What is a CDC?
The term CDC refers to a type of nonprofit entity known as a "community development corporation." Although there is no established legal definition for CDCs, they are characterized by their community-based leadership and their work primarily in housing production and/or job creation. This is what differentiates them from other types of nonprofit groups.
CDCs are formed by residents, small business owners, congregations and other local stakeholders to revitalize a low and/or moderate income community. CDCs typically produce affordable housing and create jobs for community residents. Jobs are often created through small or micro-business lending or commercial development projects. Some CDCs also provide a variety of social services to their target area.
According to a national census of CDCs conducted in 1998 by NCCED (National Congress for Community Economic Development), there are an estimated 3,600 such groups across the United States. Since the emergence of the first CDCs in the late 1960s, they have produced 247,000 private sector jobs and 550,000 units of affordable housing.
CDCs are formed by residents, small business owners, congregations and other local stakeholders to revitalize a low and/or moderate income community. CDCs typically produce affordable housing and create jobs for community residents. Jobs are often created through small or micro-business lending or commercial development projects. Some CDCs also provide a variety of social services to their target area.
According to a national census of CDCs conducted in 1998 by NCCED (National Congress for Community Economic Development), there are an estimated 3,600 such groups across the United States. Since the emergence of the first CDCs in the late 1960s, they have produced 247,000 private sector jobs and 550,000 units of affordable housing.
