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← NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by NDC HOUSING AND ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$13,287,489
Total expenses
$12,779,039
Contributions and grants received
$1,250,000
Grants paid
$5,576,945
Program service revenue
$12,031,609
Investment income
$9,168
Other revenue
-$3,288
Total assets, end of year
$44,237,144
Total liabilities, end of year
$25,701,113
Net assets or fund balances, end of year
$18,536,031
Program services expenses (Part IX)
$11,211,122
Management and general expenses
$1,567,917
Fundraising expenses
$0
Program service expenses (Part III)
$11,211,122

Program services were 87.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $1,250,000

  • 2a · Program service revenue: MGMT FEES ECONOMIC DEV

    total $12,031,609 · related or exempt $12,031,609

  • 3 · Investment income

    total $9,168 · excluded $9,168

  • 11a · Other revenue: LOSS ON PARTNERSHIPS

    total -$4,771 · related or exempt -$4,771

  • 11d · All other revenue

    total $1,483 · related or exempt $1,483

  • 11e · Other revenue, total

    -$3,288

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,576,945 · program services $5,576,945

  • 7 · Other salaries and wages

    total $3,946,841 · program services $3,229,938 · management and general $716,903

  • 8 · Pension plan contributions

    total $182,183 · program services $146,494 · management and general $35,689

  • 9 · Other employee benefits

    total $888,634 · program services $714,553 · management and general $174,081

  • 10 · Payroll taxes

    total $247,481 · program services $202,012 · management and general $45,469

  • 11b · Fees: legal

    total $116,691 · management and general $116,691

  • 11c · Fees: accounting

    total $185,305 · management and general $185,305

  • 11g · Fees: other

    total $967,665 · program services $859,753 · management and general $107,912

  • 13 · Office expenses

    total $78,000 · program services $23,488 · management and general $54,512

  • 14 · Information technology

    total $140,253 · program services $97,787 · management and general $42,466

  • 16 · Occupancy

    total $68,679 · program services $47,885 · management and general $20,794

  • 17 · Travel

    total $310,176 · program services $262,285 · management and general $47,891

  • 24a · Other expenses: SUBSCRIPTION & MEMBERSH

    total $48,982 · program services $48,982

  • 24b · Other expenses: FEES

    total $7,814 · management and general $7,814

  • 24e · All other expenses

    total $13,390 · program services $1,000 · management and general $12,390

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,738,758 · end of year $6,273,407

  • 4 · Accounts receivable

    beginning of year $14,899,097 · end of year $16,357,601

  • 7 · Other notes and loans receivable

    beginning of year $8,079,479 · end of year $16,619,830

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,040 · end of year $13,242

  • 15 · Other assets

    beginning of year $2,355,234 · end of year $4,973,064

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,011,805 · end of year $591,573

  • 19 · Deferred revenue

    beginning of year $899,879 · end of year $462,113

  • 23 · Secured mortgages and notes payable

    beginning of year $8,079,479 · end of year $16,619,830

  • 25 · Other liabilities

    beginning of year $6,066,864 · end of year $8,027,597

  • 27 · Net assets without donor restrictions

    beginning of year $18,027,581 · end of year $18,536,031

Mission and programs · 2024

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)

Activities or mission (Part I)

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.

  • 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 MORE THAN 14,000 OF UNITS OF QUALITY, SAFE, ADEQUATE, AND AFFORDABLE LOW-INCOME HOUSING EQUATING TO BILLIONS OF DOLLARS OF INVESTMENT IN LOW-INCOME COMMUNITIES ACROSS THE COUNTRY.

    Expenses $9,183,394 · Grants $4,606,192 · Revenue $9,682,655

  • 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". PROJECTS INCLUDE PUBLIC BUILDINGS AND CITY HALLS, EDUCATIONAL AND MEDICAL RESEARCH FACILITIES, STUDENT HOUSING, PARKING FACILITIES AND OTHER PUBLIC INFRASTRUCTURE.

    Expenses $1,267,690 · Grants $446,569 · Revenue $1,079,061

  • 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)NDC COMMUNITY IMPACT LOAN FUND (CILF) UNGUARANTEED LENDING TO WOMEN, MINORITIES, AND INDIVIDUALS IN DISADVANTAGED COMMUNITIES. CILF, HEDC'S NATIONAL CDFI AND MEMBER OF THE FEDERAL HOME LOAN BANK OF NEW YORK, WORKS WITH PARTNER-COMMUNITIES AND INVESTORS THROUGHOUT THE UNITED STATES TO STIMULATE ECONOMIC DEVELOPMENT BY PROVIDING CAPITAL FOR TARGETED GROWTH IN ECONOMICALLY DEPRESSED AREAS. CILF ENGAGES DIRECTLY WITH SMALL BUSINESS OWNERS ACROSS THE COUNTRY BY EXTENDING LOW-COST AND FAIR FINANCING. CILF ALSO OPERATES AND PARTICIPATES IN LOAN PROGRAMS FUNDED BY BOTH PUBLIC AND PRIVATE CLIENTS, IN WHICH CILF ULTIMATELY MAKES END LOANS TO BORROWERS. CILF'S ACTIVITIES CREATE OR RETAIN JOBS, ALLOW BUSINESSES TO EXPAND, RESTRUCTURE DEBT, AND MAKE IT POSSIBLE FOR BUSINESS OWNERS TO CREATE WEALTH.

    Expenses $760,038 · Grants $524,184 · Revenue $1,266,605

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Adam Ennis

    BORD MEMBER/COO

    Total calculated
    $444,236
    From this org
    $0
    From related orgs
    $351,274
    Other
    $92,962
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,274 related
    Bonus
    $0 + $65,000 related
    Other
    $0
    Deferred
    $0 + $39,024 related
    Nontaxable benefits
    $0 + $53,938 related
    Filer's total
    $0 + $444,236 related

  • Charley Depew

    BOARD MEMBER

    Total calculated
    $294,068
    From this org
    $0
    From related orgs
    $255,296
    Other
    $38,772
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $220,296 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $19,979 related
    Nontaxable benefits
    $0 + $18,793 related
    Filer's total
    $0 + $294,068 related

  • Daniel Marsh III

    PRESIDENT/BOARD MEMBER

    Total calculated
    $605,052
    From this org
    $0
    From related orgs
    $531,397
    Other
    $73,655
    Hours/week
    4.4 + 50.6 related

    Schedule J breakdown matched by us

    Base
    $0 + $431,397 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $54,928 related
    Nontaxable benefits
    $0 + $18,727 related
    Filer's total
    $0 + $605,052 related

  • David J Trevisani

    BOARD MEMBERR/VP

    Total calculated
    $409,255
    From this org
    $0
    From related orgs
    $284,339
    Other
    $124,916
    Hours/week
    6 + 44 related

    Schedule J breakdown matched by us

    Base
    $0 + $244,339 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $76,453 related
    Nontaxable benefits
    $0 + $48,463 related
    Filer's total
    $0 + $409,255 related

  • Kevin Gremse

    BOARD MEMBER

    Total calculated
    $375,233
    From this org
    $0
    From related orgs
    $274,418
    Other
    $100,815
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $260,418 related
    Bonus
    $0 + $14,000 related
    Other
    $0
    Deferred
    $0 + $47,098 related
    Nontaxable benefits
    $0 + $53,717 related
    Filer's total
    $0 + $375,233 related

  • Michael Griffin

    BOARD MEMBER

    Total calculated
    $451,794
    From this org
    $0
    From related orgs
    $366,362
    Other
    $85,432
    Hours/week
    45.5 + 4.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $266,362 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $43,059 related
    Nontaxable benefits
    $0 + $42,373 related
    Filer's total
    $0 + $451,794 related

  • Raquel Favela

    BOARD MEMBER

    Total calculated
    $332,730
    From this org
    $0
    From related orgs
    $293,881
    Other
    $38,849
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,881 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $15,902 related
    Nontaxable benefits
    $0 + $22,947 related
    Filer's total
    $0 + $332,730 related

  • Stephanie Dugan

    BOARD MEMBER

    Total calculated
    $341,816
    From this org
    $0
    From related orgs
    $250,665
    Other
    $91,151
    Hours/week
    28 + 22 related

    Schedule J breakdown matched by us

    Base
    $0 + $225,665 related
    Bonus
    $0 + $25,000 related
    Other
    $0
    Deferred
    $0 + $48,660 related
    Nontaxable benefits
    $0 + $42,491 related
    Filer's total
    $0 + $341,816 related

  • Daniel Choi

    VICE PRESIDENT

    Total calculated
    $332,089
    From this org
    $0
    From related orgs
    $271,108
    Other
    $60,981
    Hours/week
    12.5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $231,108 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $10,941 related
    Nontaxable benefits
    $0 + $50,040 related
    Filer's total
    $0 + $332,089 related

  • Jennifer Vertrees

    SECRETARY

    Total calculated
    $201,814
    From this org
    $0
    From related orgs
    $114,248
    Other
    $87,566
    Hours/week
    25.5 + 24.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $108,248 related
    Bonus
    $0 + $6,000 related
    Other
    $0
    Deferred
    $0 + $37,589 related
    Nontaxable benefits
    $0 + $49,977 related
    Filer's total
    $0 + $201,814 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
ALL COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION USING THE FOLLOWING: THE BOARD OF DIRECTORS OF NDC HAS A STANDING COMPENSATION REVIEW COMMITTEE, THE MEMBERS OF WHICH ARE ALL INDEPENDENT DIRECTORS. THE COMMITTEE ENGAGES A THIRD PARTY INDEPENDENT CONSULTANT TO REVIEW THE COMPENSATION OF THE PRESIDENT EVERY TWO YEARS. THE COMMITTEE REVIEWS AND DISCUSSES THE FINDINGS AT A SPECIAL SESSION WITH ALL BOARD MEMBERS PRESENT EXCEPT THE PRESIDENT.
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

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NDC AFFORDABLE HOUSING LLC

    AFFORDABLE HOUSING · DE · income -$4,772 · assets $16,743,158

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORP

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • NDC CORPORATE EQUITY FUND III

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND IV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND V

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$19 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$11 · share of assets $148 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$24 · share of assets $481 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND VIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$23 · share of assets $100 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND IX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$153 · share of assets $579 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND X

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$221 · share of assets $650 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$398 · share of assets $886 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$651 · share of assets $2,101 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$578 · share of assets $2,650 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$494 · share of assets $3,612 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XV

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$438 · share of assets $4,763 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$566 · share of assets $6,394 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVII LP

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$500 · share of assets $8,063 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XVIII

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$711 · share of assets $8,823 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XIX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$643 · share of assets $8,683 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XX

    DEVELOPMENT · LOW INCOME HOUSING · NY · 0.01% owned · share of income -$2,008,921 · share of assets $110,618,860 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

  • NDC CORPORATE EQUITY FUND XXI

    DEVELOPMENT · LOW INCOME HOUSING · NY · 100% owned · share of income $86,920 · share of assets $74,609,280 · general or managing partner

    Directly controlled by NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION

    C · HOUSING · NY

  • COMMUNITY DEVELOPMENT GROUP ILLINOIS INC

    C · HOUSING · NY

  • COMMUNITY DEVELOPMENT GROUP KENTUCKY INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP RENEWABLE ENERGY

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP WALLA WALLA INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT INVESTOR BROOKLYN

    C · ECONOMIC DEVELOPMENT · NY

  • HOUSING DEVELOPMENT GROUP III INC

    C · HOUSING · NY

  • NDC GREEN RENEWABLE ENERGY ENTERPRISE NEXUS

    C · ECONOMIC DEVELOPMENT · NY

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202523159349304232

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