The NSCDF celebrated its annual luncheon and a successful year that extended $2 million in loans to local small businesses and community development groups.
By: Tom Colbert
On Friday, November 2 the Northside Community Development Fund (NSCDF) celebrated their annual luncheon at the Lexus Club at PNC Park. NSCDF executive director Mark Masterson provided an update on the organization’s affordable housing and commercial redevelopment projects, valued at $31.9 million.
The projects include four affordable homeownership projects, two commercial real estate projects in Observatory Hill, and four commercial real estate projects in Historic Deutschtown, including the new 96-room hotel development at the corner of East Ohio Street and Madison Avenue.
“We understand that financing, planning, and completing both affordable housing and commercial real estate projects needs to be a community-driven effort in order to be successful,” said Masterson. “As the city continues to struggle with the challenges of affordable housing in rapidly changing neighborhoods, our efforts all across the Northside can and should be seen as a resource and vital blueprint.”
In addition to the commercial real estate and affordable housing projects, the organization has extended 73 loans this year to small businesses and neighborhood development organizations totaling $6 million.
Over the past six years, NSCDF has loaned more than $10.4 million to support 123 small businesses and neighborhood development organizations. More than half of that total (approximately $5.6 million) was primarily used by non-profit community organizations to acquire and develop strategic real estate projects in their neighborhoods. The remaining $4.8 million was loaned to businesses; 30 percent of the business loans made went to woman-owned business and 25 percent to minority-owned businesses.
Masterson praised the generous financial support of NSCDF’s partners, noting that the organization’s success is fueled by their commitment. Since 2001, the fund’s investments have leveraged an additional $21 million in outside financing.
Established in 2000 as a subsidiary of the Northside Leadership Conference (NSLC), the NSCDF is a Community Development Financial Institution certified by the U.S. Department of Treasury. NSCDF provides loans and financing for businesses and real estate development projects throughout the city’s Northside neighborhoods.