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.

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.  

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.

Studio Two Three is a forward-thinking nonprofit art studio in Richmond, VA with a mission to empower artists to create civic change and community engagement through art. After 13 years of growth, Studio Two Three decided to explore the opportunity of purchasing a permanent home for their high-performing studio. Our lending affiliate, VCDF, helped Studio Two Three receive an $800,000 loan so the organization can make an impact in their forever home.

Winchester Forest is a new community that brings 160 much-needed affordable homes in Chesterfield County, Virginia. The apartments are being developed to specifically serve families making annual incomes at or below 60% of the area median income (AMI). VCDC has committed an investment of over $21 million dollars through our Low-Income Housing Tax Credit equity funds for the entire Winchester Forest community. The community offers residents everything they need to feel at home, including a community clubhouse, fitness room, playground, onsite management staff, maintenance, and parking.

Florida Terrace Apartments is an affordable housing community bringing 31 new homes to low-income residents in Lynchburg, VA. Florida Terrace was developed by Rush Homes, Inc. VCDC has invested a total of $4,500,000 toward the development cost of Florida Terrace Apartments through VCDC Equity Fund 26.

Cool Lane Commons is an adaptive reuse of a vacant building in the Richmond Metro Area. It contains 86 single room occupancy homes and serves low-income residents earning 50% or less of the Area Median Income. VCDC has invested a total of $10,723,121 for Cool Lane Apartments through the Housing Equity Fund of Virginia 24. Virginia Supportive Housing (VSH), the developer of Cool Lane Commons, has a long-shared history of partnership with VCDC.

May 2022 - Poplar Creek Homes is a community located in South Boston, VA. Poplar Creek Homes serves low-income families and meets the demands for more affordable housing developments in the largely rural area of Southside Virginia. Amenities at Poplar Creek include 16 Hardie plank sided buildings constructed for energy efficiency, high-quality cabinets, countertops and flooring. VCDC partnered with Southside Outreach Group (SSOG) to assist in the development of Poplar Creek Homes.

Kindlewood is in the first phase of an affordable housing redevelopment in Charlottesville, Virginia. Kindlewood Phase I will bring 106 newly renovated homes in three buildings to current residents at the community and new residents. VCDC provided $14,457,035 in LIHTC equity for Kindlewood through Housing Equity Funds 23 and 24. VCDC partnered with Piedmont Housing Alliance (PHA) and National Housing Trust (NHT) to assist in developing the community.

VCDC’s lending affiliate VCDF is proud to announce it received a $375,000 grant from Truist Financial Corporation through its Truist Charitable Fund, a donor-advised fund at the Winston-Salem Foundation, to expand its lending capital and increase its capacity to serve partners and low-income communities, and to further the shared goals of VCDF and Truist to develop more safe and affordable housing in Virginia.

Firefly Commons is a mixed-generation community in the City of Elkins, West Virginia. The community contains 16 new homes between seven buildings: six duplexes are for seniors, and one building is a townhouse-style unit housing for families. Firefly Commons has been in the works since 2014.The community includes homes for low-income seniors who prefer to live in a multi-generational community surrounded by families and other senior citizens.

VCDC’s lending affiliate, VCDF, is collaborating with a group of CDFIs to form the Virginia CDFI Coalition, which will, among other things, be actively involved with the state agencies responsible for deploying the fund.

The federal government has awarded VCDC’s Virginia Community Development Fund (VCDF) $2.25 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.

VCDC is proud to announce the closing of three projects in 2020 by our lending program, VCDF (Virginia Community Development Fund), to obligate one half of our allocation of 2018 New Market Tax Credits.

Center in the Square provides housing for arts and science organizations free of charge and offers marketing and other support services to tenants, assuring the stability and viability of their programming. With a variety of arts, science, and entertainment opportunities, it is an invaluable cultural and educational resource for Roanoke residents and visitors

Connecting the Wayne Theatre to revitalization efforts in the city’s downtown, the Wayne Theatre Alliance saw an opportunity to simultaneously pay homage to the building’s history and catalyze economic development in the city’s downtown with a performance center for the arts.

The Birthplace of Country Music Alliance, an affiliate of the Smithsonian Institution, was established in order to preserve and promote the musical heritage of Bristol. With focused collaboration between public and private entities on both the Virginia and Tennessee sides of town, the Birthplace of Country Music Cultural Heritage Center was born in 2014.

We are excited to announce that VCDC’s lending affiliate, VCDF, has received an award of $450,000 from the Community Development Financial Institutions Fund (CDFI Fund) to launch a new loan product designed to attract developers to rural areas of Virginia and West Virginia.

The New Markets Tax Credit Program was established to spur investments in operating businesses and real estate projects located in low-income communities. The program attracts investment capital by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions.