March 4, 2011

Watertown, NY: The Franklin Building, a landmark structure on Watertown’s Public Square, marked its rebirth in a ribbon cutting ceremony today. NDC Corporate Equity Fund’s John Linner was on hand to share in the celebration. CEF’s partner in the Franklin Building is Neighbors of Watertown, Inc.

The Franklin Building is NDC’s second housing development in Watertown, our fifth in the North Country and our fifteenth in New York State, and Neighbors of Watertown, Inc., whose director is Gary Beasley, has been our partner in both Watertown projects. The newly restored Franklin Building includes sixteen units of quality, affordable housing above 13,000 square feet of commercial space.

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 twenty-seven 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.

CEF looks 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.

For a closer look at the Franklin Building, see our January 11, 2011 blog post:http://nationaldevelopmentcouncil.org/blog/?tag=franklin-building