NDC HOUSING & ECONOMIC DEVELOPMENT

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.