Ndc Housing and Economic Development Corporation
Ndc Housing and Economic Development Corporation
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About this organization
Mission
NDC Housing and Economic Development Corporation was organized for the following charitable purposes: to construct new and support existing safe and adequate low-income housing for disadvantaged persons; thereby assisting generally in the alleviation of housing shortages throughout the United States; to stimulate economic development in economically distressed areas of the country; and to assist in the erection and maintenance of public buildings, monuments or facilities; to lessen the burdens of governments; and to promote social welfare.
About
To construct new low-income housing and to develop, manage, operate, promote, fund, and support existing low-income housing for persons of limited financial means, handicapped persons, elderly persons, and other persons in need of safe, adequate, affordable housing and to assist generally in the alleviation of housing shortages throughout the US. HEDC is a national leader in low-income housing through both development and investment. Working in partnership with nonprofit organizations and service providers around the nation, HEDC has developed, financed, operated, and/or managed over 11,222 units of quality, safe, adequate, and affordable low-income housing totaling $1.7 billion of investment in low-income communities in more than 30 states. In 2018, through our low-income housing development and investment activities, HEDC invested in 10 projects containing 956 units of quality, safe, adequate, and affordable housing for low-income persons and families, the elderly, and people with special needs. Investment and development activities totaled $66 million. The following are representative samples of HEDC affordable housing projects completed in 2018: Patricia K Apartments Seattle, Wandc Corporate Equity Fund made an equity investment of $10,238,174 for this $15,222,000 supportive housing project in Seattle, Washington. The project is providing permanent supportive housing for 52 individuals with mental illnesses. It is being developed alongside Judkins Junction, a 74-unit project for low-wage workers and families, at the corner of 23rd Avenue and S. Jackson Street in Seattle. The supportive services will be provided by Community House Mental Health Agency which was founded in the early 1960's. CHNHS helps people with severe and persistent mental illness increase their social, vocational and life skills with recovery as the program's overall goal. McGregor Senior Assisted Living East Cleveland, OH HEDC made a $3,196,302 equity investment in a 90 unit assisted living project developed by the McGregor Foundation in East Cleveland, Ohio. This $19,810,966 project undertaken by the McGregor Foundation as part of its senior living campus is providing 50-units of affordable assisted living for individuals whose income does not exceed 60% of area median income for the Elyria, Ohio SMSA. The remaining 40-units will be at market rate. Rents for income restricted studios is $630 a month and the one-bedroom units will rent for $690 a month. Pendleton Place Apartments Memphis, TN Pendleton Place Apartments is an existing rental property that is being rehabilitated to create 120 units of affordable rental housing. Built in 1950, the project is a project-based Section 8 family property consisting of 18 buildings and 120 units of two and three-bedroom apartments. Pendleton Place is in South Memphis in proximity of the central business district and all essential services. The financing for this project includes an insured HUD 221(D)(4) mortgage. HEDC invested $4,641,015 of the $15,900,00 required to completely renovate the buildings. Upgrades include new roofs, windows, siding, HVAC systems, plumbing and electrical upgrades, interior renovations include new kitchens and bathrooms, flooring and interior paint. In addition, the developer is building a new community center, playground and pavilion picnic area.
Interesting data from their 2019 990 filing
The filing specifies the mission of the non-profit as “Ndc housing and economic development corporation was organized for the following charitable purposes:a. to construct new low income housing and to develop, manage, operate, promote, fund, and support existing low (cont. on schedule o) income housing for persons of limited financial means, handicapped persons, elderly persons, and other persons in need of safe adequate affordable housing and to assist generally in the alleviation of housing shortages throughout the us.b. to assist in the erection and maintenance of public buildings, monuments, facilities, or works; to lessen the burdens of government; and to promote social welfare.”.
When explaining its duties, they were described as: “Ndc housing and economic development corporation was organized for the (cont. on schedule o) following charitable purposes: to construct new and support existing safe and adequate low-income housing for disadvantaged persons; thereby assisting generally in the alleviation of housing shortages throughout the united states; to stimulate economic development in economically distressed areas of the country; and to assist in the erection and maintenance of public buildings, monuments or facilities; to lessen the burdens of governments; and to promote social welfare.”.
- The state in which the non-profit is authorized to operate legally is VA.
- According to the filing, the address of the non-profit for the year 2019 is ONE BATTERY PARK PLAZA NO 710, NEW YORK, NY, 10004.
- The non-profit has reported 0 employees on their form for the year 2019.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $491,641.
- The organization has 0 independent voting members.
- The organization was formed in 1988.
- The organization pays $3,233,152 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.