"We look forward to working with our current and new investor and developer partners as we pursue NDC’s mission of creating quality affordable housing.”
New York, NY (PRWEB) April 19, 2012
The National Development Council (NDC), the nation’s oldest non-profit community development organization, today announced the launch of its tenth low-income housing tax credit (LIHTC) fund, NDC Corporate Equity Fund X, L.P. (CEF X), an offering dedicated to raising new funds for affordable housing. The $100 million initiative will allow NDC to continue its efforts to create quality affordable housing in rural and urban communities nationwide.
“We are proud to announce the launch of our Fund X, and to celebrate our eighteenth year of providing affordable housing solutions in communities nationwide,” said Ann Vogt, Managing Director of NDC Housing and Economic Development Corporation and NDC CEF. “We continue to be committed to maintaining the highest standards for the Fund and to investing in projects with strong partners to best serve communities in need. We look forward to working with our current and new investor and developer partners as we pursue NDC’s mission of creating quality affordable housing.”
Over the past 17 years, CEF has raised and invested more than $450 million in housing for families, seniors and people with special needs nationwide, creating more than 7,500 units of housing in 28 states from Seattle, WA to Durham, NC and Las Vegas, NM to Pelham, NH. CEF provides equity capital for the construction and preservation of affordable housing using Federal Low-Income Housing Tax Credits, Federal Historic Preservation Tax Credits and Renewable Energy Credits. CEF provides equity for new construction and rehabilitation and partners with for-profit and not-for-profit developers and general partners. CEF’s investments are underwritten by a team of NDC’s seasoned professionals and monitored by its highly qualified asset management team, which provides compliance and financial oversight and training and operational support to the project sponsors throughout the regulatory period.
About The National Development Council
Founded in 1969, the National Development Council is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive providers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. For more information, go to http://www.NationalDevelopmentCouncil.org
About The Low- Income Housing Tax Credit Program
The Low-Income Housing Tax Credit program was passed by Congress and signed into law by President Reagan as part of the Tax Reform Act of 1986. Designed to encourage the production of affordable housing for low income people, through new construction or rehabilitation, the tax credit provides equity for owners and developers of such housing. According to the National Council of State Housing Agencies, this Housing Credit has become “the most successful rental housing program in [our] history,” resulting in more than 2.4 million affordable, quality units to house families, the elderly and people with special needs, in urban, rural and suburban communities throughout the country. This program has also been a significant factor in community revitalization, economic development and job creation, generating approximately 140,000 full time jobs annually and $1.5 billion in state and local taxes and other revenues.