Civic Intelligence

Ndc Housing & Economic Development Corporation - Group Return

990 • Fiscal year 2017 • EIN 91-1884698

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 09, 2018

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

0.95x

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

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

96th percentile

10.59x

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

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Net Margin

18th percentile

0.7%

Higher net margin than 18% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Top Officer Pay

5th percentile

$357,782

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Asset Growth

6th percentile

-6.0%

Faster asset growth than 6% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

8th percentile

-5.9%

Faster revenue growth than 8% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$1,023,650,757

Down $65,498,967 (-6.0%) from 2016

Net Assets

Up

$51,789,978

Up $3,587,348 (+7.4%) from 2016

Liabilities

Down

$971,860,779

Down $69,086,315 (-6.6%) from 2016

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin18th percentile

Revenue

Down

$91,751,944

Down $5,712,025 (-5.9%) from 2016

Expenses

Down

$91,122,002

Down $6,396,383 (-6.6%) from 2016

Net Income

Up

$629,942

Up $684,358 (+1258%) from 2016

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

2017

Assets$1,023,650,757
Liabilities$971,860,779
Net Assets$51,789,978
Open 2017 Filing

Operations Trend

Revenue Growth8th 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

2017

Revenue$91,751,944
Expenses$91,122,002
Net Income$629,942
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 9, 2018
Return Version
2017v2.3
Gross Receipts
$93,648,784
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 (cont. On schedule o) 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$448,893,401$450,328,360▲ $1,434,959
Land, Buildings, and Equipment, Net$415,316,200$421,853,002▲ $6,536,802
Savings and Temporary Cash Investments$161,151,407$91,919,284▼ $69,232,123
Other Notes and Loans Receivable, Net$11,516,363$10,025,981▼ $1,490,382
Cash and Non-Interest-Bearing Accounts$6,455,590$5,829,235▼ $626,355
Intangible Assets$5,020,667$5,075,892▲ $55,225
Prepaid Expenses and Deferred Charges$2,642,610$2,289,412▼ $353,198
Accounts Receivable$2,128,146$377,924▼ $1,750,222
Total Assets$1,089,149,724$1,023,650,757▼ $65,498,967
Other Assets Total$36,025,340$35,951,667▼ $73,673
Liabilities
Tax Exempt Bond Liabilities$970,640,029$897,046,992▼ $73,593,037
Other Liabilities$49,642,057$55,672,444▲ $6,030,387
Accounts Payable and Accrued Expenses$16,436,315$16,183,000▼ $253,315
Unsecured Notes Loans Payable$4,126,057$1,921,181▼ $2,204,876
Deferred Revenue$102,636$912,162▲ $809,526
Grants Payable-$125,000-
Total Liabilities$1,040,947,094$971,860,779▼ $69,086,315
Net Assets / Fund Balance
Unrestricted Net Assets$48,202,630$51,789,978▲ $3,587,348
Total Net Assets Fund Balance$48,202,630$51,789,978▲ $3,587,348
Total Liabilities and Net Assets / Fund Balance$1,089,149,724$1,023,650,757▼ $65,498,967

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$299,367,057$136,962,944$436,330,001
Other Land Buildings$87,744,625-$87,744,625
Equipment$15,386,503$7,039,454$22,425,957
Land$11,755,000-$11,755,000
Leasehold Improvements$7,599,817$3,476,980$11,076,797
Investment Program Related Org$457,571--
Compensation and Service Providers
Top Officer Pay5th percentile

Employees

NameTitleOtherTotal
Patricia ThomsonBoard Member$112,082$112,082

Board Members and Trustees

NameTitle
Angela ButlerBoard Member
Byron BrownBoard Member
David J TrevisaniBoard Member
Gertrude ScrivenBoard Member
Ingrid NardoniBoard Member
John PalyoBoard Member
Joseph WechslerBoard Member
Kevin GremseBoard Member
Robert W DavenportBoard 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
Abm ParkingProperty ManagementONE BATTERY PARK PLAZA 710, New York, NY 10004$2,604,184
Mckinstry Fms LLCProperty Management5005 THIRD AVENUE SOUTH, Seattle, WA 98134$1,881,518
Bgis Global Integrated Solutions US LLCProperty Management210 S HUDSON ST STE 380, Seattle, WA 98134$1,440,000
Cascadian Building MaintenanceBuilding Management1331 118TH AVE SE SUITE 100, Bellevue, WA 98005$936,553
Cohnreznick LLPAccounting And Audit Services1301 AVENUE OF THE AMERICAS, New York, NY 10019$571,475
Revenue and Support

Revenue Composition

Contributions and Grants
$558,772
Program Service Revenue
$76,922,743
Investment Income
$4,107,682
Other Revenue
$10,162,747
Change in Net Assets
$629,942
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$88,937,002
Grants and Similar Amounts Paid$2,185,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$39,726,923--$39,726,923
Depreciation Depletion$18,966,245--$18,966,245
Occupancy$9,579,459--$9,579,459
Fees for Services Management$3,541,379--$3,541,379
All Other Expenses$2,350,504--$2,350,504
Grants to Domestic Orgs$2,185,000--$2,185,000
Insurance$1,284,057--$1,284,057
Fees for Services Other$378,627--$378,627
Travel$112,463--$112,463
Other Expenses$41,020$1,342,558-$41,020
Total Functional Expenses$89,779,444$1,342,558$0$91,122,002
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Ndc Housing and Economic Development CorpNew York, NY501(c)(3)OPERATIONS (ECON DEV, LI HOUSING, LESSEN BURDENS OF GOV'T)$2,185,000
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$17,975,157
Due to Government Agencies$15,322,658
Construction Funds Payable$8,941,707
Due to Third Parties$6,246,358
Advances Payable$3,607,153
Eda Revolving Loan Fund$1,385,833
Prepaid Rent$1,063,629
Operating Expense Reserve$765,013
Developer Fees Payable$323,770
Security Deposits$41,166

Bond Issues

BondIssuerIssuedIssue PricePurpose
BFyi Properties2009-08-13$305,810,000CONSTRUCTION
BNjb Properties2006-12-05$179,285,000CONSTRUCTION
AWashington Economic Dev Fin Auth2014-07-24$109,205,000REFUNDING
AWbrp 322015-10-07$107,615,000CONSTRUCTION
BCob Properties2014-07-11$49,625,000CONSTRUCTION
ARiverside Community Prop Dev Inc2013-10-03$44,380,000CONSTRUCTION
CCdp Los Angeles County2011-05-26$43,710,000CONSTRUCTION
CTop2014-06-26$43,435,000CONSTRUCTION
AScranton-lackawana Hlth & Welf Auth (cdp Scranton)2016-08-30$36,126,671Acquire leasehold interest
DWashington Economic Dev Fin Auth2013-12-11$28,995,000REFUNDING
DCommunity Properties Alaska Inc2012-12-19$25,070,000CONSTRUCTION
BCity of Newburgh Ind Dev Agency2005-11-17$21,230,000CONSTRUCTION
DTompkins County Ida2003-12-01$19,035,000CONSTRUCTION
CWash St Housing Finance Comm2015-09-29$15,740,000REFUNDING
CCity of Syracuse Industrial Development Agency1995-03-30$12,000,000REFUNDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$305,810,000-$1,440,000$4,398,514
B$179,285,000-$5,370,000$2,136,771
A$109,205,000$1,031,227$17,405,000$971,767
A$107,615,000-$4,475,000$1,613,002
B$49,625,000--$1,020,679
A$44,380,000-$11,035,000$1,019,851
C$43,710,000-$685,000$1,271,507
C$43,435,000-$5,895,000$239,100
A$36,126,671-$9,570,000$3,145,683
D$28,995,000-$31,435,000$405,166
D$25,070,000-$2,000,000$544,205
B$21,230,000$30,362$7,280,000$372,076
D$19,035,000$12,000,000$6,545,000$1,285,687
C$15,740,000$28,589,834$400,000$82,419
C$12,000,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
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
Daniel Marsh Iii
Title
President
Phone
2126821106
Signed
2018-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Daniel Marsh Iii
Formed
1988
Legal Domicile
Va
Voting Board Members
19
Independent Board Members
7
Employees
0
Volunteers
6

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 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 1,736 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 BURDENS 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 GOVERNMENTS INCLUDING PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE. DURING 2017, HEDC UNDERTOOK THE FOLLOWING PROJECTS UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. (CONT. ON SCHEDULE O) 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 INCLUDED 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 NEXT PHASE OF THE PROJECT IS WASHINGTON BIOMEDICAL RESEARCH PROPERTIES 3.2 (WBRP 3.2) IS AN EIGHT-STORY, APPROXIMATELY 157,000 SF BIOMEDICAL FACILITY THAT HAS BEEN CONSTRUCTED OVER THE FOUNDATION AND PARKING FROM WBRF 3. THE FINANCING FOR PHASE 3.2 CLOSED IN 2015 AND THE PROJECT COMPLETED IN EARLY 2018. THE PHASES I, II, AND III PROVIDE OVER 800,000 GSF OF RESEARCH AND OFFICE SPACE IN SUPPORT OF SCHOOL OF MEDICINE RESEARCH PROGRAMS.COMMUNITY DEVELOPMENT PROPERTIES SCRANTON- SCRANTON, PAIN 2016 HEDC WORKING WITH THE CITY OF SCRANTON SUCCESSFULLY NEGOTIATED 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 ASSUMED RESPONSIBILITY 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 CDP SCRANTON (CDPS). THE CONSIDERATION AMOUNT GENERATED BY A CONCESSIONAIRE/LEASE AGREEMENT WAS USED BY THE CITY, IN COMBINATION WITH PROCEEDS FROM A GENERAL OBLIGATION ISSUANCE, REDEEM ALL OUTSTANDING DEBT ASSOCIATED WITH THE PARKING AUTHORITY. THIS ALLOWED THE CITY TO BE FREE OF THE ON-GOING LIABILITY AND HAS FREED UP MUNICIPAL REVENUES FOR OTHER CRITICAL NEEDS AND OBLIGATIONS. IN 2017 CDPS CONTINUED ITS WORK WITH THE CITY TO UPGRADE THE GARAGES WITH ENHANCED LIGHTING AND TO IDENTIFY A NEW ON STREET PARKING SYSTEM. THESE EFFORTS WILL PROVE TO FURTHER THE CITY'S PLAN TO CONTINUE THE REVITALIZATION OF DOWNTOWN SCRANTON.
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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 (CONT. ON SCHEDULE O) REVIVE EXISTING BUSINESSES OPERATED BY DISADVANTAGED GROUPS.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 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. HEDC PROVIDED ASSISTANCE AND TO THE FOLLOWING PROJECTS THAT RECEIVED FINANCING UNDER THE NMTC PROGRAM IN 2017: BREAKTHROUGH CHARTER SCHOOLS CITIZENS LEADERSHIP ACADEMY EAST CLEVELAND, OH CITIZENS LEADERSHIP ACADEMY EAST (CLAE) THE 13TH SCHOOL IN THE BREAKTHROUGH NETWORK, WILL SEE AN INITIAL ENROLLMENT OF 75 CHILDREN IN THE 6TH GRADE. GRADES 7 AND 8 WILL BE ADDED IN FY19 AND 20, RESPECTIVELY. UPON FULL ENROLLMENT, THE SCHOOL WILL SERVE 305 CHILDREN ANNUALLY. THE PROJECT WILL CREATE 80 CONSTRUCTION FTES AND ONCE COMPLETED, 39 FTES INCLUDING 31 TEACHING POSITIONS AND 8 ADMINISTRATIVE POSITIONS. IT WILL ALLOW YOUTH ATTENDING THE ASSOCIATED ELEMENTARY SCHOOL NEXT DOOR TO CONTINUE THEIR EDUCATION AT THE SAME LOCATION AMONGST THE SAME CLASSMATES.PARAMOUNT SQUARE COMMISSARY CINCINNATI, OH PARAMOUNT SQUARE COMMISSARY A LEED CERTIFIED REVITALIZATION OF THE PEEBLES CORNER HISTORIC DISTRICT IN WALNUT HILLS. THE PROJECT WILL PRESERVE AND REVITALIZE EIGHT BUILDINGS - SIX OF WHICH ARE HISTORIC - AT THE PRIMARY INTERSECTION OF THE COMMUNITY BUSINESS DISTRICT. THIS PHASE IS THE FULL REHABILITATION OF 20,313 COMMERCIAL SQUARE FEET TO BE USED FOR FRESH FOOD ACCESS AND FOOD PRODUCTION. A FAST GROWING LOCAL RESTAURANT GROUP IS ITS SOLE TENANT. THEY ARE LOCATING THEIR FULL BACK-OF-HOUSE OPERATION IN THIS SPACE, INCLUDING A COMMISSARY, PREP KITCHEN, TEST KITCHEN, WAREHOUSE, DISTRIBUTION, CORPORATE OFFICE AND A NEIGHBORHOOD-SERVING CAFE. THE PROJECT CREATED 40 CONSTRUCTION FTES AND 20 PERMANENT FTES. IT IS SERVING TO GENERATE FOOT TRAFFIC IN AN UNDERUTILIZED HISTORIC RETAIL DISTRICT AND INTRODUCING NEW GOODS AND SERVICES TO THIS LOW INCOME COMMUNITY. BINGHAMPTON GATEWAY CENTER MEMPHIS, TN BINGHAMPTON GATEWAY CENTER A 48,000 SF COMMERCIAL CENTER IS BEING DEVELOPED BY THE BINGHAMPTON DEVELOPMENT CORPORATION (BDC) TO INCREASE ACCESS TO GOODS AND SERVICES IN THIS USDA QUALIFIED FOOD DESERT. THE PROJECT CONSISTS OF THE DEVELOPMENT AND LEASING OF RETAIL SPACE TO TWO ANCHOR TENANTS AND TO 6-7 SMALLER STOREFRONT RETAILERS. THE PROJECT WILL INCREASE ACCESS TO RETAIL GOODS AND SERVICES IN THIS LOW INCOME COMMUNITY AND IMPROVE THE QUALITY OF LIFE IN THIS INNER-CITY NEIGHBORHOOD OF BINGHAMPTON. THE PROJECT WILL CREATE 70 CONSTRUCTION FTES AND 55 PERMANENT FTE JOBS. CONSTRUCTION TRAINING VIA BDC PROGRAMMING HAS BEEN OFFERED AND LEADERSHIP AND MANAGEMENT TRAINING PROGRAMS ARE BEING MADE AVAILABLE FOR ANCHOR TENANTS'EMPLOYEES.CAPITAL ACCESS FUND THE CAPITAL ACCESS FUND (CAF) IS A STRATEGIC ALLIANCE OF NDC CILF AND THE NATIONAL URBAN LEAGUE TO CREATE ACCESS TO
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt04058769
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt03797936
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. 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 10,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW INCOME HOUSING TOTALING $1.6 BILLION OF INVESTMENT IN LOW INCOME (CONT. ON SCHEDULE O) COMMUNITIES IN 30 STATES ACROSS THE NATION. IN 2017 THROUGH OUR LOW INCOME HOUSING DEVELOPMENT AND INVESTMENT ACTIVITIES, HEDC CONSTRUCTED OR RENOVATED 871 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 $161 MILLION. THE FOLLOWING IS A SAMPLING OF HEDC AFFORDABLE HOUSING PROJECTS COMPLETED IN 2017:MACK ASHLAND II DETROIT, MITHIS NEW CONSTRUCTION SCATTERED SITE FAMILY RENTAL PROJECT LOCATED IN NORTHEAST DETROIT PROVIDES 28 TOWNHOME UNITS, EIGHT OF WHICH ARE SET ASIDE AS PERMANENT SUPPORTIVE HOUSING WITH MSHDA VOUCHERS. FIVE UNITS ARE SET ASIDE FOR FAMILIES AT 40% AMI, WITH THE REMAINING UNITS DESIGNATED AT 60% AMI. THE PROJECT ALSO INCLUDES A COMMUNITY BUILDING AND IS CLOSE TO PUBLIC TRANSIT STOPS AND ROUTES, NEIGHBORHOOD RETAIL CENTERS, GROCERY STORES, BANKS, CHURCHES, LIBRARIES, PARKS AND PUBLIC SCHOOLS. FINANCING FOR THE PROJECT INCLUDES LIHTC EQUITY AND CAPITAL MAGNET FUND LOAN FUNDS. THE PROJECT'S NONPROFIT SPONSOR, SOUTHWEST HOUSING CORPORATION, HAS A 40-YEAR HISTORY AS A LEADER IN PLANNING, DEVELOPMENT AND MANAGEMENT OF AFFORDABLE HOUSING AND COMMERCIAL PROPERTY IN DETROIT, AND WITH MACK-ASHLAND II'S COMPLETION CONTINUES ITS COMMITMENT TO REVITALIZING THIS DETROIT NEIGHBORHOOD AS IT PROVIDES MUCH-NEEDED SERVICES TO ITS RESIDENTS.SAND POINT FAMILY HOUSING-SANTOS PLACE SEATTLE, WATHIS 77-UNIT FAMILY ACQUISITION/REHAB RENTAL PROJECT COMBINES THE RESYNDICATION OF A LIHTC TRANSITIONAL HOUSING DEVELOPMENT AND THE RENOVATION OF AN ADJACENT PROJECT HOUSING FAMILIES AT RISK OF HOMELESSNESS, BOTH LOCATED ON THE FORMER SITE OF THE SAND POINT NAVAL STATION. THE PROJECT TARGETS FAMILIES AT 30% AND 60% AMI. ITS SPONSOR, SOLID GROUND WASHINGTON, IS A LONG-STANDING NONPROFIT PROVIDER OF SUPPORTIVE SERVICE PROGRAMS. IN CONCERT WITH OTHER LOCAL SERVICE PROVIDERS AND THE WASHINGTON STATE DEPARTMENT OF SOCIAL AND HEALTH SERVICES, SOLID GROUND DELIVERS REFERRAL-BASED AND IN-HOUSE SERVICES FOR THE RESIDENTS OF SAND POINT FAMILY-SANTOS PLACE WITH THE GOAL OF STABILIZING FAMILIES IN PERMANENT HOUSING AND CONNECTING THEM TO THE RESOURCES NECESSARY TO MAINTAIN THAT HOUSING. PROJECT FINANCING INCLUDES LIHTC EQUITY AND SOFT FINANCING FROM AGENCIES INCLUDING THE CITY OF SEATTLE AND THE STATE OF WASHINGTON, AND INCLUDES OPERATING SUBSIDIES.ROLLING HILLS WINSTON-SALEM, NCTHIS IS AN ACQUISITION/REHAB PROJECT UNDER THE MARK-TO-MARKET PROGRAM, PRESERVING AFFORDABLE HOUSING BY PROVIDING INTERIOR AND EXTERIOR RENOVATIONS TO AN EXISTING 110-UNIT FAMILY RENTAL PROJECT. ALL OF THE UNITS ARE COVERED BY A PROJECT BASED RENTAL ASSISTANCE SECTION 8 CONTRACT. THE TWO-STORY, WALK-UP, GARDEN STYLE APARTMENTS ORIGINALLY OPENED IN 1971; THE PROJECT'S LOCATION AND PROXIMITY TO PUBLIC TRANSPORTATION AND COMMUNITY SERVICES HAVE POSITIVELY IMPACTED ITS MARKETABILITY. THE DENVER-BASED SPONSOR, EXPERIENCED IN THE PRESERVATION OF EXISTING AFFORDABLE HOUSING WITH OVER 30 SUCH PROJECTS COMPLETED ACROSS THE COUNTRY, IS COMMITTED TO MINIMIZING THE IMPACT OF RELOCATION WITH MOST OF THE WORK CONSISTING OF IN-PLACE REHABILITATION AND ONLY BRIEF TEMPORARY RELOCATIONS. FINANCING FOR THE PROJECT INCLUDED MULTI-FAMILY HOUSING REV
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt089950
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt0110532
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,023,650,757
Liabilities
$971,860,779
Net assets
$51,789,978
Revenue
$91,751,944
Expenses
$91,122,002
Net income
$629,942
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