2009

1. 2009 Report to the People
North Carolina
Community
Development
Initiative
Years of Innovation
15

3. Mission
The North Carolina Community Development Initiative is a statewide public-private partnership that provides lead-
ership and capital investment to high-performance community development corporations (CDCs) as well as other
community based economic development endeavors, (i.e. social enterprises) to improve the well-being and quality of
life for people in low-resource communities.
Core Values
1. Stewardship: a commitment to
operate with the highest standard of
integrity and to act as a model for the
responsible management and use
of human and financial resources.
2. Transparency: a commitment to
fully disclose all relationships and
transactions in an ethical manner.
3. Flexibility: a commitment to be
responsive to both needs and
opportunities, consistent with our
mission and subject to our organi-
zational priorities and resources.
4. Accountability: a commitment to
practice thorough reporting of
financial and performance data
essential to the Initiative’s mission
and the mission of partnering
organizations.
5. Strategic Alliances and
Partnerships: a commitment
to collaborative planning and
implementation of programs and
policies to accomplish common
industry goals; and a belief in the
power of collaborating with other
organizations to achieve common
goals and maximize impact.
6. Strategic Thinking/Continuous
Learning: a commitment to
thinking, seeking, planning and
embracing best practices and
innovation; and the willingness to
receive and learn from feedback.
7. Ethical Philanthropy: a commit-
ment to the fair and equitable
process of fundraising and dissemi-
nation of resources with integrity.
8. Leadership: a commitment to
being a continuous source of vision,
inspiration, innovation and con-
structive influence for the good of
the entire CED industry, modeling
responsible direction and influence
in all relationships, programs and
practices.
9. Respect, Dignity and Courage:
a commitment to treat everyone
with respect and dignity; to take
risks and learn from our mistakes;
to build relationships and partner-
ships based on mutual respect. To
do these things in ways that set a
positive example and standard for
the industry as a whole.
PHOTOSTHISPAGECOURTESYOFMOUNTAINHOUSINGOPPORTUNITIES

4. Years and Counting15
From a little-known startup to a national model for
CDC support, the N.C. Community Development
Initiative has come a long way in 15 years. It wasn't
always easy. But with help from our corporate,
foundation and government supporters, we've been
able to grow and succeed. Here's a look back at
some milestones:
2000
Received a $1 million special one-time
appropriation from the General Assembly
from the Stripper Well settlement;
established the Star Home program with
Advanced Energy, to assist nonprofit
housing developers in constructing energy-
efficient affordable homes. Funds were
available for new construction of affordable
homes, which would be certified and
registered as ENERGY STAR® homes by the
U.S. Department of Energy and the U.S.
Environmental Protection Agency, with
guaranteed below-average monthly heating
and cooling costs. This program was the
precursor to the System’s Vision
construction standards.
Received official notice from the U.S.
Department of Treasury that Initiative
Capital is certified as a Community
Development Financial Institution (CDFI).
Abdul Rasheed elected and serves two
terms (2000–2004) as chair of the National
Congress for Community Economic
Development.
1995
Formalized organizational accountability
with the introduction of “measuring
success.”
1996
Board room named for former N.C.
Speaker of the House, Daniel T. Blue, Jr.
1997
Included in the North Carolina General
Assembly base budget, indicating strong
state/public support.
1999
North Carolina Community
Development Initiative Capital incorpo-
rated; incorporators Ronald J. Leeper,
Michael T. Lentz and Abdul Rasheed.
Hurricane
Floyd hits
eastern North
Carolina;
Initiative
appropriated
$7.5 million
of the $836
million
Hurricane Floyd Recovery Budget.
Initiative is one of two nonprofit
organizations receiving money for
recovery efforts.
1994
The North Carolina Community
Development Initiative launched with
$6.5 million.
First board of directors
First board meeting
First staff
First office

5. 2003
Pillowtex permanently closes in Kannapolis,
forcing more than 5,000 low- to moderate-
skilled workers into unemployment; worked
with local CDC to help design the nonprofit
organizational response to the disaster.
Awarded the contract from the City of
Charlotte to manage the Charlotte
Neighborhood Fund.
Joined the statewide advisory board for the
Land For Tomorrow Coalition, a $1 billion joint
effort of the state’s leading nonprofits, envi-
ronmental and conservation organizations to
build awareness of the need for working
together to preserve the state’s natural and
human assets.
2004
Celebrated the Initiative’s 10-year
anniversary, raising more than $150,000 to
cover the cost of the celebration.
Converted the Turn-Around, Human Capital
and Research and Development investments
into the Targeted Investment Fund (TIF).
2005
Completed the Initiative’s Impact on the
Economy of North Carolina 1994–2004,
prepared by the National Community
Development Services, Inc.
2006
Introduced Sustainability Planning/
Working Capital Investments to the
investment portfolio.
2007
Received a $138,000 grant from the
Clean Water Management Trust Fund to
provide predevelopment riparian grants
to six organizations statewide. This is
first grant they have made to a minority
organization.
Awarded a $10 million dollar program-
related investment from State Farm
Insurance Company as well as a
$1 million loan from State Farm Bank.
Purchased an office building in North
Raleigh as the Initiative’s corporate
headquarters.
2008
Launched the Summer Youth
Community Economic Development
Leadership Internship program.
Started construction of the Initiative’s
first EnviroSteel solar houses in Kinston
and Sanford.
Received $3 million increase in the
2007–09 base-budget appropriation,
the largest increase in our history,
bringing the total state investment to
more than $5.2 million.
Received $1 million from the state to
support the Initiative’s Green Agenda.

6. If I had to pick a word to characterize the
last two years for the North Carolina
Community Development Initiative, it
would be: Whew! The Initiative has main-
tained the same aggressive goals, which in
the end have elevated the lives of people in
scores of communities across our state in
innovative ways. We crisscrossed the state
in recent months to talk about the good
work done by the Initiative—with a high
degree of fiscal accountability. All of that
work was done under the dark cloud of the
nation’s unprecedented banking and hous-
ing woes.
And still, the Initiative’s future is bright.
Among the brightest spots was an agree-
ment struck with several national, region-
al and minority banks and the state
legislature to invest in North Carolina com-
munities. First Citizens, BB&T, SunTrust
and Wachovia, along with Mutual
Community Savings, Mechanics and
Farmers and Lumbee Guaranty banks,
pledged millions of dollars a year to improve
communities where access to capital has
been hard to come by. The General
Assembly allocated $1 million for a reserve
fund to mitigate the lending risks.
The syndicate of banks was historic. It’s
the first time strong national and regional
banks have teamed with local minority-
owned financial institutions to invest in dis-
advantaged areas.The economic downturn
slightly unraveled the agreement. But its
signing remains a clear mark of the
Initiative’s vitality.
Historic in its own right was an agree-
ment by State Farm Bank and the State
Farm Insurance Co. to make $11 million
available to the Initiative for loans to deserv-
ing community development corporations.
It included a $1 million loan from State
Farm Bank, the largest in our history. The
commitment by the two for-profit compa-
nies demonstrates the private sector’s
continued confidence in our mission.
The common theme is innovation. I am
fortunate to work with a smart and for-
ward-thinking staff that doesn’t rest on past
successes. An innovative spirit led the
Initiative to pursue environmentally sound
policies. One result? Discarded cars and
appliances are turned into steel frames for
homes built by our community develop-
ment corporation partners. Many of those
homes are powered by passive solar systems.
They are built under conservation-based
land use policies, also championed by the
Initiative.
Similarly, our six ready-to-build Enviro-
Steel house plans are designed to withstand
crushing winds. We can be proud that
families in affordable housing are sharing
the same features as others, thanks to the
Initiative’s staff.
That talent will be needed in the com-
ing months as the nation digs out of a
stubborn economic mess.The Initiative has
the advantage of a long history of solid
financial management. Like any good busi-
ness, we must manage our way through this
downturn. We have to make good business
decisions about our investments and grants.
This environment doesn’t cut us any slack.
We don’t have any margins.
That said, the Initiative sees an encour-
aging future. Pursuing our environmental
and land conservation goals will place the
organization at the forefront of progressive
development.Two projects currently under
way—an 86,000-square-foot tobacco ware-
house redevelopment in Henderson and the
88-acre Crossing at 64 on the Edgecombe
County side of Rocky Mount—promise to
revive long-ignored areas.That could spark
further revival in both cities. When we suc-
ceed in resurrecting a depressed neighbor-
hood, the private sector rushes in with its
own investment. Everyone wins.
It is still gratifying that the Initiative plays
this unique role in advancing the interest
of traditionally underserved communities.
The truth is that no one else is focusing on
these communities with the unique tools
that we provide. It starts with relationships
—with community leaders, with state and
federal elected leaders, with banks and insur-
ance companies and philanthropic groups.
We make the public-private partnerships
work. We bring all those sectors together.
That gets you up in the morning. This
country, with all this wealth, with all this
promise—we can make that promise real.
From Abdul Rasheed, CEO
The Initiative has main-
tained the same aggressive
goals, which in the end
have elevated the lives
of people in scores of
communities across our
state in innovative ways.

7. A hard political truth says that low-income
people are least likely to have high-paid
lobbyists promoting their interests. That
truth is more evident in fever-pitch years
when North Carolinians go to the polls to
elect a governor and a president. That’s one
reason I committed my career to working
with legal services and the N.C. Advocates
for Justice. It’s part of why I’m so proud to
serve as the chairman of the Initiative’s
board of directors.
Again these past two years, the Initiative
has done groundbreaking and inspiring
work in communities across North Carolina.
In Asheville, the Mountain Housing Oppor-
tunities community development corpora-
tion recently finished Prospect Terrace, a
mix of 17 affordable and market-rate condo
and cottages in a section of the state where
affordability comes at a premium. Since the
Initiative’s last biennial report, the Outer
Banks CDC broke ground on Nature’s Walk
in Kill Devil Hills. The cost of housing in
that idyllic beach town, known for its high-
dollar vacation homes, is usually too steep
for the average teacher’s or police officer’s
salary. Fifteen of the 20 two-bedroom units
in Nature’s Walk will be affordable. Natures
Walk takes advantage of special zoning that
promotes affordability.
The Initiative’s effectiveness would be
impossible without strong, focused leader-
ship. My job as chairman is made easier by
the work of my predecessor, P. E. Bazemore.
Initiative CEO Abdul Rasheed has a histo-
ry of serving the disadvantaged with drive
and integrity. It’s no wonder that under his
hand, the Initiative has reached more com-
munities and has multiplied the number of
for-profit and nonprofit entities and foun-
dations willing to invest in the work.
Legislators, bank presidents, CDC direc-
tors and leaders in low-wealth communi-
ties trust him and his staff. It was an honor
for me to have worked with Abdul in the
legal services arena more than 30 years ago
and to serve on the Initiative’s board.
Service on a board of this nature has
its own deep rewards. Being chairman
offers a different and unique view, and for
me an inspiring one. Since becoming
chair, I have gained a greater appreciation
of the impressive mix of CDC directors
and private-sector participants who do the
on-the-ground work. That mix creates a
powerful dynamic.
Being chairman has given me a better
view of the sheer volume of work that’s
already been completed by CDCs that take
advantage of the Initiative’s services. And I
am even more impressed by the progressive
innovation that goes into projects shepherd-
ed by the Initiative. Green building is the
rage these days. Not so much for most
developers in low-wealth communities.The
Initiative has made sustainable development
a priority. It has taken a lead in encourag-
ing the use of solar technology in projects
large and small. It has created a whole new
product —EnviroSteel®
—which are six
ready-to-build housing plans that combine
safe, strong steel-frame design and environ-
mentally friendly features. Practically, that
means lower power bills. And it means a
better environment.
As the founder of a regional Legal Aid
service, the director of the state’s legal serv-
ices agency and now as CEO of N.C.
Advocates for Justice, I have seen how low-
wealth North Carolinians can forge better
lives for themselves when they gain access
to the basic services their better-off fellow
citizens enjoy. That access takes the hard
work of forward-thinking people in groups
like the Initiative. The need still looms
large. Until significant changes occur, the
North Carolina Community Development
Initiative will play a pivotal role in deliv-
ering justice and practical help in our state.
From Dick Taylor,
Chairman of
the Board
The Initiative has
reached more
communities and has
multiplied the number
of for-profit and
nonprofit entities and
foundations willing to
invest in the work.

8. Community development corporations
and the Initiative have long worked to
build affordable housing in North
Carolina communities. But now we’re
insisting that new affordable housing be
sustainably built, as well.
“In our role of stewardship, we all have
responsibility for protecting the earth,”
Special Assistant to the CEOTara Kenchen
says. We’ve innovated cost-effective strate-
gies that allow affordable houses to:
I Use less energy—and cost less for low-
income families to live in
I Take advantage of passive solar heat-
ing and cooling
I Use fewer toxic materials, making
homes safer, especially for children
I Incorporate recycled and recyclable
resources
I Conserve water and leave more land
surface open to absorb stormwater
I Blend more seamlessly into their
natural environment and preserve nat-
ural features such as trees and hills
I Offer families pleasant spaces to enjoy,
both indoors and out.
The Initiative has partnered with the
Conservation Trust for North Carolina,
the umbrella organization for the state’s
conservation land trusts, to promote con-
servation-based affordable housing, and
the effort has investment from the Clean
Water Management Trust Fund and the
Mary Reynolds Babcock Foundation.
On six sites around the state, we’re
working together to develop new neigh-
borhoods while preserving the essential
natural characteristics of each tract. That
means leaving significant portions of a
tract undeveloped as natural open space,
Innovation:
Building a Green Agenda for Affordable Communities

9. something that becomes an asset for the
residents to enjoy.
“Land trusts want to protect and con-
serve land such as wetlands,” says Barry
L. Williams of the Conservation Trust.
“CDCs aren’t purchasing the most expen-
sive land. Both groups are looking at some
of the same pieces of land. For decades
these two sets of organizations have been
working separately. But it’s a natural fit,
really.”
The partnership has engaged nation-
ally recognized landscape architect and
community planner Randall Arendt to
design neighborhoods that work with the
contours of the land and preserve mature
trees instead of bulldozing everything in
an attempt to create a perfectly flat site.
For example, a neighborhood site in
Kannapolis developed by the Gateway
CDC is situated on a hillside with an old
farm lane.
“I like to walk the property with every-
body and get an understanding about
what the property is all about, to talk
about what things are special and what
things it would be a shame to see swept
away,” Arendt says. “We walked down
this country lane, and it had a wonderful
character. Where there were large trees,
we designed around them. And we tried
to make sure that the view into the prop-
erty from the public road would have a
view into these open spaces.”
At a wooded site being developed by
the Kingdom CDC in Fayetteville, “there
was a lovely natural area down by the wet-
lands, and into the property, it got flatter,
with a plateau at the top,” Arendt recalls.
“On top of that plateau, I drew a long
oval, and we kept the center as a wooded
common space with all the homes
fronting onto it, more than an acre of
land.”
It’s a cost-effective way to provide spe-
cial places for kids to grow up, he says.
“You can design nice developments at
the high end and at the low end econom-
ically,” he says. “It doesn’t cost any more
money to leave things alone. We’re not
putting in a swimming pool or some-
thing. It just requires a little imagination.”
Clustering homes on one part of the
site also lowers costs for infrastructure
such as utilities and pavement, versus
spreading the homes all over the tract.
We’re applying green techniques to
scattered-site affordable housing and ren-
ovated housing, as well.The Initiative has
commissioned plans for passive-solar
affordable homes that it shares with
CDCs around the state. And we are
encouraging the use of recycled carpet,
low-VOC paints, pervious outdoor
pavers, cistern systems, Energy Star appli-
ances and the like.
Rendering by Randall Arendt of Gateway
CDC development in Henderson
From left: Gateway CDC Housing Specialist Sean Marshall, client Rita Long, board
member Juanita Somerville and Director Gary Morgan

10. Precious Sie-Dukes brought her four-year-
old daughter, Jhordan, to watch every day
while their new house was being built last
year in Sanford.
“I always wanted to put down roots,”
Sie-Dukes says. “I just wanted Jhordan
to have a place to grow up like I did.”
Before they moved into the new house,
Jhordan had never slept through the
night. Not in her whole life. But the first
day the little girl moved in, she wandered
upstairs to her own room, slipped under
the covers and slept until morning.
Every story of a family getting their
own affordable home through a North
Carolina community development cor-
poration is special. But this one has an
innovative wrinkle: the Sie-Dukes’ home
is built a new way: with galvanized fram-
ing made from light-gauge steel instead
of from conventional lumber.
It’s an eco-friendly innovation the
Intiative is supporting to build more
durable houses for low- to moderate-
income families and create good-paying
jobs for North Carolina workers.
Steel framing is a sustainable material
because it is made from recycled scrap
steel, such as old appliances, automobiles
and construction steel.
Brick Capital CDC built the Sie-
Dukes’ home and two other steel-framed
houses in Sanford last year, and the
Initiative has built 10 more in a nearby
neighborhood that are ready for families
to move into.
“We hadn’t built two-story homes
before,” says Kate Rumely, Brick Capital’s
executive director. “These are so sturdy.
When you jump up and down on the sec-
ond floor, there is no movement. They
are not going to be eaten by termites. It
is made from a renewable resource. If that
house were demolished decades from
now, that framing can go back into cir-
culation, be melted down and turned into
Innovation:
Steel-framed
houses
Precious Sie-Dukes with her daughter, Jhordan, in their Sanford home

11. something else. It will never be landfilled.”
A dozen additional affordable steel-
framed homes are going up in Kinston
and in Durham. And Durham is also
where the Initiative and UDI CDC
partnered with Nucon Steel to build a
plant to manufacture steel framing for the
use of North Carolina CDCs and others.
“The idea came from a former CDC
director out of Kansas who was involved
with and aware of such an operation in
Kansas,” says UDI CDC Executive Direc-
tor Ed Stewart. “He talked to us about
bringing that concept to North Carolina.
When he talked to [Initiative CEO] Abdul
[Rasheed], he selected our UDI Industrial
Park for the site.”
Stewart’s goal is for the plant to create
a total of 45 jobs during the next three
years. With funding from the Depart-
ment of Commerce and the Department
of Health and Human Services, the plant
is now online. Though the economy is
presenting a challenge, Stewart says the
plant is pursuing many customers for the
framing in addition to CDCs, including
light commercial projects such as church
buildings.
“We’ve had a conversation about sup-
plying the framing for a hotel,” he says.
To further help to disseminate this
innovation, the Initiative has commis-
sioned and trademarked professional sets
of plans for steel-framed houses that take
advantage of passive solar heating and
cooling. Our brand name for them is
EnviroSteel®
, and we’re sharing those
plans with CDCs around the state.
An EnviroSteel®
house under construction
The DogwoodThe Persimmon
The Sweetbay The Trillium
Sample EnviroSteel®
passive solar houses The Tupelo
®

12. The Initiative’s new Youth Leadership
Program is working to ensure that a new
generation of motivated community lead-
ers will be ready to help neighbors in need
when today’s professionals retire. This is
another of our efforts to strengthen the
sustainability of community development
efforts in North Carolina.
“We want to interest young people
early so that they will understand that
there are career options in community
economic development,” President
Ebonie Alexander says. “Whether it’s on
the legal side or on the architectural/engi-
neering/design side, community relations
and marketing or another discipline, we
want to attract the next generation of
practitioners of community economic
development and leaders of nonprofits.
We need to begin to groom that young,
new leadership, and that’s what we’re
working to do.”
For the summer of 2008, the Initiative
and its community partners selected 15
rising high school seniors to work and
learn at six-week internships with com-
munity organizations across North
Carolina. Each student received a $4,000
stipend for the summer and agreed to set
half of that aside for higher education. All
the students in the program gathered
twice in Raleigh to share experiences and
gain further insights from the Initiative
staff. We’re selecting a new class of youth
leaders for 2009.
Though the program targets students
that school leaders and others consider
promising, we have another criterion for
selection, as well.
“We are not looking to reach the A stu-
dent but the B or C student,” Alexander
notes. “The A student will be well taken
care of. But the C or low B student does-
n’t have the same level of opportunities.
We are really trying to attract these young
folks and get them to see the skills and
leadership potential within them.”
Indeed, students chosen were often
ecstatic for the opportunity and motivat-
ed to gain all that they could from it.
They amazed themselves with what they
learned and accomplished. Several say
their future plans now include a public
service career or a way to give back to their
communities. Here is a sampling of their
experiences, in their own words:
Innovation: Youth Leadership Program
Inaugural Youth Leadership Program participants from left to right: Asia Long, Abdul Rasheed,
Krystal Turner, Samuel Mangum, Hannah Davis, Ryan Caine, Rachel Covington, Pooja Shah,
Naima Savage, Ashley Lewis, DeAnthony Greene, Felix Morton and Josh Mackey.

13. Naima Savage, Philippi
Community Development
Corporation, Greenville
“My assignment was to compile surveys
and questionnaires from the community
about what people thought about the sup-
port from the CDC. I then presented the
data every Friday to my boss, Mr. Robert
Williams. I had to research grants and
find out how to write up the applications
and submit three every week. I loved it.
I actually still volunteer and help out and
do all that stuff. It helped me learn a lot
more about my community and what
you have to do to help people. It’s not just
what I thought they needed, but what
they told me they needed help with. I’d
like to become a music therapist working
with autistic children, and I’d like for my
practice to provide service to needy fam-
ilies. I saw that people who had children
with special needs didn’t really get all the
help they needed.”
Future plans: Howard University, Uni-
versity of Georgia or New York University,
all of which have offered her scholarships
Felix Morton, Opportunities
Industrialization Center,
Rocky Mount
“They had me construct brochures for
their departments such as training, com-
puter skills, transportation, etc. It was a
good experience. I learned so much about
the world of work, and it showed me the
dos and don’ts for when you get a job in
the real world. At college, one of my
minors will be business because of what
I learned at OIC.”
Future plans: Elizabeth City State Univer-
sity or East Carolina University
Josh Mackey, Cleveland County
Community Development
Corporation, Shelby
“I pretty much took on the role of an
assistant, helping in any way I could. My
boss, Karla Haynes, and her assistant
Mary Blevins pretty much showed me the
ropes around the whole business. They
embraced me like a son. We were help-
ing families find affordable homes,
giving people financial assistance when
they were laid off. I can definitely see
myself going into community develop-
ment as a career now. In fact, as a senior,
I still volunteer at the CDC every day—
it’s an awesome atmosphere.”
Future plans: Lenoir-Rhyne University or
Univeristy of North Carolina Greensboro
Josh Mackey

14. From our very inception, accounta-
bility has been a hallmark of the North
Carolina Community Development
Initiative. We are accountable to our
investors. And we hold the organiza-
tions in which we invest accountable,
in turn.That rigor is central to every-
thing we do.
“Unlike some funders, we don’t
just send you money and say tell us
what you did at the end of the year,”
Chief Lending Officer Nat James says.
“We develop a contract with you,
negotiate with you, and say what are
the measurable outcomes that you are
going to have? We look at your organ-
ization holistically. We look at pro-
ductivity, the bricks and mortar
development. And we ask, do you
have staff with the right training
to achieve the goals you say
you are going to?”
We also examine an organi-
zation’s fiscal capacity to budget
and account for funds effectively and
responsibly. We insist on a clean audit
and the professional accounting pro-
cedures and internal controls that help
nonprofits to achieve one. We scruti-
nize a CDC’s willingness and ability
to form appropriate partnerships to
accomplish its work, whether it be
with the 90-year-old neighborhood
matron on a block to be renovated,
with bankers or with other nonprof-
its that will help accomplish the mis-
sion.
We also look closely at the gover-
nance structure and capacity of an
organization. Is it truly community
based? Is the board an actual govern-
ing body, providing leadership and
oversight to the staff? The Initiative
offers technical assistance and arranges
training where needed to close gaps
in capacity.
“At the end of the day, what we are
trying to do is make sure we are invest-
ing in groups that are engaged in com-
munity economic development,
ensure that they have the capacity to
do it and to hold them accountable,”
James says.
By approaching our mission in this
meticulous way, the Initiative upholds
its moral and ethical obligation to the
taxpayers, foundations, corporations
and others who invest in communi-
ty development here. And equally
important, we uphold our common
moral duty to be effective at help-
ing our neighbors in need.
With needs so great, there
can be no excuse for substandard
efforts.
We’re ever mindful that we remain
worthy of investment precisely by
insisting that all of our grantees do so
as well.
“When you look at the state’s
investment in this work, they invest
in high-performing or mature
organizations and some new and
emerging ones through the rural
center,” CEO Abdul Rasheed says.
“We are unique. North Carolina is
just incredibly blessed and fortunate
to have this level of commitment at
the state level and from the philan-
thropic community to this work. We
have this finely woven fabric of
organization. It is precious. And at
the Initiative, we take it as our duty
to safeguard it.”
Innovation:
Accountable Community Development
Fixed asset value of CDC projects: $439,962,689
Single-family units (new and rehab): 4,213
Value of new single-family homes: $149,135,129
Multi-family units (new and rehab): 2,778
Value of new multi-family unit projects: $216,436,525
Commercial real estate (sq. ft.): 924,329
Value of commercial real estate projects: $82,700,980
Jobs created (all development): 9,506
Financial literacy counseling (# persons): 41,161
New real estate taxes generated by CDCs: $5,125,027
CDC-owned businesses established: 36
Small businesses counseled: 8,355
Youth and adults trained: 11,475
Years of Accomplishment
15

15. Representatives attending the 2008 Winter Grantee Retreat

16. North Carolina Community
Development Initiative
5800 Faringdon Place
Raleigh, NC 27609
Post Office Box 98148
Raleigh, NC 27624
919 828 5655
919 835 6071 Fax
info@ncinitiative.org
www.ncinitiative.org