Congratulations to Gary Beasley and Neighbors of Watertown Inc. on the grand opening of The Franklin Building. The National Development Council, through its Housing and Economic Development Corporation Inc. (HEDC) and Corporate Equity Fund (CEF), is proud to be a partner in the redevelopment and preservation of the Franklin Building, creating 16 units of quality, affordable housing above 13,000-square-feet of commercial space.

The Franklin Building is NDC's second housing development in Watertown, our fifth in the north country and our 15th in New York state, and Neighbors of Watertown Inc. has been our partner in both Watertown projects.

The National Development Corporation (NDC), founded in 1969, is the oldest national not-for-profit community development organization in the country, with a mission of increasing the flow of capital to underserved urban and rural areas for community development, including job creation and affordable housing.

In a development such as The Franklin Building, NDC's Housing and Economic Development Corporation Inc. through its Corporate Equity Fund (CEF) creates a pool of capital for investment into a housing project that has been awarded Low-Income Housing Tax Credits (LIHTC) and Rehabilitation Tax Credits; these credits are then passed on to taxpaying investors.

Nationwide, CEF has raised more than $430 million in equity and invested in more than 150 projects totaling $885 million in total project cost, in 27 states and the Commonwealth of Puerto Rico, resulting in the creation of nearly 7,500 housing units, of which 6,400 are LIHTC units. In New York state alone, CEF investments have resulted in total project investments of $112 million, resulting in 644 housing units, 466 of which are LIHTC units.

We look forward to future collaborations in Watertown and the north country, and partnering with local developers such as Neighbors of Watertown which, in the course of fulfilling our shared mission of providing quality, affordable housing, has a vision for their community's future and a dedication to preserve its past.

Robert W. Davenport

New York

The writer is president of the National Development Council and chairman of the NDC Housing and Economic Development Corporation.