MNEDC Is a 501(c)(3) NPC, Quasi Government Organization authorized to function in all five boroughs of New York City. The organization’s powers are:
- To construct, acquire and rehabilitate real property
- Assist others in acquiring project funds
- To liaison with federal, state, city, and local authorities by writing grant proposals
- To purchase, lease, gift, bequest, devise or otherwise, real or personal property
- Issue Notes and Negotiable Bonds without leave of the Court
- To obtain loans from the Job Development Authority of New York City.
These powers are to be used only in marginal (minority) neighborhoods which are MNEDC’s “targeted markets.”
MNEDC Is not a panacea for all the socio-economic problems of New York City; however, the organization will strive to help relieve some of the burdens shouldered by the government. This will be accomplished by keeping vigilant eyes on the bottom line and adhering to strict budget guidelines, bringing private economic development dollars to the table and making every dollar count without compromising quality results.
MNEDC’s Board of Directors has expertise in City Planning, Accounting, Development, Construction Estimating, Education, Corporate Law, Architecture, Finance, Manufacturing, Import/Export, Nonprofit Management and Hotel Development/Management. The board has a strong desire as community advocates to help bring economic parity to underserved communities of the five boroughs.
- Staten Island
MNEDC’s research has found studies showing that factors such as poverty, unemployment, low wages and gentrification have contributed to the disparity between the more affluent population and marginal neighborhood inhabitants. The shrinking of true “affordable” housing has resulted in homelessness for the unemployed as well as workers living below the poverty level; thus the need for shelters with the attached social services. This has caused a financial burden on the average taxpayer and government.
MNEDC has on the drawing board three projects (2 in Brooklyn and 1 in Manhattan) scheduled to start in 2018.