What’s New?
Whites Mill Point II: Affordable Family Homes in Abingdon, VA
VCDC is proud to welcome Whites Mill Point II to our portfolio, a renovated community in Abingdon, VA, bringing 32 affordable homes to low-income individuals and families. The rehabilitation of the apartment homes at Whites Mill Point will significantly increase the quality of living for current and potential new tenants at this community, making it a place where residents are proud to call home.
Lightfoot Apartments: Affordable Homes in Culpeper, VA
Lightfoot Apartments is a new community of affordable housing in Culpeper, VA, bringing 60 homes to low-income families. In Culpeper County, a short supply of affordable rental homes has translated into higher rent rates where housing is available, leaving low-income families behind. Lightfoot Apartments serves as a vital new piece to the Culpeper community, filling a deep need for high-quality and affordable homes for families.
VCDF awarded $800,000 by CDFI Fund in Financial Assistance to support economic development
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.
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 will help bring vibrancy and attraction back to historic Fifth Street and support Lynchburg’s Downtown 2024 Master Plan.
Celebrating the Legacy of Our CEO, Robert Newman, and Launching a Search for His Successor
As we look ahead to 2025, our organization is preparing for a significant transition. After a notable career dedicated to advancing affordable housing, our CEO, Robert Newman, has announced his retirement, set for April 2025. While we will deeply miss Bob's leadership and vision, this is also a time to celebrate his incredible legacy and begin the process of selecting a new leader to carry forward our mission.
VCDC Hosts 30th Anniversary NASLEF Conference in Charlottesville, VA
September 2024 — After months of planning and anticipation, VCDC proudly hosted the annual NASLEF (National Association of State & Local Equity Funds) Conference in Charlottesville, VA from September 18-20th.
VCDC Receives Approved Broker Status from Virginia Housing
September 2024 - VCDC is honored to announce that we have received Approved Mortgage Broker Status permitting our organization to represent developers seeking loan products from Virginia Housing. This will enable our team to extend its role in affordable housing development beyond tax credit services into the lending field with utilization of the considerable and wonderful lending opportunities available at Virginia Housing.
Mission Elevation: Cohort 7
The Mission Elevation program is an extension of VCDC's commitment to ensure communities are vibrant for all residents. Created 5 years ago, Mission Elevation is the newly named iteration of the successful program the Nonprofit Sustainability Challenge.
Technical Assistance Success Stories: Property Management Training Uplifts 70+ Affordable Properties in Virginia
VCDC's Technical Assistance (TA) Program offers unique benefits to our partners in affordable housing to help them obtain the resources they need to create real change in their communities. Recently, we used TA funds to support training services for over 80 property managers and maintenance staff at our affordable communities across Virginia.
VCDC’s Housing Equity Fund 27 brings over 154 new homes to Virginia Communities
Housing Equity Fund 27 will help 200+ households including seniors, individuals with disabilities and families throughout Virginia have access to safe, sustainable, and affordable homes.
VCDC Awarded $19,900 for Capacity Building Planning from Virginia Housing
Virginia Housing recently awarded VCDC $19,900 through their FY24 Capacity Planning Grant to support succession management planning. This grant award supports VCDC’s vision to build upon existing groundwork for needed succession planning and ensure our team is well prepared for shifts and growth within our organization as our CEO, Bob Newman, has announced his retirement set for April 2025.
Mission Elevation Success Stories: Housing Alexandria
Housing Alexandria, a nonprofit developer based in Northern Virginia, is dedicated to creating homes and community-focused spaces that empower the residents of Alexandria. With over 840 affordable homes delivered and 400 additional rental units currently planned for construction, the organization has significantly impacted the Alexandria region. As Housing Alexandria has grown, CEO Jon Frederick and COO Elisa Mondragon recognized the need for strategic guidance to tackle new, ambitious projects. To address this, they joined Cohort 6 of VCDC’s Mission Elevation program.
Mission Elevation Success Stories: Judeo-Christian Outreach Center
The Judeo-Christian Outreach Center (JCOC) is a community-focused organization that provides essential services to low-income and vulnerable residents including an emergency shelter, a veteran transitional housing program, a food pantry, and a day support program. Recently, JCOC reached a major milestone in their mission to empower communities after beginning renovations for a campus that will create 38 new supportive housing homes for people experiencing homelessness in Virginia Beach. As JCOC has expanded, Executive Director Todd Walker and Development Director Kristin Ward recognized the need to enhance their administrative, financial, grant management, and fundraising capacities. To address these needs, they joined VCDC’s Mission Elevation (ME) program.
Aaron Mills Apartments
The Aaron Mills Apartments is a new community of affordable housing in a historically industrial area of downtown Martinsville, Virginia. The development will serve elderly individuals, aged 55 and up, making 60% of the Area Median Income or below.
Parkside Apartments
Parkside Apartments is an affordable apartment community in Culpeper, VA with 37 newly constructed homes designed for low-income families. The townhome-style complex offers 7 one-bedroom, 23 two-bedroom, and 7 three-bedroom apartments constructed on the site of a local scenic park. The homes are Parkside Apartments are specifically reserved for area residents making no more than 40%, 50% and 60% of the Area Median Income, addressing a critical need for stable and affordable housing in Culpeper, where these types of communities are typically challenging to find.
Fairfax Hall: A historic renovation for affordable senior homes
Originally constructed in 1890 as a bustling hotel, the Fairfax Hall building in Waynesboro, VA has seen many transformations and held many different faces. The structure operated until the early 1900's as the Brandon Hotel and was later used as a music institute, Brandon Hall, until it eventually converted into a junior college for girls. Today, thanks to the support and assistance from the city of Waynesboro, local public entities, and VCDC, Fairfax Hall has been transformed and updated into 54 high-quality affordable homes for senior citizens.
The Tygart Hotel showcases the spirit and vibrance of West Virginia
Nestled in West Virginia’s serene Monongahela Forest of the Appalachian Mountains, the Tygart Hotel shines as a treasured community staple in the City of Elkins, WV. In March, the new-and-improved Tygart Hotel opened to an outpouring of support and excitement from Elkins residents, state and local legislators, visitors, and more. After 8 years of planning and development, the Tygart Hotel now brings 56 boutique hotel rooms and 57 vital jobs to Elkins.
Townhomes at Liberty Place
March 2024 – Townhomes at Liberty Place is a new affordable apartment community in the City of Richmond, VA, that creates 40 townhomes for low-income families and households. The multifamily development features 34 three-bedroom units and six one-bedroom units across 10 buildings on a six-acre site. All units at Townhomes at Liberty Place are designed for households making 40%, 50%, and 60% of the Area Median Income, addressing the need for more affordable homes accessible to nearby services in the City of Richmond.
Building Partnerships for Affordable Housing Success with People Incorporated of Virginia
Our longstanding partnership with People Incorporated of Virginia (People Inc.) has resulted in significant achievements in providing affordable housing in areas across Southwest Virginia and the northern Shenandoah Valley. To date we have provided technical assistance and financing support leading to the development of 23 People Inc. communities that serve historically disinvested neighborhoods throughout the region, with VCDC and affiliates investing in over $52.5 million. Luray Meadows and Culpepper Crossing are two communities from this partnership that have made a positive impact in Page and Culpepper Counties.