NATIONAL ECONOMIC DEVELOPMENT CORPORATION
The National Economic Development Corporation (NEDC) was created to solve a problem while serving a need. NEDC aids and fuel growth in rural communities for sustainable economic development in affordable housing projects, grocery stores that firms up food security, and technology-based infrastructure projects. In doing so, we make it a point to partner with local municipalities, county governments, as well as state and federal agencies to orchestrate a comprehensive plan.
As a Community Development Entity (CDE), we focus on small business lending in mixed-use development projects in the real estate sub-assets class. While our area of concentration is Washington, D.C., Maryland, Virginia, and West Virginia, we may consider an investment opportunity outside this market if the investment yields a greater impact. Typically, we prefer affordable housing and mixed-use projects that are sustainable and creates jobs from the four food groups – multifamily, retail, office, and industrial.
As food insecurity continues to be a pervasive problem in rural America we find it prudent to have a grocery store component structured in the deal whenever feasible. Far to often, developers will buildout a community in the middle of nowhere, completely cut off from other essential services. NEDC realizes this creates another food desert where residents do not have access to affordable nutritious foods like fruits, vegetables, and whole grains. Residents living in food deserts also have a hard time finding foods with nutritional value or with relevancy to meet their dietary restrictions.
Students without a broadband connection at home can have lifelong repercussions. Therefore, we’ve made it one of our mandates to ensure telecommunications infrastructure reaches more rural homes. Studies have shown students with poor internet connectivity are also deficit in digital skills. This leads to other inequalities such as performing lower on standardized tests, and being less interested in degreed programs or careers in math, science, engineering, and technology.
Affordable Housing
NEDC provides a wide range of technical assistance aimed at helping developers plan and structure their developments. For the less experienced developer, NEDC can provide assistance in project planning, site selection, financial structuring, and applications for tax credits and financing as well as actual project construction and lease-up. For the more seasoned developer, we can be particularly helpful by providing insight into an unfamiliar local market or state.
Food Security
The pandemic has placed an enormous strain on our nations supply chains as perishables failed to make it to market due to shutdowns at processing facilities. We are committed to healthy food financing by connecting rural community grocers to diverse suppliers and affording small business owners the ability to standup new locations. NEDC assists local businesses with mezzanine financing, equipment loans, and working capital in various stages of their business process.
Broadband Infrastructure
We assist communities in the expansion and upgrade of their physical infrastructure in rural areas. Students without a broadband connection or residing in areas where internet latency is too poor to support video conferencing or learning from home can get relief during school months. As a permanent solution, NEDC partners with local stakeholders to lay down fiber optic lines and telecommunications to connect students to school districts, and thus the world.
