VCDC IMPACT REPORT 2022: A Year of Success and Resilience

Friends and Colleagues of VCDC—

2022 was a banner year for VCDC—we raised more LIHTC equity than any previous year, we continued the growth and success of our community development loan fund, and fully deployed our latest New Markets Tax Credit allocation. Importantly, we also welcomed several new employees to the team that contributed to these outcomes, and who will help to ensure our continued success in facing the challenges ahead (there are always new challenges!)

Despite fast rising construction costs and interest rates, and depleted construction workforces, our team found ways to close the resulting budget gaps on each project to get them to the closing table and under construction while simultaneously cultivating a robust pipeline for 2023and beyond. I am always proud of our team’s resilience in adapting to a rapidly changing market environment.

On behalf of the residents of the communities that we helped finance, I wish to thank all of our local development partners, our investors, our Board and our staff for finding ways to deliver in 2022 under very trying circumstances. We will build on this momentum through 2023 and beyond.

—Bob Newman, President and CEO

Stories Behind Our Work

Building Partnerships for Affordable Housing Success

VCDC’s longstanding partnership with People Incorporated of Virginia (People Inc.).

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Connecting Capital with Impactful Community Spaces

An artful investment in Richmond’s beloved art nonprofit, Studio Two Three

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Fostering Meaningful Industry Support

Empowering organizations to create lasting change through Mission Elevation

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