VCDC Names Chris Sterling as New CEO, Ushering in a New Era of Growth
Chris Sterling, newly appointed CEO of VCDC
Richmond, VA – Virginia Community Development Corporation (VCDC) is pleased to announce Chris Sterling as its next President and Chief Executive Officer, succeeding Bob Newman, who has led the organization with distinction for over 11 years. Chris will officially assume the role on March 17, 2025, bringing extensive experience and a deep commitment to VCDC’s mission of fostering vibrant communities through strategic investments in affordable housing and economic development. Following a comprehensive national search, the Board unanimously selected Chris to lead VCDC into its next chapter.
Currently serving as VCDC’s Chief Operating Officer, Chris has developed a strong understanding of executive transitions and the critical role of continuity, trust, and team empowerment. With over 20 years of dedicated service to VCDC, he has played an integral role in the organization’s long-term success. His leadership ensures both stability and vision-driven growth. Passionate about social impact and sustainable development, Chris is well-positioned to build on VCDC’s strong foundation while expanding its reach and impact across Virginia and beyond.
“We are thrilled to welcome Chris Sterling as VCDC’s next CEO,” said Monica L. Jefferson, Chair of VCDC’s Board of Directors. “His strategic vision and leadership will guide VCDC into the future while remaining true to our mission. He brings a sense of ‘renewed urgency,’ emphasizing resilience and ensuring VCDC remains adaptable as we move forward with purpose and impact.”
Bob Newman, who recently announced his retirement as CEO effective April 15, 2025, has been a transformative leader for VCDC. Under his leadership in partnership with Chris, VCDC has:
Financed the preservation or creation of over 5,300 affordable homes
Launched the Mission Elevation program, empowering over 35 nonprofit organizations and infusing more than $19 million into underserved communities
More than tripled consolidated net assets from $7 million to $21.6 million, ensuring long-term sustainability
“I am honored to have served VCDC since 2013 and am proud of what our team has accomplished together,” said Newman. “I have known Chris for over 28 years and have worked closely with him at VCDC for nearly a dozen years. His extraordinary intelligence, passion, commitment, and creativity in solving complex challenges have been instrumental in achieving great outcomes for our mission. I am thrilled that the board has recognized Chris’ value to VCDC, and I am confident our investors, development partners, staff, and other colleagues will also be delighted with this choice.”
As VCDC embarks on this new chapter, the organization remains committed to creating and sustaining thriving communities. Under Chris’ leadership, VCDC looks forward to strengthening partnerships, advancing innovative solutions, and driving lasting impacts in affordable housing and economic development.
About VCDC
Virginia Community Development Corporation (VCDC) is dedicated to fostering vibrant communities by providing innovative financial solutions and expert guidance to support affordable housing and economic development initiatives across Virginia. Since its inception, VCDC has played a crucial role in facilitating investments that promote social impact, economic growth, and long-term community stability.
For media inquiries, please contact:
Raven Bates
Director of Administration & Communication
rbates@vacdc.org
804-482-6232