Civic Intelligence

Ndc Housing & Economic Development Corporation - Group Return

990 • Fiscal year 2015 • EIN 91-1884698

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 15, 2016

Organization Profilewww.ndconline.org
one battery park plaza No 710new york, NY 10004

(212) 682-1106

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

95th percentile

0.97x

Higher debt load relative to assets than 95% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

96th percentile

14.78x

Higher debt load relative to revenue than 96% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Net Margin

2nd percentile

-33%

Higher net margin than 2% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Top Officer Pay

18th percentile

$686,515

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2015 filings • 501(c)3 • $1B+ nonprofits • Source year 2015

Asset Growth

6th percentile

-6.2%

Faster asset growth than 6% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

13th percentile

-7.8%

Faster revenue growth than 13% of similar nonprofits.

2015 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$1,145,379,211

Down $75,286,818 (-6.2%) from 2014

Net Assets

Up

$34,402,320

Up $29,058,489 (+544%) from 2014

Liabilities

Down

$1,110,976,891

Down $104,345,307 (-8.6%) from 2014

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin2nd percentile

Revenue

Down

$75,150,583

Down $6,320,048 (-7.8%) from 2014

Expenses

Down

$99,765,709

Down $2,994,044 (-2.9%) from 2014

Net Income

Down

-$24,615,126

Down $3,326,004 (-16%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0-$500MAssets 2010: $1,388,643,760Liabilities 2010: $1,435,689,680Net Assets 2010: -$47,045,9202010Assets 2011: $1,355,392,064Liabilities 2011: $1,401,564,756Net Assets 2011: -$46,172,6922011Assets 2012: $1,271,673,848Liabilities 2012: $1,294,583,770Net Assets 2012: -$22,909,9222012Assets 2013: $1,274,186,183Liabilities 2013: $1,260,682,459Net Assets 2013: $13,503,7242013Assets 2014: $1,220,666,029Liabilities 2014: $1,215,322,198Net Assets 2014: $5,343,8312014Assets 2015: $1,145,379,211Liabilities 2015: $1,110,976,891Net Assets 2015: $34,402,3202015Assets 2016: $1,089,149,724Liabilities 2016: $1,040,947,094Net Assets 2016: $48,202,6302016Assets 2017: $1,023,650,757Liabilities 2017: $971,860,779Net Assets 2017: $51,789,9782017Assets 2018: $984,900,420Liabilities 2018: $905,400,755Net Assets 2018: $79,499,6652018Assets 2019: $943,943,443Liabilities 2019: $870,438,153Net Assets 2019: $73,505,2902019Assets 2020: $1,012,755,346Liabilities 2020: $939,242,041Net Assets 2020: $73,513,3052020Assets 2021: $914,444,452Liabilities 2021: $814,805,317Net Assets 2021: $99,639,1352021Assets 2022: $906,903,124Liabilities 2022: $791,875,336Net Assets 2022: $115,027,7882022Assets 2023: $910,447,137Liabilities 2023: $803,924,369Net Assets 2023: $106,522,7682023Assets 2024: $818,576,438Liabilities 2024: $707,192,583Net Assets 2024: $111,383,8552024

Highlighted filing

2015

Assets$1,145,379,211
Liabilities$1,110,976,891
Net Assets$34,402,320
Open 2015 Filing

Operations Trend

Revenue Growth13th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$100M$0-$100MRevenue 2010: $91,347,372Expenses 2010: $102,571,797Net Income 2010: -$11,224,4252010Revenue 2011: $111,544,735Expenses 2011: $109,433,573Net Income 2011: $2,111,1622011Revenue 2012: $139,227,606Expenses 2012: $123,443,345Net Income 2012: $15,784,2612012Revenue 2013: $167,833,366Expenses 2013: $132,396,387Net Income 2013: $35,436,9792013Revenue 2014: $81,470,631Expenses 2014: $102,759,753Net Income 2014: -$21,289,1222014Revenue 2015: $75,150,583Expenses 2015: $99,765,709Net Income 2015: -$24,615,1262015Revenue 2016: $97,463,969Expenses 2016: $97,518,385Net Income 2016: -$54,4162016Revenue 2017: $91,751,944Expenses 2017: $91,122,002Net Income 2017: $629,9422017Revenue 2018: $115,894,266Expenses 2018: $89,122,696Net Income 2018: $26,771,5702018Revenue 2019: $89,841,904Expenses 2019: $93,857,053Net Income 2019: -$4,015,1492019Revenue 2020: $193,664,154Expenses 2020: $194,926,982Net Income 2020: -$1,262,8282020Revenue 2021: $129,829,382Expenses 2021: $104,120,358Net Income 2021: $25,709,0242021Revenue 2022: $115,628,960Expenses 2022: $100,738,505Net Income 2022: $14,890,4552022Revenue 2023: $101,514,941Expenses 2023: $110,028,793Net Income 2023: -$8,513,8522023Revenue 2024: $113,153,472Expenses 2024: $110,899,750Net Income 2024: $2,253,7222024

Highlighted filing

2015

Revenue$75,150,583
Expenses$99,765,709
Net Income-$24,615,126
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 15, 2016
Return Version
2015v2.1
Gross Receipts
$97,968,464
Mission and Program Overview

Mission

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)

Ndc housing & economic development corporation's mission is to create quality affordable housing for the disadvantaged, to stimulate economic development and create jobs in low income areas and to erect public buildings to lessen the burdens of government and promote social welfare.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$967,481,009$509,532,351▼ $457,948,658
Land, Buildings, and Equipment, Net$88,454,158$410,513,913▲ $322,059,755
Savings and Temporary Cash Investments$92,580,614$178,829,241▲ $86,248,627
Other Notes and Loans Receivable, Net$24,406,172$24,287,855▼ $118,317
Cash and Non-Interest-Bearing Accounts$11,359,400$7,305,657▼ $4,053,743
Intangible Assets-$5,188,936-
Prepaid Expenses and Deferred Charges$3,317,967$3,134,011▼ $183,956
Accounts Receivable$1,882,453$2,807,035▲ $924,582
Pledges and Grants Receivable$39,662--
Total Assets$1,220,666,029$1,145,379,211▼ $75,286,818
Other Assets Total$31,144,594$3,780,212▼ $27,364,382
Liabilities
Tax Exempt Bond Liabilities$1,103,847,369$999,669,753▼ $104,177,616
Other Liabilities$89,304,270$75,720,134▼ $13,584,136
Accounts Payable and Accrued Expenses$17,889,684$15,913,363▼ $1,976,321
Deferred Revenue$353,677$15,227,877▲ $14,874,200
Unsecured Notes Loans Payable$3,550,492$4,445,764▲ $895,272
Grants Payable$376,706--
Total Liabilities$1,215,322,198$1,110,976,891▼ $104,345,307
Net Assets / Fund Balance
Unrestricted Net Assets$5,343,831$34,402,320▲ $29,058,489
Total Net Assets Fund Balance$5,343,831$34,402,320▲ $29,058,489
Total Liabilities and Net Assets / Fund Balance$1,220,666,029$1,145,379,211▼ $75,286,818

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$368,381,382$106,551,819$474,933,201
Leasehold Improvements$18,277,187$2,317,087$20,594,274
Land$11,755,000-$11,755,000
Equipment$5,707,600$4,620,349$10,327,949
Other Land Buildings$6,392,744-$6,392,744
Investment Program Related Org$941,042--
Compensation and Service Providers
Top Officer Pay18th percentile

Board Members and Trustees

NameTitle
Robert W DavenportChairman/board member
Angela Butlerboard member
David J Trevisaniboard member
Gertrude Scrivenboard member
Ingrid Nardoniboard member
John Palyoboard member
Kevin Gremseboard member
Patricia Thomsonboard member
Stephanie Duganboard member
Svante Myrickboard member
Thomas Jacksonboard member
Adam Ennisboard Member/CFO
John LinnerOutgoing Board Member
John W DownsOutgoing Board Member
Steven ThayerOutgoing Board Member
John A Finkeoutgoing VP/board member
Daniel Marsh IIIPres/board member
Ann VogtSec/Tres/board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
City Of SeattleUtilities601 5th Ave, Seattle, WA 98104$2,928,985
McKinstry Essention IncFacilities Contract/Data Center5005 3rd Ave S, Seattle, WA 98134$2,890,499
Pacific Building Services INCJanitorial11110 Northup Way, Bellevue, WA 98004$1,631,305
Cascadian Building MaintenanceJanitorial1331 118th Ave SE 100, Bellevue, WA 98005$1,335,367
RBA DesignArchitecture/Furniture Supplier175 Parfitt Way SW, Bainbridge Island, WA 98110$1,156,004
Revenue and Support

Revenue Composition

Contributions and Grants
$3,882,487
Program Service Revenue
$90,119,447
Investment Income
$-19,935,370
Other Revenue
$1,084,019
All Other Contributions
$3,725,796
Change in Net Assets
$-24,615,126
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$96,521,189
Grants and Similar Amounts Paid$2,218,184
Salaries, Compensation, and Employee Benefits$1,026,336
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$48,526,888--$48,526,888
Depreciation Depletion$19,579,604--$19,579,604
Occupancy$7,209,400--$7,209,400
Fees for Services Management-$2,508,042-$2,508,042
Grants to Domestic Orgs$2,218,184--$2,218,184
Insurance$1,283,101--$1,283,101
Other Salaries and Wages$799,720--$799,720
Fees for Services Other$670,682--$670,682
Other Expenses$424,668$729,020-$424,668
Other Employee Benefits$226,616--$226,616
All Other Expenses$225,289--$225,289
Travel$77,147--$77,147
Office Expenses$32,651--$32,651
Total Functional Expenses$96,528,647$3,237,062$0$99,765,709
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grow America Fund IncNew York, NY-Economic Development$1,981,174
Puget Sound Educational Service DistrictRenton, WA501(c)(3)Economic Development$324,131
Project Restore LPNew York, NY501(c)(3)Support Low-income housing$150,716
NDC Community Impact Loan FundNew York, NY501(c)(3)Economic Development$100,537
NDC Housing and Economic Development CorpNew York, NY-Operations (Econ Dev, LI Housing, lessen burdens of Gov't)-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Bond Premium$23,323,711
Due to government agencies$21,343,516
Letter of Credit$15,387,709
Due To Third Parties$4,974,899
Advances Payable$4,141,879
CONSTRUCTION Funds Payable$2,451,263
Insurance Claim Proceeds$1,934,072
Prepaid Rent$1,461,390
Operating Expense Reserve$661,335
Security Deposits$40,360

Bond Issues

BondIssuerIssuedIssue PricePurpose
BFyi Properties2009-08-13$306,214,461CONSTRUCTION
BNjb Properties2006-12-05$191,525,824CONSTRUCTION
ACdp King County Iii2007-03-08$62,828,180REFUNDING
BCOB Properties2014-07-11$51,579,296CONSTRUCTION
CTop2014-06-26$49,136,649CONSTRUCTION
ARiverside Community Prop Dev Inc2013-10-03$44,948,240CONSTRUCTION
CCdp Los Angeles County2011-05-26$44,027,371CONSTRUCTION
ATes Properties2009-02-12$37,317,749CONSTRUCTION
AWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
CWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
DWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
DWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
DCommunity Properties Alaska Inc2012-12-19$26,093,889CONSTRUCTION
BCity of Newburgh Ind Dev Agency2005-11-17$21,230,000CONSTRUCTION
DTompkins County Ida2003-12-01$19,035,000CONSTRUCTION
CWash St Housing Financing Comm2015-09-29$15,740,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$306,214,461-$45,685,000$4,398,514
A$191,525,824-$21,595,000$2,136,771
D$159,465,000-$2,905,000$2,179,466
C$118,541,041--$1,613,002
B$109,205,000--$1,021,797
D$62,828,180-$5,195,000$475,149
A$51,579,296-$1,885,000$1,020,679
B$49,136,649-$20,445,000$239,100
D$44,948,240-$465,000$1,019,851
B$44,027,371-$18,495,000$1,271,507
A$37,317,749$1,031,227$4,250,000$933,161
C$28,995,000-$14,935,000$405,166
B$21,230,000$11,513$5,660,000$372,076
C$20,093,889-$8,270,000$544,205
C$19,035,000$30,362$15,740,000$1,285,687
D----

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

“Ann vogt & ingrid nardoni, board members, have a family relationship.”

Form 990, Part VI, Section A, line 6

“NDC IS the SOLE VOTING MEMBER OF NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION.”

Form 990, Part VI, Section A, line 7A

“NDC AS The solE VOTING MEMBER OF NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION has the pOWER TO ELECT AND REMOVE DIRECTORS.”

Form 990, Part VI, Section B, line 11

“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.”

Form 990, Part VI, Section B, line 12C

“All members of NDC's board of directors and executive employees are required annually to execute a conflict of interest and compensation guidelines acknowledgement stating that they have received, read and understand, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES. THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES REQUIREs BOARD MEMBERS AND EXECUTIVE EMPLOYEES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY.Upon disclosure of a potential conflict of interest, the chairperson of the board will appoint a disinterested person or committee TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION. VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. Also, all board members, by executing the annual acknowledgement statement, concerning the conflict of interest and compensation guidelines, acknowledge that NDC shall remain faithful to its charitable purposes.”

Form 990, Part VI, Section C, line 19

“Hedc voluntarily makes available its governing documents, form 1023, and form 990 upon request for the same period of disclosure as set forth in section 6104(d). Form 990 is available on www.guidestar.org.”

Filing and Contact Details

Filer

Filer Name
ndc housing & economic development
EIN
91-1884698
Phone
2126821106
Address
one battery park plaza No 710, new york, NY 10004

Signing Officer

Name
robert w davenport
Title
president & CEO
Phone
2126821106
Signed
2016-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
robert w davenport
Formed
1988
Legal Domicile
Va
Voting Board Members
15
Independent Board Members
13
Employees
0
Volunteers
2

Preparer

Firm
Cohnreznick Llp
Address
1301 Avenue of the Americas, New York, NY 10019
Preparer
Thomas Lanning
Phone
2122970400
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Entities not on Prior year group return -21,757. Non GaAP number estimates 47,394,216. Dissolved entities not in group anymore -79,880. Donated Capital 5,966,425. APIC 101,000.”

form 990, part IV, line 12B:

“This return has been prepared based on all available information at the time of filing. It is also based on unaudited financial statements. If any significant differences arise after this filing, this return will be amended to properly reflect the additional information.”

Raw XML AppendixShowing 400 of 1,735 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0TO 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. LOW INCOME HOUSING: 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 A TOTAL OF 9,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW INCOME HOUSING TOTALING $1.4 BILLION OF INVESTMENT IN LOW INCOME COMMUNITIES IN 30 STATES ACROSS THE NATION.IN 2015 THROUGH OUR LOW INCOME HOUSING DEVELOPMENT AND INVESTMENT ACTIVITIES, HEDC CONSTRUCTED OR RENOVATED 241 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 $20 MILLION. THE FOLLOWING IS A SAMPLING OF HEDC AFFORDABLE HOUSING PROJECTS COMPLETED IN 2015:AUGUSTA, ME - CONY FLATIRON SENIOR RESIDENCE THE CONY FLATIRON BUILDING A THREE-STORY BUILDING HAD SERVED AS A SCHOOL UNTIL 2006. IN 2014, HEDC WORKING WITH HOUSING INITIATIVES OF NEW ENGLAND A LOCAL NON-PROFIT, CONFIRMED THE STRONG NEED FOR ADDITIONAL SENIOR HOUSING IN AUGUSTA. UTILIZING MAINE STATE HOUSING AUTHORITY TAX CREDITS AND SEVERAL GRANTS THE SCHOOL WAS RENOVATED INTO 48 UNITS OF QUALITY AFFORDABLE SENIOR HOUSING. ALL UNITS ARE BEING PROVIDED TO SENIORS WHOSE INCOME IS BELOW 60% OF AMI. OF THE 48 UNITS IN THE PROJECT FORTY-ONE ARE 1-BR'S. OF THESE, 25 WILL BE SET ASIDE FOR RESIDENTS AT 50% OF AMI OR BELOW. THE OTHER 16 WILL BE AT 60% OF AMI. SEVEN OF THE UNITS WILL BE 2-BR'S. FOUR OF THESE WILL BE AT 50% AMI AND THE OTHER THREE AT 60%.NORTHHAMPTON, MA- NORTHHAMPTON HEIGHTS ALFNORTHHAMPTON HEIGHTS ALF IS PROVIDING 43-UNITS OF AFFORDABLE ASSISTED LIVING IN NORTHAMPTON, MA. HEDC ALONG WITH THE MASSACHUSETTS DEVELOPMENT FINANCE AUTHORITY PROVIDED THE FINANCING TO DEVELOP THIS PROJECT. 17 UNITS ARE SET ASIDE FOR RESIDENTS WITH INCOMES BELOW 30% OF AMI AND 26 FOR RESIDENTS WITH INCOMES BELOW 60% OF AMI. "ASSISTED LIVING" IS INTENDED FOR SENIORS WHO NEED SOME ASSISTANCE IN THE ACTIVITIES OF DAILY LIFE BUT DO NOT NEED TO BE IN A HEALTH CARE FACILITY. IT PROVIDES A SENIORS WITH THE AN OPTION BETWEEN INDEPENDENT LIVING PROJECT AND A NURSING HOME. THE SITE LOCATED IN A VILLAGE HILL REDEVELOPMENT AREA, FORMERLY HOUSED A STATE HOSPITAL. FREELAND, WA - SUNNY VIEW VILLAGE APARTMENTSCOMPLETED IN 2015 SUNNY VIEW VILLAGE APARTMENTS IS PROVIDING ONE, TWO AND THREE BEDROOM APARTMENTS TO THIS COMMUNITY WHERE SINCE 1993 THERE HAS BEEN LITTLE INVESTMENT IN MULTI-FAMILY HOUSING. DURING A 2013 POINT IN TIME SURVEY, ISLAND COUNTY HAD 126 HOMELESS INDIVIDUALS AND FAMILIES, AND ANOTHER 285 WHO WERE LIVING WITH FAMILY OR FRIENDS. SUNNY VIEW HAS ADDED 19 UNITS AT 50%AMI AND 6 UNITS AT 60% AMI. SUNNY VIEW HAS SET ASIDE 7 OF ITS 25 UNITS FOR HOMELESS/VERY LOW INCOME FAMILIES. THESE 7 UNITS HAVE PROJECT BASED SECTION 8 RENTAL SUBSIDIES. VIA A MEMORANDUM OF UNDERSTANDING WITH THE HOUSING AUTHORITY OF ISLAND COUNTY (THE PROJECT'S SPONSOR), THE NON-PROFIT OPPORTUNITY COUNCIL PROVIDES REFERRALS, CASE MANAGEMENT AND OTHER SERVICES AT NO COST TO THE PROJECT. THESE SERVICES WILL CONTINUE UNTIL RESIDENTS EITHER NO LONGER NEED THEM OR THEY TRANSITION TO THE HOUSING AUTHORITY'S FAMILY SELF-SUFFICIENCY PROGRAM.
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IRS990/MissionDesc0NDC 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.
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IRS990/ProgSrvcAccomActy2Grp/Desc0TO ASSIST IN THE ERECTION AND MAINTENANCE OF PUBLIC BUILDINGS, MONUMENTS, FACILITIES, OR WORKS TO LESSEN THE BURDEN OF GOVERNMENT ANDTO PROMOTE SOCIAL WELFARE LESSENING THE BURDENS OF GOVERNMENT: HEDC ALSO PARTNERS WITH UNITS OF LOCAL GOVERNMENT TO ERECT AND MAINTAIN PUBLIC BUILDINGS, MONUMENTS, FACILITIES, AND WORKS TO LESSEN THE BURDENS OF GOVERNMENT AND TO PROMOTE SOCIAL WELFARE. IN TOTAL, HEDC HAS DEVELOPED AND FINANCED MORE THAN THIRTY PROPERTIES COSTING MORE THAN $2 BILLION ON BEHALF OF LOCAL GOVERNMENT INCLUDING PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, AND PUBLIC INFRASTRUCTURE.DURING 2015, HEDC UNDERTOOK THE FOLLOWING PROJECTS UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. WASHINGTON BIOMEDICAL RESEARCH PROPERTIES SEATTLE, WA IN 2004 UNIVERSITY OF WASHINGTON SCHOOL OF MEDICINE BEGAN RENOVATING THEIR EXISTING BROTMAN BUILDING INTO A STATE-OF-THE-ART BIOMEDICAL RESEARCH FACILITY. THE UNIVERSITY WAS CHALLENGED TO DELIVER THE PROJECT IN A TIMELY AND EFFICIENT MANNER AND ASKED HEDC TO ASSIST BY UNDERTAKING THE MULTI-PHASE PROJECT ON THEIR BEHALF. THE THIRD PHASE IN UW MEDICINE'S SOUTH LAKE UNION CAMPUS CONSISTS OF THREE PHASES. PHASE 3.1 BROKE GROUND IN SUMMER 2011 AND WAS COMPLETED IN 2013. IT INCLUDES THE CONSTRUCTION OF A 138,000 SQUARE-FOOT RESEARCH LABORATORY BUILDING DIRECTLY ACROSS THE STREET FROM THE FIRST AND SECOND PHASES OF THE SOUTH LAKE UNION CAMPUS. THE CURRENT PROPOSED PROJECT IS WASHINGTON BIOMEDICAL RESEARCH PROPERTIES 3.2 (WBRP 3.2). WBRP 3.2 WILL BE AN EIGHT-STORY, APPROXIMATELY 157,000 SF BIOMEDICAL FACILITY THAT WILL BE CONSTRUCTED OVER THE FOUNDATION AND PARKING FROM WBRF 3. TOTAL PROJECT COSTS ARE CURRENTLY ESTIMATED AT $143 MM. THE FINANCING FOR PHASE 3.2 CLOSED IN 2015 AND THE PROJECT BROKE GROUND. WHEN COMPLETED, PHASES I, II, AND III WOULD PROVIDE OVER 800,000 GSF OF RESEARCH AND OFFICE SPACE IN SUPPORT OF SCHOOL OF MEDICINE RESEARCH PROGRAMS.BOTHELL CITY HALL - BOTHELL, WATHE CITY OF BOTHELL WAS REQUIRED TO OFFER A CENTER OF BUSINESS TO ITS CITIZENRY. THE NEW LOCATION EVOLVED OUT OF A COMMUNITY-LED PUBLIC PLANNING PROCESS, WHICH PLACED THE NEW CITY HALL ACROSS FROM THE EXISTING POLICE FACILITIES AND MUNICIPAL COURT BUILDING, CREATING A LOCAL GOVERNMENT DISTRICT COMMON IN MANY MUNICIPALITIES ACROSS THE COUNTRY. THE NEW LOCATION ALSO PLACES CITY HALL ALONG THE COMMUNITY'S HISTORIC MAIN STREET. THE SITE IS ADJACENT TO THE FUTURE TRANSIT-FRIENDLY 185TH STREET CONNECTOR, WHICH CONNECTS DOWNTOWN TO THE REGION THROUGH MAJOR METRO, SOUND TRANSIT AND COMMUNITY TRANSIT ROUTES. BOTHELL CITY HALL IS A LEED GOLD STRUCTURE OF APPROXIMATELY 60,000 SQUARE FEET OF OFFICE AND 300 SPACES OF UNDERGROUND PARKING. BOTHELL SELECTED HEDC'S PUBLIC-PRIVATE PARTNERSHIP MODEL BECAUSE OF ITS ABILITY TO EXPEDITE DELIVERY, OFFER A TURN-KEY PRODUCT AND PROVIDE FOR A TRANSPARENT DEVELOPMENT PROCESS. THE PROJECT WAS COMPLETED IN NOVEMBER, 2015.INDIO CRIMINAL JUSTICE LAW BUILDING - RIVERSIDE, CATHE INDIO CRIMINAL JUSTICE LAW BUILDING IS LOCATED IN THE CITY OF INDIO, RIVERSIDE COUNTY, CA. THE PROJECT INVOLVED THE DEVELOPMENT OF A 90,000 SF CRIMINAL JUSTICE LAW BUILDING THAT HOUSES THE RIVERSIDE COUNTY DISTRICT ATTORNEY, PUBLIC DEFENDER, COUNTY COUNSEL, LAW LIBRARY AND OTHER RELATED USES. THE COUNTY SELECTED HEDC BECAUSE OF ITS ABILITY TO EXPEDITE DELIVERY TO ACCOMMODATE ITS SCHEDULED NEED TO RELOCATE STAFF FROM OFFICES LOCATED AT THE JAIL SITE. THE PROJECT HAS GREATLY BENEFITED THE COUNTY IN TWO WAYS. FIRST, THE PROJECT PROVIDED A COST-EFFECTIVE, TIMELY OPTION FOR RIVERSIDE COUNTY TO UPGRADE AND MODERNIZE ITS ADMINISTRATIVE OFFICES FOR ITS CRIMINAL JUSTICE ADMINISTRATIVE DIVISIONS. SECONDLY, THE RELOCATION OF THE CURRENT COUNTY JUSTICE ADMINISTRATIVE OFFICES CREATED A DEVELOPMENT OPPORTUNITY TO INCREASE AND IMPROVE CORRECTIONAL FACILITIES, WHICH WILL REDUCE THE INCIDENCE OF EARLY RELEASE ASSOCIATED WITH OVERCROWDING IN THE CA PENAL SYSTEM. THE PROJECT WAS COMPLETED IN
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt091802769
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt067286717
IRS990/ProgSrvcAccomActy3Grp/Desc0TO INITIATE AND CARRY OUT ACTIVITIES TO STIMULATE ECONOMIC DEVELOPMENT IN THE 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.STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED AREAS - HEDC WORKS WITH NONPROFIT ORGANIZATIONS AND SERVICE PROVIDERS AND UNITS OF LOCAL GOVERNMENT TO STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED NEIGHBORHOODS ACROSS THE NATION. WORKING THROUGH THE NEW MARKETS TAX CREDIT PROGRAM AND WITH OTHER FINANCING, HEDC CREATES EMPLOYMENT AND ENTREPRENEURIAL OPPORTUNITIES FOR DISADVANTAGED GROUPS AND INDIVIDUALS, COMBATS COMMUNITY DETERIORATION, AND ELIMINATES SLUM AND BLIGHT THROUGH NEW INVESTMENT IN LOW INCOME COMMUNITIES TO REHABILITATE AND REVITALIZE NEIGHBORHOODS. UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM, HEDC HAS SPONSORED 86PROJECTS TOTALING OVER $1.7 BILLION OF NEW INVESTMENT, CREATED OVER 8,600 PERMANENT JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODs AND SERVICES TO LOW INCOME COMMUNITIES. IN 2015, USING NEW MARKETS TAX CREDITS AND OTHER FINANCING, HEDC COMPLETED THE FOLLOWING PROJECTS TOTALING $15 MILLION OF INVESTMENT. ONCE BOTH OF THESE PROJECTS ARE COMPLETED THEY WILL CREATE 368 PERMANENT JOBS FOR DISADVANTAGED INDIVIDUALS, AND OFFERED ENTREPRENEURIAL OPPORTUNITIES TO DISADVANTAGED INDIVIDUALS. HIGHLIGHTS OF HEDC PROJECTS THAT COMPLETED IN 2015 INCLUDED:RIVIERA BEACH EVENT CENTER - RIVIERA BEACH, FLTHE NEW CONSTRUCTION OF THE 22,000 SQUARE FOOT RIVIERA BEACH EVENT CENTER WAS THE INAUGURAL COMPONENT OF THE MARINA DISTRICT REDEVELOPMENT PLAN, WHICH HAS ENABLED SUBSEQUENT PRIVATE INVESTMENT AT THE RIVIERA BEACH MARINA AND SURROUNDING NEIGHBORHOOD. THE CENTER FEATURES 6,600 SQUARE FEET OF MEETING SPACE, A GRAND LOBBY INCORPORATING GALLERY SPACE FOR COMMUNITY EXHIBITS, A VISITOR CENTER, CAFe AND SUPPORT FUNCTIONS FOR THE BROADER MARINA DISTRICT INCLUDING STORAGE AND SERVICE SPACE FOR EVENTS IN BICENTENNIAL PARK. THE PROJECT IS LOCATED IN A COMMUNITY REDEVELOPMENT AREA (CRA) AND CDFI DEEPER DISTRESSED COMMUNITY WITH UNEMPLOYMENT RATE 2.3 TIMES THE NATIONAL AVERAGE. THE PROJECT CREATED 28 CONSTRUCTION JOBS AND 98 PERMANENT JOBS.ROSWELL PARK CANCER INSTITUTE - BUFFALO, NYROSWELL PARK CANCER INSTITUTE (RPCI), IS AMERICA'S FIRST CANCER CENTER FOUNDED IN 1898 BYDR. ROSWELL PARK. THE NON-PROFIT INSTITUTE HAS BEEN PROVIDING HOSPITAL CARE TO A MEDICALLY UNDERSERVED AREA IN BUFFALO, NY FOR OVER 100 YEARS. WITH THE ASSISTANCE OF THE HEDC AND THE NMTC PROGRAM, RPCI CONSTRUCTED A 140,000 SQUARE FOOT CLINICAL SCIENCE CENTER (CSC) BUILDING ON ITS CAMPUS. THE 11-STORY CSC BUILDING CONNECTS THE MAIN HOSPITAL TO A NEW RESEARCH CENTER AND HAS EXPANDED THE INSTITUTE'S CANCER PREVENTION PROGRAM SPACE BY 100%. BENEFITS INCLUDE SPACE FOR ADMINISTRATIVE OFFICES PREVIOUSLY HELD IN THE MAIN HOSPITAL AND SPACE FOR UP TO 10,000 ADDITIONAL COMMUNITY MAMMOGRAM SCREENINGS TO BE PERFORMED EACH YEAR. THE INSTITUTE WORKED WITH SEVERAL AREA NONPROFIT AND GOVERNMENTAL ORGANIZATIONS TO RECRUIT LOW-INCOME EMPLOYEES TO FILL JOBS CREATED BY THE PROJECT.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt03605466
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt02636119
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt015267161
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt01552618
IRS990/PYInvestmentIncomeAmt0-14871732
IRS990/PYOtherExpensesAmt0101207135

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,145,379,211
Liabilities
$1,110,976,891
Net assets
$34,402,320
Revenue
$75,150,583
Expenses
$99,765,709
Net income
-$24,615,126
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$819$707$111$113$111$2.25
2023Detailed filing. Detailed filing data is available for this year.$910$804$107$102$110$8.51
2022Detailed filing. Detailed filing data is available for this year.$907$792$115$116$101$14.9
2021Detailed filing. Detailed filing data is available for this year.$914$815$99.6$130$104$25.7
2020Detailed filing. Detailed filing data is available for this year.$1,013$939$73.5$194$195$1.26
2019Detailed filing. Detailed filing data is available for this year.$944$870$73.5$89.8$93.9$4.02
2018Detailed filing. Detailed filing data is available for this year.$985$905$79.5$116$89.1$26.8
2017Detailed filing. Detailed filing data is available for this year.$1,024$972$51.8$91.8$91.1$0.63
2016Detailed filing. Detailed filing data is available for this year.$1,089$1,041$48.2$97.5$97.5$0.05
2015Detailed filing. Detailed filing data is available for this year.$1,145$1,111$34.4$75.2$99.8$24.6
2014Summary only. Only limited summary data is available for this year.$1,221$1,215$5.34$81.5$103$21.3
2013Summary only. Only limited summary data is available for this year.$1,274$1,261$13.5$168$132$35.4
2012Summary only. Only limited summary data is available for this year.$1,272$1,295$22.9$139$123$15.8
2011Summary only. Only limited summary data is available for this year.$1,355$1,402$46.2$112$109$2.11
2010Summary only. Only limited summary data is available for this year.$1,389$1,436$47.0$91.3$103$11.2