COMMUNITY LOANS

VCDC Community Lenders offers several loan products which are distinguished by size, allowable use of loan proceeds, swift review and approval process, flexible terms and underwriting criteria. As a mission-driven organization, VCDC Community Lenders gives priority to affordable housing opportunities and to commercial development that results in economic development in distressed communities. 

  • Project Related Advances: These are 0-interest loans for project feasibility and/or reasonable expenses to prepare for LIHTC application.

    Predevelopment and Carry-forward Loans: These are low-interest, high-risk loans to assist developers reach equity closing or initiate construction.

  • These loans assist with the purchase of real estate, with or without improvements, for the purpose of developing commercial or residential units as well as community facilities.

  • These loans assist with construction financing for residential or commercial use. Priority is given to affordable housing development and commercial projects that contribute to downtown revitalization activities.

  • Energy Loans are available to multifamily residential, commercial, and community facility projects in low-income or disadvantaged communities in Virginia and West Virginia. Projects eligible for a loan include solar panels, HVAC systems, insulation, LED lighting, weatherization, energy audits, environmental studies, and more. We offer interest rates 2%–4% below market for energy-efficient upgrades with flexible repayment terms customized to fit your budget — up to 5-7 years.

    Energy loans may be used separately or in conjunction with other Community Lenders loans but will be underwritten, monitored, and reviewed separately according to the loan capital source.   

OUR IMPACT

In the last 5 years VCDC Community Lenders has: 

Loaned over $43 million, including $8.5 million in financing for affordable housing and $35 million for economic development. 

Click here to learn more about VCDC Community Lenders.

To learn more about partnering with us to make your community vision happen, please contact us.

Contact Us

News & Updates

Featured
Woods George Apartments Revitalizes Historic Property in Philippi, WV
Lending
Woods George Apartments Revitalizes Historic Property in Philippi, WV
Lending

In April 2025, VCDC celebrated the opening of Woods George Apartments in Philippi, West Virginia. Led by Woodlands Development and Lending, the project transforms a historic downtown building in Philippi from neglect into high-quality affordable homes with a first-floor storefront. This adaptive reuse effort brings new life to a building with deep roots in the community while also helping meet the need for rental housing and economic revitalization in Philippi, where poverty remains high. 

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Lending
VCDF awarded $800,000 by CDFI Fund in Financial Assistance to support economic development
Lending
VCDF awarded $800,000 by CDFI Fund in Financial Assistance to support economic development
Lending

The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded the Virginia Community Development Fund (VCDF) $800,000 in Financial Assistance (FA) awards. VCDF’s award will support lending to spark economic development in distressed and underserved communities in VA and WV.

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Lending
Supporting the Revitalization of Downtown Lynchburg through CDFI Lending  
Supporting the Revitalization of Downtown Lynchburg through CDFI Lending  

September 2024 – VCDC's CDFI Lending Entity, VCDF, recently closed on a re-financing loan of $500,000 for the first phase of a mixed-use revitalization project in Lynchburg, VA, which will renovate 9 properties (6 existing buildings and 3 vacant lots) on Lynchburg’s downtown Fifth Street. This extensive revitalization project, with support from our development advisory services, will help bring vibrancy and attraction back to historic Fifth Street and support Lynchburg’s Downtown 2024 Master Plan.  

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VCDF awarded $4 million by U.S. Treasury in Capital Magnet Funds to support affordable housing
Lending
VCDF awarded $4 million by U.S. Treasury in Capital Magnet Funds to support affordable housing
Lending

The federal government has awarded VCDC’s Virginia Community Development Fund (VCDF) $4 million from the Treasury Department’s Capital Magnet Fund (CMF). The grant will finance high quality affordable rental housing in communities across VA and WV where developers are hard-pressed to get financing from traditional sources.

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Lending