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Issue 5:

During the past year, ECCDI has worked diligently to maintain its funding relationships. It has sought assistance of industry leaders to locate products to ensure ECCDI’s continuing mission to provide quality affordable housing to its service area and offer access to capital for small businesses. This has been done successfully during these difficult economical times, when the housing and development market has seen a drop in development activity and equity partners, and the banking world has tightened their grip on small business lending.

ECCDI is proud to announce the ground breaking for Meadow’s Gate Apartments in Jacksonville, NC. Meadows Gate will be an 80 unit multi-family development. See above Press Releases for more information on this development

ECCDI continues to look at other site locations in Carteret, Franklin, Lenoir and Onslow counties, for continuing their mission of providing quality, affordable housing to the residents of North Carolina.

ECCDI’s Rural Venture Program under the USDA Intermediary Relending Program (IRP) has had an increasingly busy year. ECCDI is filling the gap as commercial lending institutions have tightened their criteria for lending during this economic downturn.

ECCDI is pleased to report that since its relationship began with the USDA Intermediary Relending Program, it has made loans of approximately $5,294,000 to 23 businesses in Eastern North Carolina.

ECCDI intendes to apply to the USDA Rural Ventures Program for additional monies for 2010.