VCDC is proud to announce the closing of the Knightsbridge Apartments. Located in the heart of Arlington, VA, the Knightsbridge project involves the rehabilitation of an existing apartment complex with 37 LIHTC units serving individuals and families. Six units will be outfitted with accessibility features for disabled residents.

VCDC is proud to welcome Skyline Manor Apartments to our portfolio. Skyline Manor is a renovated affordable housing community in Glasgow, Virginia that offers 32 renewed homes serving low-income seniors ages 62 and above. VCDC partnered with developer Landmark Asset Services, Inc. to assist with the rehabilitation of this community.

VCDC is proud to welcome Sycamore Towers Apartments to our portfolio. Sycamore Towers Apartments is a renovated community designed for seniors in Petersburg, Virginia. Key renovations include new elevators, flooring, cabinets, roofing, electrical services, plumbing, LED lighting, windows, and heating and cooling systems.

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.

Real estate tax credits are tools the federal government and state governments use to encourage investment in the development of real estate that is necessary and beneficial to a community, but not financially feasible without additional incentives.

The Low-Income Housing Tax Credit (LIHTC) is the most successful affordable rental housing production program in U.S. history. It is the federal government’s primary program for encouraging banks and other corporations to invest private equity in the development of affordable, multi-family rental housing for low-income households.