VCDC Staff (L to R): Dan Tatar, Ralph Nodine, Gary Schwam, Arild Trent, Tera Lockley, Earl Howerton, Leslie Flahart, Tyler Nichols, Jeff Meyer, Graham Driver, Linda Plogger, Chris Sterling and Barbara Barnes 
(Missing from photo: George McDowell & Mia Whybrow)

VCDC Board (L to R): Doug Densmore, Laura Dupuy, David Boyer, Vern Henley, Barry Kornblau, John Purnell, Sara Wilson, John Salop and Ken Daniels  (Missing from photo: Charles Henderson & Jeff Smith)

Ralph's Note

While VCDC experienced some new and unexpected challenges this year, we faced them head on and identified creative and effective ways of doing business.
 
In 2009 we closed Fund XII at $23.6 million.  We have already closed Fund XIV and expect that it will reach over $24 million in 2009 or in January.  Our second Kentucky fund closed at $6.25 million despite a very difficult environment.  It is gratifying that we continue to attract new investors and project sponsors.  This year we have closed on properties that will add 542 new or substantially renovated units of affordable housing. 
 
Definitely one of the most significant events for VCDC was our first allocation of New Markets Tax Credits.  Through this investment opportunity, we will be able to provide $35 million in equity towards development of vital community-based projects, many of which will generate new job opportunities for local citizens and help to revitalize neighborhoods in some of Virginia's most challenged communities. 
 
Our new Special Initiatives program has provided 3 grants totaling $9,020 for resident-related activities and programming. We hope to expand this program in 2010.
 
We have continued to re-evaluate how we serve our customers and have strived to add value to existing relationships and cultivate new partnerships which will assist other non-profit and public housing authority developers.  We have also adapted VCDC's staffing to meet the current and future needs of the organization and our partners by adding new staff and realigning existing employees and responsibilities.
 
As we add activities, adjust and adapt to our challenging economy, and continually revisit our internal operations, VCDC's staff and board remain committed to keep our focus on what matters most to our partners and how we can help them identify and develop valuable projects.
 
Thank you to everyone with whom our staff and board have had the pleasure of working throughout the past year.  TOGETHER we are helping to improve the lives and housing of our less fortunate neighbors.  We couldn't have done it without YOU!
 
                                        Best Wishes for the New Year!

Dr. Kenneth Daniels, Professor of Finance at Virginia Commonwealth University, was recently appointed Chairman of VCDC's Board of Directors.  Dr. Daniels also serves on the Treasury Board of the State of Virginia. He has served on the VCDC Board since 2006. Barry Kornblau, outgoing Chairman, was appointed to serve as the Board's new Vice-Chairman.