Residential Development Background
 
The business now conducted by Pedcor Investments, A Limited Liability Company ("Pedcor") began in 1987 when its original principals, Gerald K. Pedigo and Bruce A. Cordingley, developed and constructed the first IRC Section 42 Low Income Housing Tax Credit (“LIHTC”) rental housing project in central Indiana. Today, Pedcor is an active and seasoned developer of affordable and conventional housing in what is currently a 12 state footprint in the Midwest and Southeast United States. 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 conventional apartments as well as 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 has used 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, FHA 223(f), 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 $450 million in debt and $208 million in equity since its inception.
Pedcor’s development portfolio is comprised of 29 conventionally financed tax credit partnerships, 37 tax-exempt bond financed partnerships and 7 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 73 partnerships consisting of 10,216 units (7,586 tax credit and 2,630 market) located within 45 communities. The aggregate portfolio consists of 12,609 units as a result of development activities and acquisitions, including the Pedcor Housing and Village Housing portfolio. Pedcor is currently active in Indiana, Ohio, Michigan, Illinois, Kentucky, Missouri, Nebraska, Tennessee, Iowa, Alabama, Louisiana, and Virginia.
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