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Northside Community Development Fund
922 Middle Street StreetPittsburgh PA, 15212-7200
CDFI Awards for Northside Community Development Fund
NMTC (2009) - $4,000,000
Northside Community Development Fund (Northside Fund) will use its NMTC allocation to provide flexible, low-cost debt and equity for businesses engaged in the production of housing, retail and office space in Pittsburgh. Collaborating with several Northside neighborhoods, the Northside Fund has identified projects which will provide a broad range of community benefits, such as wealth creation, increased purchasing power, and crime reduction. The proposed NMTC product offerings will reduce financing costs for borrowers, making housing more affordable to homebuyers and rents more affordable to tenants of commercial and retail real estate properties.
FA (2009) - $600,000
The Northside Community Development Fund is a certified CDFI established in 2000. It provides commercial and residential financing to a Low Income Targeted Population in Pittsburgh, Pennsylvania. Northside Community Development Fund will use its FY 2009 Financial Assistance award for lending capital to its Target Market.
NMTC (2006) - $2,000,000
The Northside Community Development Fund (Northside Fund) will use its NMTC allocation to capitalize a new line of business: housing development financing to address the unique credit needs of qualifying small businesses engaged in the production of for-sale housing. The Northside Fund will provide debt and equity at below-market rates to fuel the development of new and renovated homes within Pittsburgh’s Northside neighborhood. The NMTC allocation will enable the Northside Fund to: 1) attract real estate businesses into the distressed, urban community; 2) leverage $28 million for the development of for-sale housing; 3) produce a cost savings of $10,000 for each homebuyer by reducing financing costs; and, 4) attract new residents and stabilize the population of an urban community which lost over 12% of its population, and experienced a 32% increase in housing vacancies, between 1990 and 2000.
FA (2006) - $226,875
The Northside Community Development Fund (NCDF) is a certified CDFI established in 2000. NCDF provides debt and equity financing to businesses and projects in the City of Pittsburgh’s northside neighborhoods, including micro loan products and equity investments, technology “seeding” grants, commercial real estate investments, and residential development loan products. The 2006 Financial Assistance Award of $201,000 will enable NCDF to expand its commercial real estate lending activities. NCDF will use the 2006 Technical Assistance Award of $25,875 to: (1) conduct an economic summit with representatives from the NCDF service area; (2) train staff in e-commerce, housing development finance, and loan fund management; (3) purchase community impact tracking and reporting software; and (4) refine real estate development finance underwriting polices, procedures and documentation.
NMTC (2002) - $500,000
The Allocatee will provide business loans, including micro-enterprise loans and gap financing, and financial counseling and development services to businesses. The organization believes the NMTC Program will allow it to significantly increase the number of loans it can make to small businesses in the distressed Northside neighborhood of Pittsburgh.
SECA (2002) - $166,000
The Fund"s assistance will facilitate the implementation of these lending activities with a $150,000 capital grant and a $16,000 technical assistance grant for staff training and the purchase of equipment.
SECA (2000) - $50,000
The CDFI Fund"s technical assistance grant will be used to assist this start-up organization with the development of its products, and capitalization and marketing strategy. It will also provide needed technology and training to increase the capacity of the organization and its staff.
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