
• debt and equity investment vehicles

Prerequisite: None
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HD 423 - Computer Spread Sheet Analysis for Rental Housing. The second course in the RHDFP certification program builds the skills using computerized spread sheets. Participants use financial analysis forms and spread sheets to improve their decision making skills. Rental development case studies based on actual projects are analyzed using computer-based models. Topics include:

Spread Sheet Basics
• navigating financial analysis forms and spread sheets
• entering data into computerized spread sheets
• implications of changing project assumptions

Rental Housing Development Spread Sheets
• development budget
• pro forma income and expense statement
• sources of funds
• tax and appreciation benefits
• conventional debt

Debt and Equity Investment Vehicles
• conventional debt
• alternative mortgage instruments
• HOME
• CDBG
• other financing programs

Prerequisite: HD420
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HD 435 - Rental Housing Development Finance: Problem Solving and Deal Structuring.  The third and final course in the RHDFP certification program, blends the financial analysis techniques covered in the previous sessions with the problem solving and negotiating skills needed to successfully close complex rental housing deals.  The course focuses on the structuring of housing deals that are complicated by various factors, both financial and non-financial.  Participants explore structuring options which most effectively use local, state, and federal dollars to maximize public sector leverage.  Specific topics include:

Deal Structuring
• creative gap filling techniques
• problem solving
• devising a negotiation strategy
• mixed-use deals
• low-income housing tax credit deals
• asset management
• lease purchase housing projects

Fees and Reserves
• hidden costs
• acquisition
• developer's compensation
• investors
• permanent lenders

Government Regulatory Requirements
• zoning
• HUD Davis-Bacon
• environmental

Prerequisite: HD420 and HD423
For training dates see Course Schedules. Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

NDC Academy Training

ED 515 - New Markets Tax Credits.  This intensive three-day course is designed to take the mystery out of this still-new but powerful economic development tool.  The course takes you from the basics - what NMTCs are and how they are allocated - through the all-important legal and regulatory parameters, to the financing models that work best and maximize NMTCs' benefits.  You'll learn the new NMTC alphabet soup - how to tell a QEI from a QLICI, what a CDE does and what kind of enterprise can be a QALICB.  Case studies and hands-on work take you step-by-step through actual NMTC projects, including commercial real estate, mixed-use development that includes significant amounts of housing, community facilities for non-profits, business financing, and projects that include historic rehabilitation tax credits.  NDC is a recipient of one of the largest NMTC allocations and has developed successful models for applying them to a full range of community development projects.  Participate in this new NDC course and begin applying this federal tool to your most pressing economic development needs.  Specific topics include:

New Markets Tax Credits
• program fundamentals
• project underwriting
• investors, lenders, developers and the financing process
• regulations include the latest updates
• application requirements
• finding potential investors
• recapture of credits

Using NMTCs for Real Estate Development
• commercial real estate, mixed-use and non-profit facilities projects
• measuring debt and equity attracted
• determining the financing gap
• using NMTCs to close the gap

NMTCs for Business Development Projects
• measuring repayment ability
• structuring gap financing using NMTCs

Program Models
• levered equity model - public sector, conventional lender, private investor
• debt service subsidy model
• Historic Rehabilitation Tax Credits and NMTCs

Prerequisite: None
For training dates see Course Schedules.  Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

ED 405 - Revolving Loan Funds and CDBG Compliance.  Local officials are confronted with increasingly limited sources of financing to meet the needs of expanding businesses and development activities.  In response, many communities have created local revolving loan funds (RLFs). RLFs complement scarce private and public financing by recycling funds and leveraging private dollars.  HUD's Community Development Block Grant (CDBG) dollars can be a significant source of funding for RLFs.  However, use of CDBG funds means complying with numerous requirements of the Housing and Community Development Act. NDC's RLF course is a three-day session designed to assist community professionals in effectively designing and administering a local public loan portfolio.  The course also examines the requirements that must be met before a loan is approved for a borrower and investigates the requirements for monitoring the loan and making sure that all conditions are met after the loan is made. Specific topics include:

Revolving Loan Fund Design
• identifying local needs and RLF goals
• organizational structure and capitalization
• quantifying the level of financial risk
• operating policies and procedures
• marketing the RLF to borrowers and bankers
• deal structuring and subordination

Credit and Collateral Analysis
• using credit analysis to assess company operations and debt capacity
• cash flow lending
• personal financial statements

Closing and Documenting Loans
• pre-closing conference
• loan documents
• valuing collateral and guarantees

Servicing and Portfolio Management
• designing a loan monitoring and servicing system
• using a loan classification system
• protecting collateral

Workout Strategies
• innovative workout strategies
• lien positions in bankruptcy
• liquidation and foreclosure

CDBG Compliance

• low and moderate-income benefit
• job tracking
• underwriting requirements
• Davis-Bacon
• program income issues
• project administration
• micro-loan requirements
• program reporting

Prerequisite: None
For training dates see Course Schedules.  Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

Mixed-Use Real Estate Finance. Neighborhoods are at their best when “ Main Street ” pulses with the activities that bring a community alive—residential, retail, entertainment, services, public facilities and common areas. Older Main Streets have special opportunities for adaptive reuse—with buildings that are ideally suited to retrofitting multiple uses in one structure. Cities and towns undergoing redevelopment in their downtowns often view mixed-used development as a way to catalyze Main Street , energizing it with shopping, dining, culture and entertainment. There are several financial tools available for Main Street redevelopment and if brought together in the right way, for the right uses, they can do the job. This course explores the following topics:

Mixed-Use Development Challenges

•  commercial real estate revitalization

•  community facilities on Main Street

•  the community perspective on revitalization

•  inventory: what do you have to work with?

•  thinking outside the box for adaptive reuse

Mixing Financing: The Right Recipe
• real estate financing process

• estimating project costs

• projecting the developer's pro forma

• determining debt capacity

• measuring equity attracted

• quantifying the financing gap

• closing the gap

Taxes and Real Estate Development

• cash fow after tax

• depreciation

• tax credits: Historic Rehabilitation Tax Credits, Low-Income Housing Tax Credits, New  

  Markets Tax Credits

Financing Tools for Mixed-Use Development

•  debt and equity vehicles

•  programs: CDBG, CDBG Float Loan, Section 108 and Tax-Exempt Bond Financing

•  other structuring tools: Tax Increment Financing, Ground Leases, Tax Abatement and

   Payment in Lieu of Taxes (PILOTs)

Prerequisite: None
For training dates see Course Schedules.  Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

Tax Increment Financing.  For over two decades, we have been confronted with the continuing attrition of resources for local housing and economic redevelopment and community renewal.  Without resources, how can we build a healthy economy, but without a healthy economy, how do we generate resources?  Many states and localities have found one answer to this conundrum by banking on their future - identifying future revenue streams that would be generated by development and turning to financial markets to capitalize those streams.  This 2-day course explores the different kinds of revenue streams that might be associated with specific future development activities and projects and ways in which they can be used to raise capital in the present.  They include Tax Increment Financing (using real estate, sales, hotel and convention or other targeted taxes); and PILOT revenue as some examples of this approach.  How to identify those sources and turn them into funds to assist redevelopment efforts is the focus of this session. 

Prerequisite: None
For training dates see Course Schedules.  Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]

HUD Section 108 Loan Guarantee Program. The HUD Section 108 Loan Guarantee Program provides communities with the financing necessary to invest in large-scale community revitalization and infrastructure improvement projects. Section 108 borrowers must pledge their current and future CDBG dollars to secure the Section 108 funds, a step a lot of communities are reluctant to take. This 2-day course is specifically designed to help potential borrowers understand how to best use Section 108 to improve their communities while minimizing the risk to their CDBG dollars. Funded by HUD and developed by NDC, participants learn the goals of Section 108, how it stimulates and leverages private sector investment and how to evaluate and mitigate the risks of Section 108 lending. Specific topics include:

•  eligibility and use of Section 108 for projects

•  Section 108 program documents

•  CDBG regulations

•  effective deal structuring

•  underwriting for various types of economic and community development projects the closing

    process

•  defeasing a Section 108 loan

•  developing a portfolio management system

•  using Section 108 to leverage other funding, including New Markets Tax Credits (NMTCs)

Prerequisite: None
For training dates see Course Schedules.  Registration details can be found at Registration Information. For additional information, contact NDC's Training Division at (859) 578-4850 or via email at training@nationaldevelopmentcouncil.org.

[Back To Top]