Annual Impact Report 2020
A Note from Our CEO:
It is an understatement to say that 2020 was a year of great change that tested everyone’s ability to quickly adapt their ways of doing business. Despite managing a slew of new and unique challenges, VCDC and its affiliates were able to raise over $54 million in LIHTC equity (exceeding our goal), close 8 LIHTC and New Market Tax Credit developments, grow the size of our CDFI loan fund, and partner in the acquisition and redevelopment of a mobile home community in southern Chesterfield County.
2021 is shaping up to be a year of growth for VCDC and its affiliates. We plan to expand the staff, increase the size of our LIHTC investment fund, and further expand our lending programs and commercial real estate investment activities. We have already secured a $2,250,000 Capital Magnet Fund grant that will provide us with additional loan capital and have launched VCDC Equity Fund 25 with a target of over $60 million in investment capital, which will help us to finance a very strong pipeline of LIHTC developments.
The pandemic has certainly affected the lives of several million Americans. Hundreds of thousands have lost their lives and millions of others have suffered illness, lost jobs or otherwise suffered from reduced employment income. While protections safeguarding against evictions for non-payment of rent and massive federal investments in housing programs and other income support programs have gone a long way towards ensuring housing stability for most of those families over the past year or more, many thousands of families served by our partners still face hardships and insecurity. The challenge in 2021 and beyond will be significantly increasing the supply of affordable rental housing to meet the huge and growing demand.
VCDC will definitely be a part of shaping and implementing those solutions.
Sincerely,
Robert Newman, President & CEO
463 families and households moved in to safe, affordable homes in 2020 thanks in part to our equity investments.
TOTAL EQUITY INVESTED IN 2020: $37,046,331
2020 Equity Invested and New Developments are based on project closing dates and New Households are based on first year lease-ups throughout the year.
Featured Community Stories
Through strong community partnerships, in 2020 we:
helped finance the development and preservation of 441 affordable homes throughout Virginia
helped finance the creation of 278,276 square feet of commercial, office, and community space in Virginia and West Virginia
provided $12.5 million in Qualified Equity Investments to 3 community facilities through the New Market Tax Credit Program managed by our CDE affiliate
made 3 new loans through our CDFI affiliate, totaling $900,000 in flexible and affordable capital
sustained our community impact with awards of $2.25 million from the Capital Magnet Fund and $450,000 from the CDFI Fund's FA Program
Beyond creating safe, affordable homes our partnerships support immediate and sustained community impact through job creation and local economic growth.
Sustained Community Impact of 2020 LIHTC Partnerships
Permanent Jobs Created: 29
Local Economic Growth Each Year: $3,186,612
Immediate Community Impact of 2020 LIHTC Partnerships
Initial Jobs Created: 490
Immediate Local Economic Growth: $30,841,458
Economic Impact estimated using HousingForwardVA's Economic Impact Calculator.
A few highlights of 2020
Housing Equity Fund 24 closed in late 2020 and provides $54,000,000 in investments from local banks that will create and restore 485 affordable homes.
VCDC affiliate, VCDF, was awarded multiple federal grants, allowing us to grow our lending program and further partner to create vibrant communities.
We developed the VCDC brand to more authentically express the work and impact of what we do.
Mission Elevation Class of 2020, made up of 6 housing and community impact oriented nonprofit organizations, celebrated the culmination of their time in the year-long program in June 2020.
We celebrated 30 years of collaborative partnerships and equity investments.
Thank you to all of our partners who share the mission of creating safe and affordable homes and are passionate about helping communities thrive.
We look forward to continuing to develop VIBRANT COMMUNITIES with our largest equity fund to date, VCDC Equity Fund 25.
