Ndc Housing and Economic Development Corporation

“National council for community development is the sole voting member of ndc housing & economic development corporation.”

“National council for community development as the sole voting member of ndc housing & economic development corporation has the power to elect and remove directors.”

“The form 990 was prepared by outside tax preparers in consultation with management and auditors. A draft of the full form 990 was provided to the entire board for review. A complete copy of the final form 990 was provided to the organization's entire board before it was filed with the irs.”

“All members of the hedc board of directors and executive employees are required to annually execute a conflict of interest policy and compensation guidelines acknowledgement stating that they have received, read and understand, and agree to comply with the conflict of interest policy and compensation guidelines. The conflict of interest policy and compensation guidelines document requires board members and executive employees to disclose any potential conflicts of interest immediately. The chairperson of the board will upon notification of such an event appoint a disinterested person or committee to investigate alternatives to the proposed transaction and violations of the conflict of interest policy can result in appropriate disciplinary and corrective action. Also, all board members by executing the conflict of interest policy and compensation guidelines document acknowledge that they share the responsibility of hedc to remain faithful to the organization's charitable purposes.”

“The documents are available by request.”

“All of the organization's board members work for the parent organization national council for community development. The independent board of directors of the parent oversees the organization's operations and actions.”

“C. To initiate and carry out activities to stimulate economic development in economically depressed areas of the us. In particular, to undertake activities that: - relieve poverty and lessen neighborhood tension caused by a lack of jobs in deteriorated and depressed areas by providing training opportunities for the unemployed and creating job opportunities for disadvantaged groups. - combat community deterioration and eliminate blight by undertaking activities that stimulate the establishment of new businesses among disadvantaged groups and which rehabilitate and revive existing businesses operated by disadvantaged groups.”

“In 2021, through our low-income housing development and investment activities, hedc through its subordinate corporation, ndc corporate equity fund, invested $101.45 million in 12 projects containing 1,410 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 more than $480 million. The following are representative samples of hedc affordable housing projects completed in 2021: maywood senior living facility - maywood, il maywood senior supportive housing project is a 100-unit historic renovation of the former baptist home located in maywood, cook county, il. African american residents comprise 61-percent of the population. The long vacant structure was renovated in 2021 with support from the state of illinois and equity provided through ndc corporate equity fund. The total investment exceeded $50 million and cef contributed approximately $20 million in equity through the purchase of federal investment tax credits. The 83 studio/1 bath units are rented to seniors with incomes below 60% ami. The 17 1-bedroon/1 bath units will be rented at the same income levels. In addition to providing much needed housing with services for seniors, the project is the cornerstone of the community's neighborhood revitalization plan. Prior to acquisition by the developer, this building stood vacant for over 20-years. Little dipper apartments fairbanks, ak lillis dipper is an existing 52-unit multi-family rental project build in 1973 and located in fairbanks, alaska. The developer acquired the project for rehabilitation and rental as an affordable housing project under the guidelines of the alaska qap. The project contains ten 1-bedroom units, thirty 2-bedroom units and twelve 3- bedroom units all with rents calculated for incomes at or below 60% of ami. The total project is $6.8 million with ndc cef providing $1.2 million in equity derived from the sale of lihtc's.”

“The process has not changed from the prior year.”

“The amounts reported on lines 7-9 related to expenses paid by the parent company (national council for community development ein 13-6532871) and allocated to the organization.”