2023-11-13T07:42:41-06:00 2022-12-31 221478099 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 990 2022-01-01 112933129 NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION NDCH 2126821106 633 THIRD AVE 19J NEW YORK NY 10017 DANIEL MARSH III PRESIDENT 2126821106 2023-11-10 1 DANIEL MARSH III 999009999 1 LORI ROTHE YOKOBOSKY CPA P01273422 2122970400 2023-11-04 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X DANIEL MARSH III 633 THIRD AVE 19J NEW YORK NY 10017 13208840 0 9219 X WWW.GROWAMERICA.ORG X 1988 VA NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION WAS ORGANIZED FOR THE (CONT. ON SCHEDULE O) 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. 10 0 0 0 0 0 200000 600000 10266336 12602470 5047 10903 -69640 -4533 10401743 13208840 4024410 5517803 0 0 4325256 4078215 0 0 0 1550287 2165072 9899953 11761090 501790 1447750 24571760 30272835 9213537 13466760 15358223 16806075 X 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) 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. 0 0 8974368 4855335 11007618 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) 814802 388031 931506 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 2022, IN ADDITION TO PROVIDING PRE-DEVELOPMENT SERVICES TO SELECT CLIENTS HEDC BEGAN PRE-CONSTRUCTION WORK ON 1 PROJECT AS THE OWNER/DEVELOPER UNDER THE MISSION OF LESSENING THE BURDENS OF GOVERNMENT, AND ANOTHER WHERE IT WILL SERVE AS THE OWNER/DEVELOPER. THE FIRST IS A PARKING GARAGE FOR THE TOWN OF RIVERHEAD, NEW YORK AND IT IS EXPECTED TO CLOSING FINANCING AND BEGIN CONSTRUCTION IN 2024. THE SECOND PROJECT IS A MIXED USE MIXED IN THE CITY OF HARTFORD WHICH WILL PROVIDE SPACE FOR THE CITY'S DEPARTMENT OF HEALTH AS WELL AS SOME ADDITIONAL RETAIL USES. THE TRANSACTION WILL HAVE A FINAL CLOSING ON ALL FINANCING IN EARLY 2024. 505030 274437 658813 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 102 PROJECTS THROUGH A $804 MILLION NMTC ALLOCATION, WHICH LEVERAGED PROJECT FINANCING TOTALING OVER $2.4 BILLION OF NEW INVESTMENT, CREATED/RETAINED OVER 17,000 PERMANENT JOBS AND OVER 10,000 CONSTRUCTION JOBS FOR DISADVANTAGED INDIVIDUALS, AND BROUGHT BADLY NEEDED GOODS AND SERVICES TO LOW-INCOME COMMUNITIES ACROSS AMERICA. ADDITIONALLY, THE 102 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 SIX PROJECTS IN 2022, TOTALING $35.4 MILLION IN QUALIFIED EQUITY INVESTMENTS (QEIS). EXAMPLES OF NMTC PROJECT CLOSINGS: GRADY HEALTH SYSTEM PONCE INFECTIOUS DISEASE PROGRAM - ATLANTA, GAGRADY HEALTH SYSTEM IS A $41MM REDESIGN AND EXPANSION OF ITS AIDS/HIV CLINIC. THIS FACILITY PROVIDES THE MAJORITY OF AIDS/HIV TREATMENTS IN THE STATE OF GEORGIA. THE AIDS/HIV EPIDEMIC IS STILL ONGOING IN FULTON AND DEKALB COUNTIES AND DISPROPORTIONATELY AFFECTS THE AFRICAN AMERICAN MALE POPULATION. GRADY IS ALSO A CLOSE PARTNER WITH MOOREHOUSE COLLEGE'S MEDICAL SCHOOL, OFFERING RESIDENCY AND INTERNSHIP OPPORTUNITIES TO ALL OF THE MED STUDENTS AT THE SCHOOL. HEDC NEW MARKETS PROVIDED AN $8.0 MILLION QUALIFIED EQUITY INVESTMENT IN THE $41 MILLION PROJECT THAT RESULTED IN APPROXIMATELY 100 CONSTRUCTION JOBS, THE EXPECTED RETENTION OF 99 JOBS AND THE CREATION OF 22 PERMANENT JOBS. AGC LEARNING HUB - CHICAGO, ILTHE ACADEMY OF GLOBAL CITIZENSHIP'S (AGC) "CULTIVATE COLLECTIVE" IS A SUSTAINABILITY AND WELLNESS HUB LOCATED IN SOUTHWEST CHICAGO. THE HOLISTIC CAMPUS WILL UNITE EDUCATION, WELLNESS, SUSTAINABILITY, AND ECONOMIC VITALITY TO CULTIVATE A RESILIENT, EQUITABLE AND VIBRANT FUTURE FOR THE COMMUNITY. THE FIRST PHASE, ANCHORING A 40-ACRE FORMER PUBLIC HOUSING SITE WILL HOUSE AGC'S EXISTING K-8 SCHOOL, AN EARLY CHILDHOOD CENTER, COMMUNITY HEALTH CARE CENTER, THREE-ACRE URBAN FARM, NEIGHBORHOOD MARKETPLACE, SIX TEACHING KITCHENS AND A RANGE OF COMMUNITY WELLNESS PROGRAMS AND AMENITIES. COMMUNITY OUTCOMES INCLUDE 22 NEW K-8 SEATS, A NEW 120-SEAT HEAD START PROGRAM, ESPERANZA, A BIPOC CONTROLLED FQHC, WILL RUN AN ON-SITE COMMUNITY HEALTH CLINIC SERVING 1,200 PATIENTS ANNUALLY, REMEDIATION OF A BROWNFIELD, AND CONSTRUCT A NET ENERGY/WATER POSITIVE BUILDING THAT WILL GENERATE 105% OF ENERGY NEEDS FROM ROOFTOP SOLAR PANELS. AGC'S STUDENTS ARE 98% BIPOC AND 24% HAVE SPECIAL NEEDS. HEDC NEW MARKETS PROVIDED A $7.0 MILLION QUALIFIED EQUITY INVESTMENT INTO THE $53.1 MILLION PROJECT THAT RESULTED IN APPROXIMATELY 100 CONSTRUCTION JOBS AND THE CREATION OF 40 FULL-TIME QUALITY JOBS. CITY FRESH FOODS - ROXBURY, MACITY FRESH MAKES AND DELIVERS HEALTHY MEALS TO SCHOOLS, CHILDCARE CENTERS AND SENIOR CENTERS THROUGHOUT GREATER BOSTON. THE PROJECT PRODUCES OVER 15,000 MEALS PER DAY FOR A TOTAL OF OVER 3.5 MILLION MEALS PER YEAR. THE MEALS FEED APPROXIMATELY 25,000 LOW-INCOME INDIVIDUALS AND OVER 95% OF THE PEOPLE RECEIVING ITS MEALS ARE BIPOC. THE PROJECT WILL INCLUDE THE ACQUISITION OF AN 18,000 SF COMMERCIAL CONDOMINIUM PLUS 1/2+ ACRE OF LAND PROVIDING SPACE FOR EXPANSION. THE NEW PROPERTY CONSISTS OF A BUILDING SHELL THAT WILL REQUIRE A COMPLETE RENOVATION WITH ALL NEW SYSTEMS. THE NEW FACILITY WILL ENABLE CITY FRESH TO SECURE USDA CERTIFICATION AND PRODUCTION CAPACITY WILL INCREASE FROM 3.5 MILLION MEALS TO 8.4 MILLION. THE NMTC SUBSIDY WILL ALSO ENABLE MANAGEMENT TO EXPAND ADDITIONAL OWNERSHIP OPPORTUNITIES TO ITS EMPLOYEES, 98% OF WHICH IDENTIFY AS RACIAL OR ETHNIC MINORITIES. HEDC NEW MARKETS PROVIDED A $5.0 MILLION QUALIFIED EQUITY INVESTMENT INTO THE $15 MILLION PROJECT THAT RESULTED IN 37 CONSTRUCTION JOBS AND THE CREATION OF 226 PERMANENT JOBS. 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, BIPOC 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, BIPOC OWNED BUSINESS MUST RELY MORE UPON OWNER'S EQUITY AND LESS ON BANK DEBT. YET, BIPOC BUSINESSES HAVE LESS EQUITY AND LOWER HOUSEHOLD WEALTH TO DRAW FROM. AS A RESULT, BIPOC 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 2022, CILF, HEDC'S NATIONAL CDFI, OPERATED LOAN PROGRAMS AROUND THE COUNTRY, DEPLOYING MORE THAN $63 MILLION TO APPROXIMATELY 600 SMALL BUSINESSES THE VAST MAJORITY OF WHICH (87%) WERE OWNED BY PERSONS OF LOW INCOME AND IN TRADITIONALLY UNDERSERVED COMMUNITIES OF COLOR AND LOW INCOME. THOSE ENTREPRENEURS RETAINED MORE THAN 2,500 EXISTING JOBS AND PROJECTED ADDING ANOTHER 1,000+. 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. 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. WHEN FINISHED, THE BUILDING 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. EXAMPLES OF THE LOANS MADE BY CILF IN 2022 INCLUDE: - AN $80,000 LOAN TO EZ DRYWALL AND CARPENTRY SERVICES CORP., AN AFRICAN AMERICAN-OWNED CONSTRUCTION COMPANY IN PORT ST. LUCIE, FLORIDA- A $300,000 LOAN TO CHEF K INC., AN AFRICAN AMERICAN AND WOMAN-OWNED JUICE MANUFACTURER AND DISTRIBUTOR IN WATERBURY, CT- A $55,000 LOAN TO LATINO EDUCATIONAL TRAINING INSTITUTE, A HISPANIC & WOMAN OWNED LOW-INCOME-OWNED NON-PROFIT THAT ASSISTS NEW IMMIGRANTS IN LYNWOOD, WASHINGTON 10294200 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 10 0 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X DANIEL CHOI 2126821106 633 THIRD AVE SUITE 19J NEW YORK NY 10017 ADAM ENNIS BORD MEMBER/COO 20.00 30.00 X X 0 220109 90195 CHARLEY DEPEW BOARD MEMBER 1.00 49.00 X 0 209259 27998 DANIEL MARSH III PRESIDENT/BD MEMBER 2.75 52.25 X X 0 452944 190813 DAVID J TREVISANI BOARD MEMBERR/VP 6.00 44.00 X X 0 214643 85560 GERTRUDE SCRIVEN BOARD MEMBER 0.50 49.50 X 0 213515 120444 JOHN PALYO BOARD MEMBER 0.50 49.50 X 0 214066 81711 KEVIN GREMSE BOARD MEMBER 1.00 49.00 X 0 243106 90436 MICHAEL GRIFFIN BOARD MEMBER 45.50 4.50 X 0 252267 104805 RAQUEL FAVELA BOARD MEMBER 1.00 49.00 X 0 216670 72461 STEPHANIE DUGAN BOARD MEMBER 38.50 11.50 X 0 215123 73474 JENNIFER VERTREES SECRETARY 25.50 24.50 X 0 101193 77225 0 2552895 1015122 0 0 1 0 APPLEGATE & THORNE-THOMSEN PC 425 S FINANCIAL PL SUITE 1900 CHICAGO IL 60605 LEGAL AND ACQUISITION FEES 706064 SHALLO GALLUSCIO & BIANCHI CPAS PC 21 NORTH SEVENTH STREET HUDSON NY 12534 ACCOUNTING 263014 VINCENT HAUSER 2301 EAST RIVERSIDE DRIVE BUILDING AUSTIN TX 78741 ARCHITECTUAL AND ACQUISITION FEES 229244 BARNES AND THORNBURG 41 S HIGH STREET SUITE 3300 COLUMBUS OH 432156104 LEGAL AND ACQUISITION FEES 130000 PROLINK SOLUTIONS 98 INVERNESS DRIVE EAST SUITE 250 ENGLEWOOD CO 80112 SOFTWARE 114612 5 600000 600000 MGMT FEES ECONOMIC DEV 541610 12602470 12602470 12602470 10903 10903 LOSS ON PARTNERSHIPS 900099 -4533 -4533 -4533 13208840 12597937 0 10903 X 5517803 5517803 2777580 2117730 659850 348716 260392 88324 762280 569207 193073 189639 143413 46226 120558 120558 193010 193010 1263658 1243034 20624 72441 44858 27583 114612 96539 18073 66921 56368 10553 217060 175588 41472 BAD DEBTS 40689 40689 SUBSCRIPTIONS 28875 1264 27611 FEES 19933 19933 27315 27315 11761090 10294200 1466890 0 7305883 7651561 9313751 12975224 6826435 8153640 12009 12593 1113682 1479817 24571760 30272835 86798 448397 207737 232495 5618640 8053640 3300362 4732228 9213537 13466760 X 15358223 16806075 15358223 16806075 24571760 30272835 1447750 102 0 X 0 1 X 1 0 X 2100000 1250000 1250000 200000 600000 5400000 6412510 9097789 8617914 10266336 12602470 46997019 8512510 10347789 9867914 10466336 13202470 52397019 2100000 1250000 1250000 200000 600000 5400000 0 2100000 1250000 1250000 200000 600000 5400000 46997019 152 171 365 5047 10903 16638 152 171 365 5047 10903 16638 456728 423882 927801 5117 1813528 8969390 10771842 10796080 10476500 13213373 54227185 0.86670 0.81270 0.00030 0.00190 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2018 AMOUNT: $ 468. 2019 AMOUNT: $ 9,033. 2020 AMOUNT: $ 11,877. 2021 AMOUNT: $ 5,117. RECOVERY OF BAD DEBT - 2018 AMOUNT: $ 297,849. 2019 AMOUNT: $ 414,849. 2020 AMOUNT: $ 915,924. NMTC REVENUE - 2018 AMOUNT: $ 158,411. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PAYABLE TO THE NATIONAL DEVELOPMENT COUNCIL 3357065 ADVANCES PAYABLE 1375163 4732228 X 13213373 0 13213373 -4533 -4533 13208840 11761090 0 11761090 0 11761090 PART X, LINE 2: THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION, AMONG OTHERS. THERE ARE NO UNCERTAIN TAX POSITIONS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021. THE ORGANIZATION DID NOT RECOGNIZE ANY INTEREST OR PENALTIES ASSOCIATED WITH TAX MATTERS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS FROM PARTNERSHIPS -4,533. 1 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 136532871 501(C)(3) 5500000 0 FMV SUPPORT GENERAL OPERATIONS BSEL 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 204762878 501(C)(3) 10920 0 FMV SUPPORT GENERAL OPERATIONS 2 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS BY REQUIRING THE GRANTEE TO PROVIDE PERIODIC REPORTS THAT DESCRIBE THE USE OF THE GRANT FUNDS. 0 1 0 0 0 0 0 0 0 DANIEL MARSH III PRESIDENT/BD MEMBER 0 448000 0 0 0 4944 0 172604 0 18209 0 643757 0 0 MICHAEL GRIFFIN BOARD MEMBER 0 249945 0 0 0 2322 0 61088 0 43717 0 357072 0 0 GERTRUDE SCRIVEN BOARD MEMBER 0 209449 0 0 0 4066 0 101257 0 19187 0 333959 0 0 KEVIN GREMSE BOARD MEMBER 0 240841 0 0 0 2265 0 44772 0 45664 0 333542 0 0 ADAM ENNIS BORD MEMBER/COO 0 219640 0 0 0 469 0 45531 0 44664 0 310304 0 0 DAVID J TREVISANI BOARD MEMBERR/VP 0 211641 0 0 0 3002 0 40946 0 44614 0 300203 0 0 JOHN PALYO BOARD MEMBER 0 212048 0 0 0 2018 0 41094 0 40617 0 295777 0 0 RAQUEL FAVELA BOARD MEMBER 0 215591 0 0 0 1079 0 53390 0 19071 0 289131 0 0 STEPHANIE DUGAN BOARD MEMBER 0 212121 0 0 0 3002 0 41779 0 31695 0 288597 0 0 CHARLEY DEPEW BOARD MEMBER 0 203757 0 0 0 5502 0 11801 0 16197 0 237257 0 0 JENNIFER VERTREES SECRETARY 0 100409 0 0 0 784 0 34755 0 42470 0 178418 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATE IN A SUPPLEMENTAL 457(F) EXECUTIVE RETIREMENT PLAN, NO CONTRIBUTIONS WERE MADE DURING THE YEAR. - DANIEL MARSH III - GERTRUDE SCRIVEN FORM 990, PART III, LINE 1 CONTINUATION: 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. FORM 990, PART III, LINE 4A CONTINUATION: IN 2022, THROUGH OUR LOW-INCOME HOUSING DEVELOPMENT AND INVESTMENT ACTIVITIES, HEDC THROUGH ITS AFFILIATES, THE NDC CORPORATE EQUITY FUNDS, INVESTED MORE THAN $121 MILLION IN 16 PROJECTS CONTAINING 1,110 UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE HOUSING FOR LOW-INCOME PERSONS AND FAMILIES, THE ELDERLY, AND PEOPLE WITH SPECIAL NEEDS. THE FOLLOWING ARE REPRESENTATIVE SAMPLES OF HEDC AFFORDABLE HOUSING PROJECTS COMPLETED IN 2022: SIDNEY VILLAGE SIDNEY, OHIO SIDNEY VILLAGE IS AN EXISTING FAMILY RENTAL PROJECT THAT CONSISTS OF THIRTY-FOUR (34) UNITS IN SIX BUILDINGS. THE PROPERTY INCLUDES ONE, TWO, THREE AND FOUR BEDROOM UNITS AND WILL BE RENTED TO FAMILY HOUSEHOLDS WHOSE INCOME DOES NOT EXCEED 50% OF THE AREA MEDIAN INCOME. THE PROPERTY RENOVATION WILL INCLUDE IMPROVEMENTS TO SITE AND BUILDING DESIGN, MECHANICAL AND ELECTRICAL SYSTEMS AND BUILDING COMPONENTS INCLUDING EXTERIOR, INTERIOR AND LIFE SAFETY ITEMS. UNIT RENOVATIONS WILL INCLUDE NEW KITCHEN AND BATHROOM CABINETS, KITCHEN APPLIANCES, NEW FLOORING IN BEDROOMS AND PAINTING ALL UNITS. APPLEWOOD APARTMENTS PROCTORVILLE, OHIO APPLEWOOD APARTMENTS WILL BE THE NEW CONSTRUCTION OF FIFTY (50) AFFORDABLE APARTMENTS UNITS. THE UNITS WILL BE TARGETING HOUSEHOLDS WITH INCOMES BETWEEN 30% AND 60% OF THE AREA MEDIAN INCOME AND WILL INCLUDE ONE, TWO, AND THREE BEDROOM FAMILY UNITS. THE PROJECT WILL OFFER A STACKED TOWNHOMESOVERFLATS DESIGN, A UNIQUE PRODUCT TYPE FOR THIS MARKET THAT COMBINES THE EFFICIENCY OF A MULTIFAMILY BUILDING WITH THE ATTRACTIVENESS OF A PRIVATE ENTRANCE TO EACH UNIT. RESIDENTS OF THE 20 GROUNDFLOOR UNITS WILL HAVE PRIVATE PATIOS. UPPERLEVEL UNITS, A MIX OF ONE AND TWOBEDROOMS, WILL HAVE INDIVIDUAL ENTRANCES ON THE GROUND LEVEL THAT LEAD TO STAIRS UP TO THE MAIN LIVING AREA. THE PROPERTY WILL INCLUDE AMENITIES SUCH AS ON-SIGHT MANAGEMENT, ACTIVITY ROOM, ACCESS TO CHILDCARE, AND OTHER SOCIAL SERVICES. MURRAY ON MAIN APARTMENTS WILLIMANTIC, CT MURRAY ON MAIN WILL BE THE SUBSTANTIAL RENOVATION OF A THREE STORY HISTORIC BUILDING IN DOWNTOWN WILLIMANTIC, CT INTO 16 LIHTC UNITS COMPRISED OF STUDIO, ONE AND TWO BEDROOM UNITS. THE BUILDING WILL ALSO INCLUDE 1,500 SQUARE FEET OF FUTURE COMMERCIAL SPACE. THE LIHTC UNITS WILL BE TARGETING HOUSEHOLDS WITH INCOMES BETWEEN 50% AND 60% OF THE AREA MEDIAN INCOME. FORM 990, PART VI, SECTION A, LINE 6 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT IS THE SOLE VOTING MEMBER OF NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT 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 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 THE HEDC BOARD OF DIRECTORS AND EXECUTIVE EMPLOYEES ARE REQUIRED TO ANNUALLY EXECUTE A CONFLICT OF INTEREST POLICY AND COMPENSATION GUIDELINES ACKNOWLEDGEMENT STATING THAT THEY HAVE RECEIVED, READ AND UNDERSTAND, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST POLICY AND COMPENSATION GUIDELINES. THE CONFLICT OF INTEREST POLICY AND COMPENSATION GUIDELINES DOCUMENT REQUIRES BOARD MEMBERS AND EXECUTIVE EMPLOYEES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY. THE CHAIRPERSON OF THE BOARD WILL UPON NOTIFICATION OF SUCH AN EVENT APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION AND VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALSO, ALL BOARD MEMBERS BY EXECUTING THE CONFLICT OF INTEREST POLICY AND COMPENSATION GUIDELINES DOCUMENT ACKNOWLEDGE THAT THEY SHARE THE RESPONSIBILITY OF HEDC TO REMAIN FAITHFUL TO THE ORGANIZATION'S CHARITABLE PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE BY REQUEST. FORM 990, PART IX, LINE 11G OTHER CONSULTANTS: PROGRAM SERVICE EXPENSES 120,249. MANAGEMENT AND GENERAL EXPENSES 20,624. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 140,873. THIRD PARTY CLOSING FEES: PROGRAM SERVICE EXPENSES 1,122,785. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,122,785. FORM 990, PART IX, LINES 7-10: THE AMOUNTS REPORTED ON LINES 7-9 RELATED TO EXPENSES PAID BY THE PARENT COMPANY (NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT EIN 13-6532871) AND ALLOCATED TO THE ORGANIZATION. PART VI, 1B: ALL OF THE ORGANIZATION'S BOARD MEMBERS WORK FOR THE PARENT ORGANIZATION NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT. THE INDEPENDENT BOARD OF DIRECTORS OF THE PARENT OVERSEES THE ORGANIZATION'S OPERATIONS AND ACTIONS. 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