Community Developments Investments
Community Developments Investments Community Developments Investments Community Developments Investments
Community Developments Investments

Winter 2005

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Putting a CDC mission statement
into practice

A photo of three single-family demonstration home

National City CDC helped finance three single-family demonstration homes for Cleveland's first CitiRama showcase.

Formed in 1982, National City Community Development Corporation (NCCDC) has made more than $700 million of community development investments throughout the National City Bank’s service area. The CDC’s mission statement summarizes its objectives—and, by extension, the kind of work that any bank CDC can undertake:

• To promote the revitalization of low- and moderate-income neighborhoods throughout the local community of the banking affiliates, while concentrating on the interests of the present residents; by making loans and equity investments in residential and small business commercial real estate; by acquiring, owning, renovating, developing, leasing, managing and selling real and personal property; or by acting as research counselors, consultants, and promotion counselors, particularly to those engaged in redevelopment projects.

• To conduct credit and asset management counseling of low- and moderate-income residents of the local community to help them improve their ability to receive loans for purchasing or improving a home.

• To act as a contact and a catalyst between neighborhood groups, financial institutions, developers, and local, state, and federal government institutions concerned with community planning and development

Putting a mission statement into practice can take patience and perseverance, particularly in rural areas where community resources are often stretched thin. For example, when NCCDC tackled the affordable housing problems of New Castle, county seat of largely rural Lawrence County in Pennsylvania, it had to contend with all of the problems faced by a community whose days as a bustling industrial and railroad center had long since passed. Funds for any kind of revitalization were hard to find.

NCCDC partnered with six banks, a local nonprofit, local government, and two federal programs to fund construction of 16 new homes and rehabilitate another 25 homes, all to be sold to families at 60 percent or less of the area median income—in a neighborhood where so many houses had been razed over the years that half of the original plots had become empty, garbage-strewn lots.

As one of the nation’s oldest bank community development corporations, NCCDC has a mission statement that has enabled it to stay focused on its community development objectives and leverage over $6 billion of neighborhood revitalization. Projects funded by the CDC have helped create almost 50,000 units of housing and more than 4 million square feet of commercial and retail space.