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THE NCNB CDC: AN EARLY, BUT STILL WORKING, MODEL

The North Carolina National Bank's (NCNB's) CDC was the earliest community development corporation to focus on urban redevelopment. A subsidiary of NCNB formed in 1978, this nonprofit corporation initiated and participated in the revitalization of Charlotte's Fourth Ward, which, at the turn of the

4-3 The Poplar, a $2.8 million condominium conversion in Charlotte's Fourth Ward,

4-4 Charlotte's Fourth Ward in the foreground, redeveloped through funding by the NCNB CDC.

century, was one of the city's most fashionable neighborhoods. To revitalize the neighborhood, existing properties were renovated, new units built, and below-market mortgages provided. The original $700,000 loan fund grew to more than $25 million, and the tax-assessed value of the area increased by $14 million between 1974 and 1981. By 1981, more than 1,400 new residents were living in the Fourth Ward.

Since then, the NCNB CDC completed several affordable housing projects, entering into commercial ventures as a strategy for subsidizing affordable housing. Gateway Center, located at the entrance to downtown, for example, includes office and retail space. A companion project, an eight-story hotel was built as well. The CDC also manages the historic City Market, a downtown farmers' market that had fallen into disrepair. City Market is now home to 55,000 square feet of retail and restaurant space and 17,000 square feet of office space.

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