The evaluation of three Ford Foundation supported Community Development Corporation (CDC) programs with performance relative to output targets (milestones) that are both identifiable and quantifiable are presented in this paper. The milestone targets, developed in 1973 for the following year, are targets over which the CDC would legitimately be expected to have some control. In addition to reporting the findings on CDC performance relative to these targets, qualitative factors which bear importantly on the meaningful analysis and evaluation of CDCs are discussed. The three programs evaluated are listed as follows: the Bedford Stuyvesant Restoration Corporation, the Woodlawn Organization, and the Zion Non-Profit Charitable Trust. Three case studies are also presented in order to examine the performance of the CDCs in developing major housing complexes and shopping centers. The discussion also takes into account circumstances that bear on the success or failure of these projects. An additional purpose of the case studies is to illustrate some of the opportunities and constraints facing CDCs in pursuing their various program options, The final section of the paper comments on some key aspects of the context and problems faced by CDCs, based on the observations while carrying through the project. (Author/AM)