GLIDE ECONOMIC DEVELOPMENT
CORPORATION (GEDC)
|
Glide Economic Development Corporation (GEDC)
Glide Economic Development Corporation (GEDC) is the non-profit housing development arm of the larger Glide enterprise. GEDC is a 501(c)(3) California non-profit public benefit corporation formed in the year 2000 by Melvin Carriere, President and Chief Operating Officer under the leadership of Chief Executive Officer, Reverend Cecil Williams. GEDC’s central mission is to provide homes and economic stimulus to the neighborhood where Glide’s ministry and programs have been so fundamental. GEDC brought in Paula Collins, President of WDG Ventures Inc, to help implement its development agenda.
The past twelve months have witnessed banner achievements for GEDC, and the expansion of the Glide housing campus. The GEDC development portfolio now includes more than $100 million in affordable housing projects completed and under construction. 125 Mason Street, GEDC Family Housing opened in the fall of 2008, and is now home to 80 families who pay rents at 60% of San Francisco area median income, consistent with the requirements of the San Francisco Mayor’s Office of Housing. The project was completed on budget, and six weeks ahead of schedule. Directly adjacent to the 125 Mason Street, construction is underway for 56 studio apartments for the chronically homeless. These studios will be completed at the end of 2009, with occupancy commencing in the first quarter of 2010. This project is being developed by GEDC in partnership with the San Francisco Mayor’s Office of Housing. The rents charged to the residents will be extremely low, i.e. less than 20% of area median income.
The GEDC portfolio encompasses a range of housing products, from high-rise to mid-rise construction. Both projects have taken advantage of layered financing structures which include tax credits, conventional debt, bond financing, private equity, and public funding from various local, state and federal affordable housing sources.
Both GEDC projects have benefited from partnership with local developers who share Glide’s cultural approach for empowerment. Millennium Partners is a valuable joint venture partner in not only building, but also in the continued operations of 125 Mason Street, GEDC Family Housing. Tenderloin Neighborhood Development Corporation, a well known local non-profit housing developer partnered with GEDC to create the 149 Mason studios, representing a true "win/win” for two of San Francisco’s most respected community institutions.
Glide Economic Development Corporation (GEDC)
Board of Directors
Board Chairperson
Rev. Cecil Williams, Founder, Glide Church and C.E.O., GEDC
Janice Mirikitani, Founding President, Glide Foundation
Leonard Berry, Principal, Managing Director, Blackstrom McCarley Berry Co., LLC
Helynna Brooke, Executive Director, San Francisco Mental Health Board
David Cincotta, Esq., Jeffers, Mangels, Butler & Marmaro, LLP
Caskie Collette, Asset Manager and Director of Finance, Fidelity Partners
John Connolly IV, President, John Connolly Partners
Michael Rugen, Esq., Sidley Austin LLP
Elizabeth Funk, Chief Executive Officer, CML Global Capital
Elmer Knowles, Glide Cecil Williams Community House Resident
Bradford Paul, Consultant
David Richmond, Secretary and Treasurer, Glide Foundation
GEDC Officers and Management
Reverend, Cecil Williams, Founder, Glide | C.E.O. & Board Chairman, GEDC
Melvin Carriere, President MTA Consulting, Inc. | President & C.O.O. GEDC
Paula Collins, President, WDG Ventures Inc. and Portfolio Real Estate Consulting | Development Manager/Consultant
Deborah Whittle, Principal, Social Research and Training Group | Manager of Operations and Support Services/Consultant
David Richmond, Secretary & Treasurer | Executive V.P., GEDC
Jeff Leighton, CPA, Financial Advisory Service | C.F.O./Consultant, GEDC
|