Virginia Community Development Corporation INVESTING WITH PURPOSE
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VCDC e-Catalyst
What's New at VCDC?
November 2009 - Vol 6, Issue 1
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ABOUT VCDC
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Virginia Community Development Corporation is a 501©3 non-profit
organization established in 1989. Since 1990, VCDC has raised more than $265
Million in capital from corporate investors for affordable housing, new markets
and historic tax credit projects and community development initiatives in
Virginia and Kentucky.
For more information about VCDC, contact Arild Trent, Director of Investor Relations at 804.343.1200, ext. 116 or atrent@vacdc.org or visit our website www.vacdc.org
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VCDC Receives $35 Million NMTC Allocation
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VCDC's financial lending affiliate,
Virginia Community Development Fund (VCDF), has been selected for a $35 Million
New Markets Tax Credits (NMTC) allocation from the U.S. Department of Treasury,
Community Development Financial Institutions Fund. Allocations were
announced October 30th by Treasury Secretary, Tim Geithner. $5 Billion,
including $1.5 Billion made possible through the American Recovery and
Reinvestment Act, was awarded to more than 90 competing organizations in
communities around the country.
Donna J. Gambrell, Director of Treasury's CDFI Fund stated, "The
New Markets Tax Credit Program is promoting private-sector investment in our
nation's communities and is helping to stimulate economic growth, create jobs
and bringing new opportunities to Americans most in need. This innovative
federal program is helping to finance numerous businesses and real estate
projects across the country-projects that may not have been financed if not for
New Markets Tax Credits." The NMTC program permits individual and
corporate taxpayers to receive a credit against federal income taxes for making
equity investments in Community Development Entities (CDEs). The investor
receives a credit totaling 39 percent of the cost of the investment.
Since the program began in 2000, over $14 Billion of private-sector capital has
been invested through the NMTC Program into urban and rural communities
throughout the country.
VCDF currently provides community partners with debt and equity
assistance for affordable housing and historic preservation projects through
low rate pre-development and construction loans. VCDF, acting as a CDE,
will use its NMTC allocation to finance mixed-use projects that offer a mix of
retail, commercial, and residential uses.
For information on investing in VCDF's New Markets Tax Credit Equity
Fund, contact VCDC Director of Investor Relations, Arild Trent at 804.343.1200,
ext. 116 or atrent@vacdc.org.
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VCDC Launches Special Initiatives Grant Program
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VCDC
has established a Special Initiatives (SI) Grant Program to support resident
programs in affordable housing communities and capacity building
programs for current and potential community partners.
Grants have already been awarded to the following: Albemarle
Housing Improvement Program, $8,000 - Children's summer camp program at
Parks Edge Apartments in Charlottesville, VA; People Inc. of Virginia,
$5,520 - Furnishings for transitional housing for the homeless in Bristol,
VA; RPJ Housing Development Corp, $5,000 - Computer equipment and art
supplies for community room at Front Royal Townhomes, Front Royal, VA; South
River Development Corp, $4,000 - Emergency call system for Mountain Crest
Retirement Home, Bath County, VA.
For more information on Special Initiatives Grants, contact Leslie
Flahart (lflahart@vacdc.org or 804-343-1200x124) for more information.
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Earl
Howerton Receives Carl Raznick Lifetime Achievement Award |
Earl Howerton, VCDC Construction
Specialist, is the 2009 recipient of the Dept. of Housing & Community
Development's (DHCD) Carl Raznick Lifetime Achievement Award. The award
recognizes outstanding lifetime accomplishments in community development in
honor of the late Carl Raznick, a DHCD Community Development Program
Manager.
Before joining VCDC, Earl worked at DHCD where
he managed millions in Community Development Block Grant (CDBG) and Indoor
Plumbing Rehabilitation (IPR) funding. In addition to his role at VCDC,
Earl is also the Founder and Director of Southside Outreach Group, an
organization that is transforming rural Southside Virginia through
homeownership opportunities. Earl was also recognized for encouraging
universal design and energy efficiency through green building practices in
construction and for keeping quality affordable housing alive in the face of
increased development costs and reduced public funding. Congratulations
Earl!
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VCDC PARTNERS CELEBRATE PROPERTY OPENINGS & BRICKLAYINGS |
Property Opening:
FRONT ROYAL TOWNHOMES & MOUNTAIN OAKS APARTMENTS
Front Royal, Virginia
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VCDC Partner: RPJ Housing
Development Corporation
Total Development Cost: $10,200,000
VCDC Equity: $5,300,000
Equity Fund Investors: Bank of America,
BB&T, Capital One, EVB, Fannie Mae, F&M Bank, Franklin Federal, Freddie
Mac, Owens & Minor, StellarOne Bank and Wachovia.
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Property Opening:
CRISPUS ATTUCKS APARTMENTS
Exmore, Virginia
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VCDC Partner:
Accomack-Northampton RHA &
New Road Community Development Group
Total Development Cost: $4,006,826
VCDC Equity: $2,400,000
Equity Fund Investors: Bank of America, BB&T, Bank of Southside Virginia, Capital One, Citizens & Farmers, EVB, F&M Bank, Freddie Mac, and Wachovia
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Property Opening:
COLONIAL HEIGHTS APARTMENTS
Fredericksburg, Virginia
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VCDC Partner: Central
Virginia Housing Coalition
Total Development Cost: $3,403,416
VCDC Equity: $1,620,000
Equity Fund Investors: Bank of America, BB&T, Bank of Southside Virginia, Capital One, Citizens & Farmers, EVB, F&M Bank, Freddie Mac, and Wachovia
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Property Opening:
ABINGDON GREEN & SWEETBRIAR
Abingdon, Virginia
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VCDC Partner: People Incorporated of Virginia
Abingdon Green Sweetbriar
Total Development Cost: $2,843,681 Total Development Cost: $4,132,347
VCDC Equity: $1,358,000 VCDC Equity: $2,716,500
Equity Fund Investors: Bank of America, BB&T, Bank of Southside Virginia, Capital One, Citizens & Farmers, EVB, F&M Bank, Freddie Mac, and Wachovia
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Property Bricklaying:
CROZET MEADOWS
Crozet, Virginia
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VCDC Partner: Piedmont Housing Alliance
Total Development Cost: $7,923,431
VCDC Equity: $3,300,000
Projected Completion Date: Fall 2010
Equity Fund Investors: BB&T, Capital One, EVB, F&M Bank, The Fauquier Bank, Old Point National Bank, StellarOne, and Wachovia
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Our Mission
Virginia Community Development Corporation serves as a
leader in the development of innovative affordable housing and revitalization
of Virginia's
communities by acting as a catalyst for creative and profitable private sector
investments and by empowering non-profit and other providers throughout the
Commonwealth.
www.vacdc.org
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