This document is enhanced content for "Community Development Corporations Embrace Historic Rehabs" by Melissa Jest in the Fall 2014 Forum Journal ('Get Real About Real Estate'). To learn more about Preservation Leadership Forum and how you can become a member visit: http://www.preservationnation.org/forum

1. Fall 2014 Forum Journal: “Community Development Corporations Embrace Historic Rehabs”
By Melissa Jest
Enhanced Content: Real Estate Development Terminology
Specialized terminology and acronyms abound in the world of real estate development. Here
are a few that appear in this journal along with their definitions.
Community Development Corporations (CDCs) are nonprofit, community-based
organizations focused on revitalizing the areas in which they are located, typically low-income,
underserved neighborhoods that have experienced significant disinvestment. While they are
most commonly celebrated for developing affordable housing, they are usually involved in a
range of initiatives critical to community health such as economic development, sanitation,
streetscaping, and neighborhood planning projects, and oftentimes even provide education and
social services to neighborhood residents.
Community-wealth.org is an information clearinghouse covering the state of the art in
community-based economic development supported by The Democracy Collaborative at the
University of Maryland. Community-wealth.org houses the most up-to-date collection of
resources focused on CDCs and their role in community wealth building.
According to Community-wealth.org there are 4,600 CDCs found in all 50 states. Their average
annual housing production is 96,000 units and 75,000 jobs are created by CDC activity per year
Community Development Financial Institution (CDFI) are specialized financial institutions
that work in market niches that are underserved by traditional financial institutions. CDFIs
provide a unique range of financial products and services in economically distressed target
markets, such as mortgage financing for low-income and first-time homebuyers and not-for-
profit developers, flexible underwriting and risk capital for needed community facilities, and
technical assistance, commercial loans and investments to small start-up or expanding
businesses in low-income areas. CDFIs include regulated institutions such as community
development banks and credit unions, and non-regulated institutions such as loan and venture
capital funds.

2. The US Department of Treasury reports that 5,780 Community Development Entities have
been certified since 2012. Landmarks Community Capital, LCC, a nonprofit subsidiary of the
Pittsburgh History & Landmarks Foundation and the Providence Revolving Fund are both
certified CDFIs.
Community Housing Development Organizations (CHDO) are private nonprofit, community-
based organizations that have staff with the capacity to develop affordable housing for the
community they serve. At least 15 percent of federal funds under the HOME Investment
Partnerships Program (HOME) must be set aside for specific activities to be undertaken by
CHDOs. HOME is the largest federal block grant to state and local governments designed
exclusively to create affordable housing for low-income households. HOME provides grants to
states and localities for building, buying, and/or rehabilitating affordable housing for rent or
homeownership or providing direct rental assistance to low-income people.
For more information visit HUD.gov
A receivership is a legal tool under state statute that allows a judicially supervised receiver to
gain temporary control of property whose owner has violated the state sanitary code and whose
property poses health and safety hazards. In Massachusetts, the statute empowers the
appointed receiver to collect rents, make repairs, and when necessary to borrow money. It also
provides a mechanism to cover costs by allowing the receivership to have a priority lien on the
property. The scope and features of state statutes vary widely.
For more information:
 Massachusetts Housing Partnership
 MHP's receivership efforts helping 4 cities stabilize neighborhoods
 Massachusetts Receivership Manual
Who is doing what?
 Pittsburg History & Landmarks Foundation is a CDFI
 Providence Revolving Fund is a CDFI
 Galveston Historical Foundation is a CHDO
 Waterfront Historic Area LeaguE is a Receiver