Virginia Community Development Corporation INVESTING WITH PURPOSE
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VCDC e-Catalyst
What's New at VCDC?
April 2010 |
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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 $290 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 atrent@vacdc.org or 804.482.5386 or visit our website www.vacdc.org
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| Ralph's Note |
 While VCDC's equity funds are very
important, they are only a means to an end. It is locally based development that defines our purpose.
During the first quarter of 2010, we were very busy assisting our project partners through the LIHTC application process. Everyone pitched in to gather documents, review, refine, copy and even deliver applications before the deadline. This is one of several ways we try to add value to our existing relationships and introduce potential new partners to the technical assistance VCDC is proud to offer. It is this added value that is the core reason for our existence.
It is important that our ability to add value to our partners grows and evolves as our partners grow and evolve. It is important that we remain abreast of changes in federal, state and other programs that impact our partners' activities. One of the ways in which we attempt to do this is by attending conferences and training opportunities that will expand our knowledge and offer new ideas and ways to think about our current activities and beyond. We also continuously look for new ways we can serve our partners.
This approach has helped us to think outside of the "business as usual" box in recent years. While identifying and providing tax credit equity is still the primary focus of our business, we are offering financial support to help our partners with their organizational and program-related needs through our Special Initiatives Program grants. After-school programs, enriching the lives of homeless residents and resource development to help non-profits sustain their organization are just some of the ways we hope we have been able to accomplish this.
For VCDC board members and staff, our genuine interest in seeing our partners and residents succeed may be what makes VCDC stand out as not just another equity partner. Living our "Investing with Purpose" tag line coupled with our non-profit partners' tenacity in doing the really hard work, make all of our efforts seem worthwhile.
Ralph Nodine, President & CEO |
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Investment Update |
- Fund XIV - closed in February for a total of $24.25 million from the following investors: BB&T, Citizens and Farmers Bank, Essex Bank, Farmers & Merchants Bank, Pioneer Bank, TruPoint Bank and Wells Fargo. This fund will enable us to provide equity to 10 properties, all of which are developed by non profit and housing authority sponsors and will create 355 units of affordable housing in the Commonwealth.
- Fund XV - we recently began offering this fund and we anticipate attracting $30 million from investors.
- New Markets Tax Credits - we are actively seeking projects eligible for an allocation from our $35 million award.
Contact Arild Trent at atrent@vacdc.org or 804.482.5386 for Fund XV investment opportunities. |
| Yoomie Ahn Joins VCDC Development Team |
| We are pleased to welcome Yoomie Ahn, who recently joined the VCDC project development team. In her role as Development Advisor, Yoomie provides technical assistance, ongoing guidance and support to VCDC sponsors and related entities throughout the project development process. Prior to joining VCDC, Yoomie served as General Counsel for California-based Mid-Peninsula Housing where she provided legal advice to senior staff of non-profit affordable housing development, property management, and resident services corporations with combined assets in excess of $770 million. Yoomie also worked with project managers, brokers and outside counsel on property acquisitions, construction/permanent loan, tax credit syndication and buyout closings. She received her JD from UC Berkeley Boalt School of Law and a BS degree in Urban and Regional Studies from Cornell University.
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| VCDC Staff Participate in Housing Advocacy Day |
VCDC staff Leslie Flahart, Tera Lockley and Earl Howerton joined approximately 100 other representatives from housing organizations across Virginia to participate in the annual Housing Advocacy Day at the Virginia General Assembly. The event included visits with state senators and general assembly delegates to express support or opposition of numerous Bills which will impact affordable housing. Senator Donald McEachin, a strong supporter of affordable housing, met with VCDC staff during the visit. Participating in Housing Advocacy Day is one of the ways in which VCDC attempts to provide support for our non-profit and housing authority affordable housing partners.
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Lending a Hand with LIHTC Applications |
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In our ongoing effort to add value to our relationships with VCDC's development partners, our staff assisted both public housing authorities and non-profit CDCs with their 2010 Low Income Housing Tax Credit Applications. We look forward to investing equity in the successful applications. |
| Recent Special Initiatives Grant Awards |
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Several Special Initiative Grants awarded to VCDC project partners during the first quarter of 2010 included:
- People Inc. of Virginia - $3,480
Supportive services to help formerly homeless individuals move toward self-sufficiency
- Lynchburg Neighborhood Development Foundation (LNDF) - $6,000
Resource development program
- Albemarle Housing Improvement Program - $10,000
Park's Edge After School (PEAS) program - an on-site service supporting 39 children
- Virginia Supportive Housing - $1,199
A storage shed and garden supplies for a sustainable community vegetable garden serving 60 formerly homeless individuals
Any VCDC partner wishing to apply for SI grant funding should contact mwhybrow@vacdc.org or 804.482.6076 for details. |
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VCDC Seeking New Market Tax Credit Proposals |
| VCDC's financial lending affiliate, The Virginia Community Development Fund (VCDF) is seeking proposals for projects eligible for New Market Tax Credits. Priority will be give to current or potential VCDC project partners including public agencies and non-profit CDCs.
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Keeping Current |
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In an effort to keep VCDC abreast of changes and new information relating to the organization's programs and activities, our staff endeavors to participate in relevant conferences and training opportunities. Here are a few recent staff treks.
- Graham Driver, New Markets Tax Credit Program Director attended a Novagradac & Company New Markets Tax Credit Conference recently in San Diego, CA. The conference focus included a recent NMTC program update from Washington and structuring NMTC transactions including combining the credit with historic tax credits, using municipalities as leveraged lenders, and back-end negotiations.
- Tera Lockley, Asset Management Portfolio Director attended NeighborWorks Non-Profit Housing Management Specialist training in March in New Orleans. Asset Management role & responsibilities were the focus of the training.
- Dan Tatar, VP of Equity Investments participated in the National Association of State and Local Equity Funds Annual Winter Meeting in February in Asheville, NC. The meeting agenda included an update on legislative items relating to the Federal Low Income Housing Tax Credit Program as well as discussion of common issues regarding financing, development and raising equity capital.
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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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