Ndc Housing And Economic Development Corporation

Organization Overview

Ndc Housing And Economic Development Corporation is located in Brooklyn, NY. The organization was established in 1988. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Ndc Housing And Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Ndc Housing And Economic Development Corporation generated $129.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $104.1m during the year ending 12/2021. While expenses have increased by 0.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, Ndc Housing And Economic Development Corporation has awarded 8,278 individual grants totaling $103,602,991. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LESSENING THE BURDENS OF GOVERNMENT: HEDC ALSO PARTNERS WITH UNITS OF LOCAL GOVERNMENT TO ERECT AND MAINTAIN PUBLIC BUILDINGS, MONUMENTS, AND FACILITIES; AND TO PROMOTE SOCIAL WELFARE. THE UNDERLYING MISSION IS TO "LESSEN THE BURDEN OF GOVERNMENT". IN TOTAL, HEDC HAS DEVELOPED AND FINANCED MORE THAN THIRTY-ONE PROPERTIES AT A COST OF MORE THAN $2.5 BILLION ON BEHALF OF LOCAL GOVERNMENT. PROJECTS INCLUDE PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE. (CONT. SEE SCHEDULE O) DURING 2021, HEDC UNDERTOOK NO PROJECTS AS THE OWNER/DEVELOPER UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT. HOWEVER, NDC HEDC DID DESIGN AND STRUCTURE FINANCING FOR TWO PARKING GARAGES FOR THE NYACK COMMUNITY HOSPITAL IN NYACK, NEW YORK AND DAMAS HOSPITAL IN THE MUNICIPALITY OF PONCE, PUERTO RICO. BOTH TRANSACTIONS ARE SCHEDULED TO CLOSE IN 2022.


STIMULATE ECONOMIC DEVELOPMENT IN ECONOMICALLY DEPRESSED AREAS: HEDC WORKS WITH NONPROFIT ORGANIZATIONS, 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 ALONG WITH OTHER FINANCING TOOLS FOR SMALL BUSINESSES AND NONPROFITS, 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.(CONT. SEE SCHEDULE O) UNDER THE NEW MARKETS TAX CREDIT (NMTC) PROGRAM, HEDC HAS SPONSORED 94 PROJECTS THROUGH A $754 MILLION NMTC ALLOCATION, WHICH LEVERAGED PROJECT FINANCING TOTALING OVER $2.1 BILLION OF NEW INVESTMENT, CREATED OVER 16,000 PERMANENT JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODS AND SERVICES TO LOW-INCOME COMMUNITIES ACROSS AMERICA. ADDITIONALLY, THE 94 PROJECTS CONTAIN 9.1 MILLION SQUARE FEET (11.6 ACRES) OF SOLAR PANELS. IN 2021, HEDC RECEIVED A $50 MILLION NEW MARKETS TAX CREDIT ALLOCATION. HEDC THROUGH ITS AFFILIATE HEDC NEW MARKETS INVESTED IN ONE PROJECT IN 2021. SUPERPUFFT SNACKS AND LOGISTICS PERRY, FLORIDASUPERPUFFT IS A MINORITY OWNED WHITE LABEL MANUFACTURING COMPANY LOCATED IN PERRY, FLORIDA. THE COMPANY CURRENTLY MANUFACTURES WHITE LABEL SNACKS AND SUPPLIES THEM TO FRITOLAY, WALMART, HEB GROCERY, KROGER AND OTHERS WHO IN TURN SELL THEM UNDER THEIR OWN LABEL. THE COMPANY IS INVESTING $24.3 MILLION TO BUILD A NEW MANUFACTURING FACILITY. HEDC NEW MARKETS IS SUPPLYING AN $8.1 MILLION ALLOCATION OF NEW MARKET TAX CREDITS WHICH WILL BE INVESTED IN THE NEW FACILITY. SUPERPUFFT HIRED 347 NEW PERMANENT EMPLOYEES TO WORK IN RURAL PERRY. SUPERPUFFT HAS OTHER MANUFACTURING PLANTS IN OTHER PARTS OF THE UNITED STATES. SIXTY-FOUR PERCENT OF THE WORKFORCE IS MINORITY AND FORTY-ONE PERCENT ARE WOMEN. NDC COMMUNITY IMPACT LOAN FUND (CILF) FEDERAL HOME LOAN BANK MEMBERSHIP, NEW YORK FORWARD, SOAR, WASHINGTON SMALL BUSINESS FLEX FUND, DISCOVER/STATE OF DELAWARE EQ2, AND DELAWARE HISTORIC TAX CREDIT BRIDGE FUND NUMEROUS STUDIES HAVE DOCUMENTED THAT, EVEN AFTER CONTROLLING FOR DIFFERENCES IN CREDITWORTHINESS, MINORITY OWNED SMALL BUSINESSES EXPERIENCE HIGHER LOAN DENIAL RATES AND PAY HIGHER INTEREST RATES THAN WHITE-OWNED BUSINESSES. THIS TREND HAS ACCELERATED AS A RESULT OF THE COVID-19 INDUCED ECONOMIC DOWNTURN. BECAUSE OF THESE DENIAL RATES, MINORITY OWNED BUSINESS MUST RELY MORE UPON OWNER'S EQUITY AND LESS ON BANK DEBT. YET, MINORITY BUSINESSES HAVE LESS EQUITY AND LOWER HOUSEHOLD WEALTH TO DRAW FROM. AS A RESULT, MINORITY SMALL BUSINESSES LAUNCH WITH LESS TOTAL CAPITALIZATION THAN CONVENTIONAL BUSINESSES. WITH INADEQUATE CAPITALIZATION, THESE BUSINESSES SUFFER A HIGHER FAILURE RATE THAN WHITE-OWNED BUSINESSES. IN 2021, CILF, HEDC'S CERTIFIED NATIONAL CDFI, PROVIDED OVER 388 LOANS, TOTALING $23.8 MILLION TO MINORITY AND WOMEN SMALL BUSINESSES LOCATED IN NEW YORK STATE, DELAWARE, FLORIDA, AND WASHINGTON. THE $23.8 MILLION LOANED TO MWBE'S REPRESENTS 84 PERCENT OF CILF'S TOTAL LOAN VOLUME IN 2021. IN 2020, CILF RECEIVED A $38 MILLION EQ2 INVESTMENT COMMITMENT FROM DISCOVER BANK. CILF IN TURN MADE A LOAN TO THE UNIVERSITY OF DELAWARE SPONSORED FINTECH CENTER AND HAS BEEN FUNDING CONSTRUCTION PROGRESS PAYMENTS FOR THE FINTECH CENTER LOCATED ON THE STAR CAMPUS OF THE UNIVERSITY. THE BUILDING WHEN FINISHED IN EARLY 2023, WILL HOUSE UNIVERSITY CLASSROOMS, OFFICES AND FINANCIAL LITERACY PROGRAMS DESIGNED TO SUPPORT THE GREATER DELAWARE SMALL BUSINESS COMMUNITY. THE LOAN PROVIDED BY CILF WILL BE USED TO PROVIDE LOW-COST, PATIENT, AND PERMANENT FIRST MORTGAGE FINANCING FOR THE CONSTRUCTION OF THE FACILITY. IN DECEMBER OF 2021, NDC COMMUNITY IMPACT LOAN FUND (CILF) WAS GRANTED MEMBERSHIP INTO THE FEDERAL HOME LOAN BANK OF NEW YORK. AS A CDFI MEMBER, CILF WILL UTILIZE DRAWS FROM THE FHLB TO FUND UP TO SEVENTY PERCENT OF A LOAN MADE TO AN ELIGIBLE BUSINESS, HOUSING AND/OR NONPROFIT BORROWER. THE MEMBERSHIP WILL ALLOW CILF TO CONTINUE TO EXPAND ITS LENDING ACTIVITY, INCLUDING PRIORITY LENDING IN CDFI ELIGIBLE CENSUS TRACTS AND TO LOW INCOME BORROWERS.


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 14,000 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW-INCOME HOUSING TOTALING MORE THAN $2.5 BILLION OF INVESTMENT IN LOW-INCOME COMMUNITIES IN MORE THAN 30 STATES. (CONT. SEE SCHEDULE O)


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Board, Officers & Key Employees

Name (title)Compensation
Adam Ennis
Board Member/cfo
$0
David J Trevisani
Bd Member/vice President
$0
Daniel Marsh III
Pres/board Member
$0
Jennie Vertrees
Secretary
$0
Brendan Mehaffy
Board Member
$0
Byron Brown
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Hines Interests Limited Partnership
Property Management
$1,462,954
Seattle Maintenance Services
Janitorial
$1,260,153
Bgis Global Integrated Solutions Us Llc
Property Management
$1,161,990
Pomarico Design Studio Architecture Pllc
Architecture
$632,016
Star Protection Agency Llc
Security
$446,453
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$213,960
Government grants $42,358,990
All other contributions, gifts, grants, and similar amounts not included above$85,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$42,657,950
Total Program Service Revenue$76,639,809
Investment income $425,159
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$432,217
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $129,829,382

Grants Awarded

Over the last fiscal year, Ndc Housing And Economic Development Corporation has awarded $323,800 in support to 2 organizations.

Grant RecipientAmount

NDC HOUSING AND ECONOMIC DEVELOPMENT CORP

Org PageRecipient Profile

Brooklyn, NY

PURPOSE: OPERATIONS (ECON DEV, LI HOUSING, LESSEN BURDENS OF GOV'T)

$200,000

NDC COMMUNITY IMPACT LOAN FUND

Org PageRecipient Profile

New York, NY

PURPOSE: OPERATIONS (ECON DEV, LI HOUSING, LESSEN BURDENS OF GOV'T)

$123,800
View Grant Profile

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