History – Biloxi Community Development Corporation
The Biloxi Community Development Corporation (BCDC) is a 501(C)(3) Nonprofit Corporation chartered on March 11, 1999. This instrumentality of the Biloxi Housing Authority was formed for the purposes of:
- Promoting and supporting the development of quality affordable housing in the City of Biloxi;
- Engaging in activities which may generate monies for profits, with all such monies or profits being used in accordance with Section 501(c)(3) of the Internal Revenue Code; and
- Sponsoring for low income housing tax credit projects and serving as the General Partner or Managing Member of a low-income housing tax credit partnership or limited liability company.
It is governed by a Board of Directors composed of up to nine (9) members, including:
- The five (5) members of the Board of Commissioners for the Authority, or so many of such commissioners as may serve at any time;
- One (1) member appointed from the banking profession;
- One (1) member appointed from the certified public accounting profession;
- One (1) member appointed from the real estate profession; and
- One (1) member who shall be a citizen of the City of Biloxi.
The Directors are appointed by the Biloxi Housing Authority.
The Biloxi Community Development Corporation successfully applied for and received a HOPE VI Grant in the amount of $35,000,000, which was leveraged with Bonds, Loans, Low Income Housing Tax Credits, AHP Grants and other funds to successfully develop approximately 322 units. Bayview Place, Bayview Oaks and the Cadet Point Senior Village were all built as part of the HOPE VI Grant.
In addition, BCDC developed numerous units of affordable housing after Hurricane Katrina to assist in the recovery of the stock of quality affordable housing available in the City of Biloxi.