Pedcor Investments, A Limited Liability Company ("Pedcor") was founded in 1987 when its original principals, Gerald K. Pedigo and Bruce A. Cordingley, developed and constructed the first for-profit IRC Section 42 Low Income Housing Tax Credit (“LIHTC”) rental housing project in central Indiana. Today, Pedcor is the largest developer of affordable housing in Indiana’s multifamily housing tax credit program. According to Affordable Housing Finance Magazine, Pedcor consistently remains one of the Top 10 developers and owners/managers of LIHTC units in the country. Pedcor has established a reputation as an innovative development company with a solid history of identifying active rental housing markets with a demonstrated ability to construct and manage affordable housing developments in compliance with IRC Section 42 (9% LIHTC transactions) and IRC Section 142 (4% LIHTC tax-exempt bond transactions) as enacted by the Tax Reform Act of 1986.

Pedcor uses a combination of various construction and permanent loan structures. Construction financing has been provided by various community and national lending institutions offering traditional construction loan programs and letter of credit enhancements. Permanent financing for Pedcor’s developments has been provided by Federal National Mortgage Association, HUD/FHA 223(f), HUD/FHA 221(d)(4), Rural Housing Program, the Federal Home Loan Bank with the assistance of a consortium of member banks, thrifts and savings and loans utilizing various conventional and tax exempt financing structures. Equity participants include numerous national banks, savings and loans, regional and national syndicators, as well as individuals and large publicly held or privately owned corporations. In aggregate, Pedcor has raised over $704 million in debt and $455 million in equity since its inception.

Pedcor’s development portfolio is comprised of 45 conventionally financed 9% tax credit partnerships, 49 tax-exempt 4% bond financed partnerships, and 11 market rate partnerships, in addition to a special use facility providing a safe haven for women who have been victims of domestic violence. In summary, since its inception, Pedcor has successfully closed 105 partnerships consisting of 14,256 units (11,106 tax credit and 3,150 market) located within 71 communities throughout Indiana, Ohio, Michigan, Illinois, Kentucky, Missouri, Nebraska, Tennessee, Alabama, Virginia and Iowa.