Civic Intelligence

Ndc Housing & Economic Development Corporation - Group Return

990 • Fiscal year 2016 • EIN 91-1884698

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

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

94th percentile

0.96x

Higher debt load relative to assets than 94% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

95th percentile

10.68x

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

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Net Margin

21st percentile

-0.1%

Higher net margin than 21% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Top Officer Pay

55th percentile

$1,935,552

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Asset Growth

11th percentile

-4.9%

Faster asset growth than 11% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

93rd percentile

30%

Faster revenue growth than 93% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$1,089,149,724

Down $56,229,487 (-4.9%) from 2015

Net Assets

Up

$48,202,630

Up $13,800,310 (+40%) from 2015

Liabilities

Down

$1,040,947,094

Down $70,029,797 (-6.3%) from 2015

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin21st percentile

Revenue

Up

$97,463,969

Up $22,313,386 (+30%) from 2015

Expenses

Down

$97,518,385

Down $2,247,324 (-2.3%) from 2015

Net Income

Up

-$54,416

Up $24,560,710 (+100%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth11th 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

2016

Assets$1,089,149,724
Liabilities$1,040,947,094
Net Assets$48,202,630
Open 2016 Filing

Operations Trend

Revenue Growth93rd 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

2016

Revenue$97,463,969
Expenses$97,518,385
Net Income-$54,416
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$101,611,350
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$509,532,351$448,893,401▼ $60,638,950
Land, Buildings, and Equipment, Net$410,513,913$415,316,200▲ $4,802,287
Savings and Temporary Cash Investments$178,829,241$161,151,407▼ $17,677,834
Other Notes and Loans Receivable, Net$24,287,855$11,516,363▼ $12,771,492
Cash and Non-Interest-Bearing Accounts$7,305,657$6,455,590▼ $850,067
Intangible Assets$5,188,936$5,020,667▼ $168,269
Prepaid Expenses and Deferred Charges$3,134,011$2,642,610▼ $491,401
Accounts Receivable$2,807,035$2,128,146▼ $678,889
Total Assets$1,145,379,211$1,089,149,724▼ $56,229,487
Other Assets Total$3,780,212$36,025,340▲ $32,245,128
Liabilities
Tax Exempt Bond Liabilities$999,669,753$970,640,029▼ $29,029,724
Other Liabilities$75,720,134$49,642,057▼ $26,078,077
Accounts Payable and Accrued Expenses$15,913,363$16,436,315▲ $522,952
Unsecured Notes Loans Payable$4,445,764$4,126,057▼ $319,707
Deferred Revenue$15,227,877$102,636▼ $15,125,241
Total Liabilities$1,110,976,891$1,040,947,094▼ $70,029,797
Net Assets / Fund Balance
Unrestricted Net Assets$34,402,320$48,202,630▲ $13,800,310
Total Net Assets Fund Balance$34,402,320$48,202,630▲ $13,800,310
Total Liabilities and Net Assets / Fund Balance$1,145,379,211$1,089,149,724▼ $56,229,487

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$365,319,585$126,740,107$492,059,692
Other Land Buildings$22,959,900-$22,959,900
Equipment$15,281,715$5,374,199$20,655,914
Land$11,755,000-$11,755,000
Investment Program Related Org$553,250--
Compensation and Service Providers
Top Officer Pay55th 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
Joseph Wechslerboard member
Kevin Gremseboard member
Patricia Thomsonboard member
Roseann Novembrinoboard member
Stephanie Duganboard member
Steven Thayerboard member
Svante Myrickboard member
Thomas Jacksonboard member
William L Courtrightboard member
Adam Ennisboard Member/CFO
Daniel Marsh IIIPres/board member
Ann VogtSec/Tres/board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
RBA DesignArchitecture/Furniture Supplier175 Parfitt Way SW, Bainbridge Island, WA 98110$2,861,458
Mclinstry Co LLCMechanical and Fire contract5005 3rd Ave S, Seattle, WA 98134$2,752,919
Balfour Beaty ConstructionConstruction415 1st Avenue North Ste 400, seattle, WA 98109$1,746,233
McKinstry FMS LLCProperty management5005 Third Avenue South, seattle, WA 98134$1,141,326
Cascadian Building MaintenanceJanitorial services1331 118th Ave SE Ste 100, Bellevue, WA 98005$972,678
Revenue and Support

Revenue Composition

Contributions and Grants
$3,072,463
Program Service Revenue
$92,540,247
Investment Income
$-3,875,245
Other Revenue
$5,726,504
All Other Contributions
$2,749,369
Change in Net Assets
$-54,416
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$95,695,046
Grants and Similar Amounts Paid$1,823,339
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$39,930,210--$39,930,210
Depreciation Depletion$19,042,977--$19,042,977
Occupancy$12,541,689--$12,541,689
Fees for Services Management$3,448,670--$3,448,670
Grants to Domestic Orgs$1,823,339--$1,823,339
Insurance$1,140,363--$1,140,363
Fees for Services Other$765,678--$765,678
All Other Expenses$669,108--$669,108
Other Expenses$354,848$1,059,822-$354,848
Travel$82,544--$82,544
Total Functional Expenses$96,458,563$1,059,822$0$97,518,385
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
NDC Housing and Economic Development CorpNew York, NY-Operations (Econ Dev, LI Housing, lessen burdens of Gov't)$1,710,000
Puget Sound Educational Service DistrictRenton, WA501(c)(3)Economic Development$113,339
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$21,108,898
Due to government agencies$15,002,764
Due To Third Parties$7,062,665
Advances Payable$3,388,829
Prepaid Rent$1,271,306
CONSTRUCTION Funds Payable$1,134,402
Operating Expense Reserve$635,013
Security Deposits$38,180

Bond Issues

BondIssuerIssuedIssue PricePurpose
BFyi Properties2009-08-13$306,214,461CONSTRUCTION
BNjb Properties2006-12-05$191,525,824CONSTRUCTION
DWashington Biomedical Research Properties 322015-10-07$118,541,041CONSTRUCTION
CWashington Economic Dev Fin Auth2014-07-24$109,205,000REFUNDING
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
AScranton-lackawana Hlth & Welf Auth (cdp Scranton)2016-08-30$38,286,671AcQuire Lea Sehold Interest
ATes Properties2009-02-12$37,317,749CONSTRUCTION
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
ACity of Syracuse Industrial Development Agency1995-03-30$12,000,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$306,214,461-$945,000$4,398,514
B$191,525,824-$16,730,000$2,136,771
D$118,541,041--$1,613,002
C$109,205,000--$1,021,797
A$62,828,180-$25,170,000$475,149
B$51,579,296-$10,135,000$1,020,679
C$49,136,649-$4,365,000$239,100
A$44,948,240-$7,230,000$1,019,851
C$44,027,371-$685,000$1,271,507
A$38,286,671-$8,905,000$3,145,683
A$37,317,749$1,031,227$4,250,000$933,161
D$28,995,000-$24,805,000$405,166
D$26,093,889-$1,000,000$544,205
B$21,230,000$11,513$6,455,000$372,076
D$19,035,000$12,000,000$25,070,000$1,285,687
C$15,740,000$30,362$5,850,000$82,419
A$12,000,000---

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
Corrective action procedures
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

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

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

“NATIONAL DEVELOPMENT COUNCIL IS 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 11B

“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

“The documents are available by request.”

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 Davenport
Title
Chairman
Phone
2126821106
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Davenport
Formed
1988
Legal Domicile
Va
Voting Board Members
18
Independent Board Members
5
Employees
0
Volunteers
15

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 -246,578. ADDITIONAL PAID IN CAPITAL 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 1,848 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 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 burden of government and to promote social welfare. In total, HEDC has developed and financed more than thirty-one properties costing more than $2.1 billion on behalf of local government including public buildings and city halls, educational and medical research facilities, student housing, parking facilities and other public infrastructure. During 2016, 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.Scranton Parking FACILITIES, SCRANTON, PAHEDC was requested by the City of Scranton to negotiate a long-term concession/lease for the City of Scranton parking system, which included: 1) five parking garages containing 2659 spaces and approximately 36,000 SF of retail; 2) 1479 metered parking spaces; and 3) 550 publically-leased parking spaces. HEDC working with the City of Scranton successfully negotiated the lease and will be responsible for the lease, operation, maintenance and capital repair of the entirety of the public parking system for forty years through one of its' subsidiary corporations. The consideration amount generated by a concessionaire/lease agreement is being used by the City, in combination with proceeds from a General Obligation issuance, to defease or redeem all outstanding debt associated with the parking authority. This will free the City of the on-going liability and free municipal revenues for other critical needs and obligations.
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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 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 the 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 86 projects totaling over $1.7 billion of new investment, created over 8,600 permanent jobs for disadvantaged individuals, and brought badly needed good and services to low income communities. Roswell Park Cancer Institute - Buffalo, NYRoswell Park Cancer Institute (RPCI), is America's first cancer center founded in 1898 by Dr. Roswell Park. The non-profit institute has been providing hospital care to a medically underserved area in Buffalo, NY for over 100 years. In 2016, with the assistance of the NDC and the NMTC Program, RPCI completed 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 expands 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 is working with several area nonprofit and governmental organizations to recruit low-income employees to fill jobs created by the project. WebpageFX Harrisburg , PA In 2016, HEDC under the NMTC program assisted WebpageFX a full-service digital marketing agency that was experiencing rapid client and employee growth which resulted in it outgrowing its current leased space, in acquiring and renovating a neighboring office structure built in the 1960s. The project created 9 construction FTEs and is projected to create 100 FTEs over a five-year period. 103 FTEs were retained. The project is projected to provide Community Web Software Programming Training 30-50 individuals per month and Community Internet Marketing training 35-60 individuals per quarter. Capital Access Fund The Capital Access Fund (CAF) is a strategic alliance of CILF and the National Urban League to create access to capital for minority communities who face these barriers to economic opportunity and participation in the American economy. Built upon a base of flexible patient capital with affordable interest rates and sound technical assistance and business support services, CAF nurtures minority businesses into successful businesses. Many studies have documented that minority owned small businesses experience higher loan denial rates and pay higher interest rates than white-owned businesses even after controlling for differences in creditworthiness. Because of these denial rates, minority owned business must rely more upon owner's equity and less on bank debt. Yet, these minority businesses have less equity because their wealth base is smaller. As a result, minority small businesses launch with less total capitalization than conventional businesses. With i
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IRS990/ProgSrvcAccomActy3Grp/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 over 9,000 units of quality, safe, adequate, and affordable low income housing totaling $1.5 billion of investment in low income communities in 30 states across the nation.In 2016 through our low income housing development and investment activities, HEDC constructed or renovated 194 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 $23 million.The following is a sampling of HEDC affordable housing projects completed in 2016:Lincoln Senior Housing Caliente, Panaca and Pioche, NVThis acquisition/rehabilitation of 52 units in these historic and colorful communities in rural Lincoln County, Nevada provides affordable housing for seniors at 30, 40 and 50% AMI. Lincoln Senior is one of only two affordable housing properties in 10,000-plus square mile Lincoln County. All units have project based RD rental assistance. Renovations provided for extensive upgrades to the units as well as energy efficiency measures including state of the art heat pumps, a solar installation and water saving xeriscaping. Financing includes USDA 515 and 538 loans, HOME funds, LIHTC equity and renewable energy Investment Tax Credits.Mast Landing Dover, NHMast Landing is located in southeastern New Hampshire, a few miles northwest of Portsmouth and 55 miles from downtown Boston. The project is providing 52 units of affordable senior housing on a site in a newly developing area well-suited for senior housing. Services including meals, medication reminders, housekeeping and assistance in other activities are being made available to the residents by an outside provider, Abundant Blessings Homecare. "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. The project received allocations of both 4% and 9% Low Income Housing Tax Credits, and the New Hampshire Housing Finance Agency holds the first mortgage under its FHA Risksharing program. The sponsor, a long-established non-profit based in Portland, continues its mission to house the elderly.Carlson Crossing St Joseph, MNThis 36-unit townhome project, built in 1982 and located in a steadily growing suburb of St. Cloud, was rehabilitated by one of the state's most successful non-profit developers and development teams. Rents are restricted at 50% and units are covered by a project-based Section 8 contract. The renovation included improvements to the site and to building exteriors and unit interiors, ensuring that this family project would continue to provide safe, affordable and attractive housing for the community.NDC Community Development Loan Fund (NDC CILF) NDC Capital Access Fund In 2016, one of HEDC's subordinate entities, NDC Community Development Loan Fund (NDC CILF) became a Certified Community Development Financial Institution. NDC CILF's primary mission follows HEDC's mission. NDC CILF's small business loans are being made to small businesses that otherwise lack access to credit and capital, and they create jobs for low income residents of community neighborhoods. These businesses also create wealth in the community for the business owners. Most of the small business loans are made to businesses who are not eligible for SBA financing due to weaker credit, lack of business and/or credit his
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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,089,149,724
Liabilities
$1,040,947,094
Net assets
$48,202,630
Revenue
$97,463,969
Expenses
$97,518,385
Net income
-$54,416
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