Since its inception, The NDR Group has produced phenomenal results, including the construction or renovation of over 1,500 housing units valued at over $80 million and the generation of new tax revenue amounting to hundreds of thousands of dollars annually. Investments in new housing valued at over $50 million are planned.
The success of The NDR Group’s projects is based upon several key principles, believed by the organization’s Board of Directors to be the keys to its ongoing success. These principles include:
- Home ownership revitalizes neighborhoods
- Working families expect quality construction and lifestyle amenities in affordable housing projects
- Create opportunities for multi-generational living; seniors and working families
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“When we started, the City [New Rochelle] approved the concept of a private not-for-profit corporation developing affordable housing as long as it wasn’t a burden to the taxpayers,” says Frank J. Garito, president of The NDR Group. And the organization has remained true to its word—taxpayer funds have never been used as financial support. In fact, since 1990, The NDR Group has paid an impressive $2.25 million to the City above annual real estate taxes.
As a not-for-profit, The NDR Group has received numerous grants from federal, state and local governments and is the recipient of many housing awards. We were the recipient of one of the last Housing Development Action Grant awards in the country and creatively reengineered and saved from recapture, with Congressional and HUD approval, $4.65 million of 1980’s Mod Rehab Funds converting it into a 2004 HUD Special Grant for a new home ownership and senior citizen project.
VIEW BOARD OF DIRECTORS
