National Economic Opportunity Fund

CHATTANOOGA, TENNESSEE (August 18th, 2005) - The National Economic Opportunity Fund (NEOF) has partnered with the 28th Legislative District Community Development Corporation (28th CDC) to develop the MLK Project – a 20,000 square foot mix-use condominium complex on historic Martin Luther King Boulevard in Chattanooga, Tennessee. Building from NEOF's community development model in Memphis , this initiative will create jobs and spur further redevelopment in an area once known for its commercial establishments, professional offices, and entertainment centers. Historically known as the “black business district' of the Chattanooga community, this neighborhood suffered a decline in the sixties and seventies, but has since turned the corner and is on the cusp of renewal.

Forestine Watson-Haynes, Executive Director for the 28th CDC stated, “We are excited to have the National Economic Opportunity Fund and its very able administrative team as our partnering resource and ally in the development of our MLK project. This project has been on the 28th CDC's radar screen for a long time and is expected to have a catalytic effect for business development throughout the MLK corridor'.

The MLK project marks the next step in the evolution of NEOF's community development franchise model, a unique strategy that harnesses the entrepreneurial talents of Veterans, Minorities, and Women. NEOF is working with the 28th CDC on a daily basis to put together a financing package while also incubating potential minority owned businesses for the retail portion of the project. The basic premise is simple: the best way to redevelop a local economy is to bring in businesses, and the best people to do it are entrepreneurs. Often the best entrepreneurs are Veterans and Service Disabled Veterans.

According to Service Disabled Veteran James Mingey, President and CEO of NEOF, “The collaborative atmosphere in Chattanooga offers an ideal environment for cutting edge community development projects'

The MLK project will feature over 10,000 square feet of ground floor commercial condominiums along with an equal amount of second floor housing. The commercial uses will include telemedicine and telecommunications businesses along with other New Markets qualified franchise businesses intended to accommodate student lifestyles at nearby University of Tennessee at Chattanooga .

The 28th Legislative District Community Development Corporation is a private, locally initiated non-profit community development corporation created to improve the quality of life for all residents of the community and to act as a catalyst for economic and community development for the communities within the 28th Legislative District. The 28th CDC was chartered in 1993 in the State of Tennessee, and received its 501 (C) (3) tax-exempt status in 1995. An 18 member Board of Directors governs it presently with the state legislative representative for the district serving as an additional non-voting honorary member.

The National Economic Opportunity Fund is a community development financial intermediary, which has developed a specialized, public-private franchise model focused on accelerating economic development in low-income communities across the country. To accomplish this goal, NEOF has aligned local community development interests with the forces of national advocates such as the Business Roundtable, the Minority Business Roundtable, and the Veterans Corporation.