irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $25.71MSTIMULATE 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.
- #2 $1.13MLOW 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.
named programs · 6 · from sources
What they call their work
Delaware Innovation Space
Nonprofit incubator supporting science industry startups; received $5 million in patient capital from Capital One, leading to over $1 billion in follow-on investment and creation of 350+ jobs.
Grow Delaware Fund
Small business lending program providing $42 million in capital to businesses across Delaware through partnerships with state and local governments and Capital One.
New Markets Tax Credit (NMTC) Program
Deploys federal tax incentives to attract private investment into low-income communities; funded projects including The Bridge, the Fintech Center, and the Youth Development Center.
Professional Training and Capacity Building
Training program that has equipped over 85,000 individuals in development finance, including professionals from the City of Wilmington and West End Neighborhood House.
The Bridge Educational Campus
$73 million pre-K to graduate-level educational campus in downtown Wilmington, developed with public and private financing and technical assistance from Grow America.
Youth Development Center (YDC)
$20 million K-12 recreation and healthy living center in Wilmington, funded in part by a $10 million NMTC allocation from Grow America and TD Bank.
activities · 7 groups
What they do
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Affordable Housing Development and Management 1 activity
- Developing and financing affordable housing unitsDevelops and finances affordable housing for low-income families, seniors, and individuals with special needs. Has developed over 14,000 units nationwide, including more than 12,780 units as of website reporting, through direct development, financing, and management.
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Capital Infrastructure Funding 1 activity
- Financing large-scale community and research infrastructure projectsProvides financing for major community and research infrastructure developments, including a $360 million research facility at the University of Washington and a $95 million restoration of Kings Theatre through public-private partnerships.
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Flexible Grants to Grassroots Organizations 1 activity
- Funding affordable housing and community development projectsFinances affordable housing and community development through qualified equity investments and New Markets Tax Credit allocations. In 2022, made $35.4 million in qualified equity investments across six projects, and in 2020 invested $98.5 million in 14 affordable housing projects totaling 1,019 units.
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Women's Empowerment and Leadership Development 1 activity
- Operating SEED Academy for underrepresented developersRuns the SEED Academy, an intensive training program that equips women and people of color with skills in planning and financing development projects, creating financial projections, and preparing loan applications.
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Small Business and Nonprofit Lending 1 activity
- Providing loans and equity capital for small businesses and nonprofitsProvides loans and equity investments to small businesses and nonprofits, focusing on underserved borrowers overlooked by conventional lenders. Has provided $3 billion in loans to small businesses and leveraged over $2.4 billion in project financing through 102 New Markets Tax Credit projects.
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Historic Theater and Arts Venue Preservation 1 activity
- Reinvesting project revenues into community programsCommits to reinvesting cash flow from projects like the Kings Theatre into the ongoing operation of the venue and into local community projects and programs.
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Professional Certification and Continuing Education 1 activity
- Training professionals in economic and housing development financeOffers certification and training programs for professionals in economic and housing development finance, including the EDFP and HDFP certifications, and has trained over 85,000 professionals.
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financials · form 990 · fy2024
revenue
Total revenue$113.15M
Contributions & grants$27.27M24%
Program service revenue$75.80M67%
Investment income$-1.18M-1%
Other revenue$11.26M
expenses
Total expenses$110.90M
Program expenses93%
Admin / overhead7%
Fundraising0%
Salaries & benefits$0
Grants paid out$2.82M
Largest expense lineFacilities
balance sheet
Total assets$818.58M
Cash$40.33M
Investments$286.80M
Liabilities$707.19M
Net assets$111.38M
Liquid reserves35.4 mo
5 years on record · 2020–2024 · YoY revenue +11.5%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 10
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| DANIEL MARSH III | PRES/BOARD MEMBER | 4 | $605K |
| MICHAEL GRIFFIN | BOARD MEMBER | 1 | $452K |
| ADAM ENNIS | BOARD MEMBER/COO | 6 | $444K |
| DAVID J TREVISANI | BOARD MEMBER/VICE PRESIDENT | 11 | $409K |
| KEVIN GREMSE | BOARD MEMBER | 1 | $375K |
| STEPHANIE DUGAN | BOARD MEMBER | 1 | $342K |
| RAQUEL FAVELA | BOARD MEMBER | 1 | $333K |
| DANIEL CHOI | CFO | 13 | $332K |
| CHARLEY DEPEW | BOARD MEMBER | 3 | $294K |
| JENNIE VERTREES | SECRETARY | 15 | $202K |
board members · 15
- BILL KING — BOARD MEMBER
- BRENDAN MEHAFFY — BOARD MEMBER
- BYRON BROWN — BOARD MEMBER
- CHRISTOPHER SCANLON — BOARD MEMBER
- DARRON SAXON — BOARD MEMBER
- GEOFFREY PERSON — BOARD MEMBER
- JESSICA ESKRA — BOARD MEMBER
- JOHN MURRAY — BOARD MEMBER
- KEITH SWENSON — BOARD MEMBER
- KISTY MORRIS — BOARD MEMBER
- LARRY WEST — BOARD MEMBER
- LISA NICHOLS — BOARD MEMBER
- MARLO JACO — BOARD MEMBER
- PAULA LIU — VICE PRESIDENT
- SCOTT ANDREW — BOARD MEMBER
relationships · 23
Who they work with
- Ace Theatrical Partner — Partnered with Ace Theatrical as the developer for the Kings Theatre restoration under a long-term lease.
- American Express Partner — Partner organization whose logo appears among trusted partners in community development training.
- BlueHub Capital Partner — Co-financer in the Franklin Cummings Technical Institute development project
- Brooklyn Borough President’s office Government — Received financing support from the Brooklyn Borough President’s office for the Kings Theatre restoration.
- Chase Partner — Co-financer in the Franklin Cummings Technical Institute development project
- City of New York Government — Collaborated with the City of New York in a public-private partnership to restore Kings Theatre.
- Consortium America Partner — Co-financer in the Franklin Cummings Technical Institute development project
- Dormitory Authority of the State of NY Government — Received financing support from the Dormitory Authority of the State of NY for the Kings Theatre restoration.
- Federal Home Loan Bank of New York Government — Certified member institution through which NDC Community Impact Loan Fund operates as a national CDFI.
- Goldman Sachs Funder — Received financing support from Goldman Sachs for the Kings Theatre restoration.
- Grady Health System Partner — Partner organization receiving a New Markets Tax Credit investment from HEDC New Markets for expansion of its infectious disease program in Atlanta.
- Grow America Network — Nonprofit community development lender providing financial services to underserved small businesses
- Grow America Partner — Provides advisory support and technical assistance for community and economic development initiatives.
- Grow America Partner — Provides equity capital and technical support for affordable housing development through its Corporate Equity Fund.
- HAI Group Partner — Partner organization whose logo appears among trusted partners in community development training.
- Homestreet Bank Partner — Collaborates with banking officers at Homestreet Bank to enhance small business clients' financing experience
- Partners for Common Good Partner — Co-financer in the Franklin Cummings Technical Institute development project
- Perkins+Will Partner — Collaborated on the development of the South Lake Union biomedical research campus.
- Sellen Construction Partner — Partnered on the construction and development of the South Lake Union biomedical research campus.
- Sussex County Partner — Partnership enables offering low-rate, long-term loans to businesses in Sussex County, Delaware
- University of Washington Partner — Partnered on lab expansion project for medical breakthroughs research in Richland, WA.
- University of Washington School of Medicine Partner — Collaborated on three phases of the South Lake Union research facility expansion project.
- Vulcan Real Estate Partner — Partnered on the South Lake Union biomedical research campus development project.
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Customized, Integrated Technical Assistancemethodology: integrated_advisory_servicesBy delivering tailored advisory services that combine financing, training, and developer support, we solve complex community development challenges more effectively because one-size-fits-all models fail in diverse, under-resourced contexts.
- Integrated Investment and Capacity Buildingmethodology: integrated_investment_and_capacity_buildingBy combining financial investment with capacity-building support for local organizations, we produce stronger and more sustainable community development outcomes because financial capital alone is insufficient without institutional strength and technical capability.
- Public-Private Partnership Model for Scalable Community Revitalizationmethodology: american_model_public-private_partnershipBy structuring public-private partnerships with dual nonprofit-for-profit entities and leveraging tax-exempt financing, we reduce public financial risk while maximizing private-sector expertise to deliver large-scale cultural and economic revitalization projects that neither sector could achieve alone.
- Responsible and Relationship-Based Lendingmethodology: relationship-based_lendingBy offering flexible, long-term financing with low barriers and personalized underwriting, we increase access to capital for underserved businesses and communities, because trust and contextual understanding lead to more sustainable repayment and growth than standardized lending models.