Ndc Housing & Economic Development Corporation - Group Return

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

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

“The documents are available by request.”

“Income housing for persons of limited financial means, handicapped persons, elderly persons, and other persons in need of safe adequate affordable housing and to assist generally in the alleviation of housing shortages throughout the us. B. To assist in the erection and maintenance of public buildings, monuments, facilities, or works; to lessen the burdens of government; and to promote social welfare. 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.”

“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.”