National Development Council Announces $250,000 Grant for Kings Theatre and Flatbush Avenue Small Business Loan Fund

WASHINGTON, Jan. 31, 2020 /PRNewswire/ -- This week, the National Development Council (NDC) celebrated 50 years of working in low-income urban and rural communities throughout the country, driving equitable economic development, job creation, and safe, decent affordable housing. During the celebration on Thursday, January 30th at Brooklyn's Kings Theatre – a project funded through the New Markets Tax Credit – NDC announced a $250,000 grant for Kings Theatre, as well as a Flatbush Avenue Small Business Loan Fund to support local and existing Brooklyn entrepreneurs.

"We are proud of the five decades of progress and advancement for underserved communities the National Development Council has fueled over the years," said Dan Marsh, NDC President. "We are thrilled to announce this grant for Kings Theater and the Flatbush Avenue Small Business Loan Fund as part of our efforts to continue increasing the flow of capital for investment to build on our early efforts to revitalize and bring opportunity to diverse neighborhoods and communities across the country for the next 50 years."

Since its founding in 1969, NDC has made a big impact driving investments to some of the poorest city neighborhoods, small towns and rural communities nationwide. NDC has deployed more than $750 million in NMTC financing for 93 community development projects in economically distressed communities that created 26,466 jobs. Through its small business lending, NDC has provided $266 million in loans to 706 businesses that created or retained more than 15,200 jobs. The organization also increased access to quality affordable housing in 30 states and Puerto Rico, by driving $2 billion in financing to 223 projects, resulting in 11,733 affordable units.  In addition, NDC has partnered with 100 municipal clients to develop social infrastructure and provided training to over 75,000 community development practitioners.

This anniversary celebration honored two individuals close to the NDC, James J. Roszkowski, President of Discover Bank, and Ira Weinstein, Managing Principal for CohnReznick. They were recognized for their leadership, contributions and dedication to the mission of the National Development Council.

James J. Roszkowski led Discover Bank in an investment, in partnership with the National Development Council, in the Delaware Innovation Space, a new incubator on the site of the DuPont Experimental Station, helping scientists and the associated support positions adapt to life after the layoffs associated with the Dow/DuPont merger. A new incubator project in partnership with the Delaware Technology Park, the National Development Council and the University of Delaware, focused on FinTech and consumer financial health, has been announced and will be opening in 2021.

Ira Weinstein is active in areas of the public-private partnership and was instrumental in programs like the federal and state New Markets Tax Credit Programs, the federal and state historic tax credit programs, renewable energy tax credits for investment and production and the Low-Income Housing Tax Credit. Mr. Weinstein was also involved in the restoration of Kings Theatre, where the anniversary celebration was hosted on January 30, 2020.

Hailed as a "linchpin" in the robust revival of its Flatbush neighborhood in Brooklyn, the restoration of Kings Theatre is a testimony to the power of strategic investment and community partnerships through NDC. The project began in 2013 with $95 million in financing from The City of New York, Brooklyn Borough President's Office, Dormitory Authority of the State of NY, Goldman Sachs, New Markets Tax Credit and Ace Theatrical. Completed in 2015, the revitalization of the structure faithfully restored the Theatre's original splendor while transforming it into a modern multi-purpose performance facility.

NDC also recognized BB&T, now Truist, for its work with NDC since 1997. This continuing partnership with NDC's development finance training programs has helped to build the capacity of over 8,000 professionals in nonprofit development corporations, Small Business Development Centers, CDFIs, minority business accelerators and state and local governments

Photos and videos from the event available upon request.

About National Development Council:

NDC acts as a partner, teacher, investor, developer and lender, bringing together advisory services and capital for community and economic investment. NDC works with local and state governments and community-based organizations to help them create and implement their own unique development strategies. Since 1969 our training, products and services have evolved to reflect the changing policy environment and meet emerging needs. Today NDC is the most experienced and comprehensive economic and community development nonprofit in the U.S., working in every one of the 50 states and Puerto Rico.  For more information, visit NDConline.org.

Contact: Ayrianne Parks
ayrianne@rapoza.org 
(202) 393-5225

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SOURCE National Development Council