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VCDC Board
L to R: Doug Densmore, Charlie Henderson, John Salop, Sara Wilson, Vern Henley, Ken Daniels, Laura Dupuy, Jeff Smith, Barry Kornblau, John Purnell (not pictured David Boyer)
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VCDC Staff
L to R: Graham Driver, Mia Whybrow, Gary Schwam, Chris Sterling, Earl Howerton, Linda Plogger, Arild Trent, Ralph Nodine, Tyler Nichols, Joseph Jones, Dan Tatar, Leslie Flahart, Yoomie Ahn (not pictured Tera Lockley, George McDowell, Jeff Meyer)
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| ABOUT VCDC |
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
I wrote the letter below and then remembered that this was an email newsletter and that few of you would read anything that was too long. Here is the short version.
We are very proud of what we have accomplished so far in 2010. Our work is helping all of you meet the needs of your communities. We are proud to be your partner. Thank-you for the work that you do for Virginia's communities and for allowing us to be part of it.
I hope you read the full text below:
It's the week before Christmas and all at VCDC are scurrying like mice...
I will spare you and not continue in that vein, but the end of every year is a busy time at VCDC. Each year Arild says that the current Fund will be closed by the end of November, the Development Team says all the new partnerships will be closed by December 1st, and Asset Management says all our properties will be operating perfectly before the end of the year.
It never quite works out that way. I will bet that some variation on this is evident in your experience. Life rarely goes as planned. Perseverance, adaptability, good partners and a positive attitude are our best shot at meeting our goals.
Thanks to our partners this has been a good year for VCDC.
Our development partners, many of whom have faced tough financial challenges in 2010, persisted in their dogged determination to develop housing for low-income people and bring critical services to their communities.
Our investors have remained loyal to our Funds and provide valuable feedback at investor committee meetings helping to ensure our selection of worthy projects.
VHDA and DHCD continue to perform their vital roles in providing the funding to make all this possible. I am very optimistic about the Governor's attention to housing policy because we all work best when we are working together toward common goals.
By the end of this month, VCDC will have raised $326 million of tax credit equity for 118 affordable housing and community development properties to date; and we will have exited three additional projects that have successfully completed their compliance periods in 2010. In each case ownership has been transferred to our non-profit partners. In some cases a new partnership is being formed and a major rehabilitation is in the works. In every case our partners are maintaining these properties as good affordable housing.
We are in the process of closing our 15th Virginia Housing Fund, and expect it will total over $40 Million. Most of the investments for that fund will occur in 2011.
Our first New Markets Tax Credit allocation has an exciting pipeline of projects and our Kentucky investments through our partnership with FAHE totaled $8.75 million over the last 12 months. One of my favorite programs, our Special Initiatives grants, has been renamed "The Vern Henley Special Initiatives Grant Fund" to honor Vern Henley, a VCDC retiring board member, in recognition of his many years of dedicated service to VCDC's Board of Directors. These grants help our properties become better communities, and in 2010 have assisted in the development of a residents' organic garden, provided support services to formerly homeless adults, funded an after-school program for low-income youth and helped one of our sponsors to increase their resource development capacity.
This is starting to sound like the holiday newsletters that get circulated at this time of year and maybe I should have kept going with the Night Before Christmas poetry. The fact is that we at VCDC have worked hard this year and are very proud of what we have been able to contribute to the work that you, our partners, do. Our accomplishments are your accomplishments and we succeed only if we help you succeed.
We thank you for the work that you do for Virginia's communities and for allowing us to be part of it.
Sincerely, |
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Development Partner Profile
VBCDC Celebrates 25 Years of Affordable Housing in Virginia Beach
 | | L to R: Mary Kay Horoszewski accepts VHDA 25th Anniversary Letter from Toni Ostrowski |
Established by the City of Virginia Beach City Council in 1986 with an initial annual operating budget of $86,000, Virginia Beach Community Development Corporation has been providing housing programs and services for low and moderate income families while revitalizing some of the city's older neighborhoods for the past 25 years.
Over its history, VBCDC has developed a continuum of housing types including shelter for homeless families, transitional housing for homeless adults and families and rental housing for families and persons with disabilities. Additionally, the non-profit has developed new construction homeownership and rehab of existing foreclosed properties. Services include case management for homeless clients, foreclosure prevention and comprehensive housing counseling. VBCDC also offers financial assistance for homeless families, utility, transportation, day care and housing start up as well as health care assistance and the organization is a HUD Certified Counseling Agency.
In addition to being recognized for its 2010 outstanding service and dedication to the Virginia Neighborhood Stabilization Program, some of VBCDC's major awards include: a 2010 and three previous VA Governor's Housing Awards, 2010 EarthCraft Certification for a special needs project, a Bank of America Neighborhood Excellence Builder Award, Fannie Mae Maxwell Award of Excellence and HUD Virginia Best Practice Award.
VBCDC CHDO Expands Service Area in 2010
VBCDC's Community Housing Development Organization (CHDO) has engaged in rental housing development in Virginia Beach since its creation in 1991. Recently the CHDO's name was changed to Southeastern Virginia Housing Corporation (SVHC) and its service area has been expanded to increase the organization's potential for new development opportunities. SVHC will focus on efforts to identify development opportunities in Norfolk, Chesapeake, Portsmouth, Suffolk, Newport News and Hampton. Contact VBCDC's Executive Director, Mary Kay Horoszewski at mkhoroszewski@vbcdc.org for more information.
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Featured Project
Virginia Supportive Housing Opens Supportive Housing Property in Portsmouth, VA
Virginia Supportive Housing recently opened the South Bay Apartments
 | | South Bay Apartments Portsmouth, VA |
in Portsmouth, VA. S. Bay is the non-profit's third regional permanent supportive housing project in S. Hampton Roads and will serve formerly homeless residents of Portsmouth, Virginia Beach, Norfolk and Chesapeake as a result of a collaborative effort amongst the four localities to end homelessness in the region over a ten year period. The EarthCraft certified project consists of sixty furnished efficiency apartments, a fitness room, community room, computer lab, laundry facilities, and management and supportive services staff offices as well as a resident manager's apartment. VCDC provided low income housing tax credit equity of over $4 million of the $7 million project development cost.
Virginia Supportive Housing holds Ground Breaking Ceremony for The Studios at South Richmond
The Studios project will add 21 additional 383 sq. ft. furnished studio apartments with comprehensive support services for formerly homeless adults to the existing 39 unit property at 5409 Hull Street Road in Richmond, VA.
 | | Graham Driver addresses guests at Studios at South Richmond Groundbreaking |
Eleven of the units will be accessible for formerly homeless single adults with disabilities. Regional support will be provided by the City of Richmond and Henrico and Chesterfield counties. VCDC has committed $2.2 Million in LIHTC equity for the project. |
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VCDC Staff Highlights
Earl Howerton, VCDC's Construction Specialist, has been appointed to Gov. McDonnell's Housing Policy Working Group. The purpose of the group is to clarify the issues involved with housing in the Commonwealth, determine how things can be made better, and make recommendations to the Governor.
Welcome Joseph Jones!
 VCDC is pleased to welcome Joseph Jones as a Financial & Equity Investment Analyst. Joseph performs financial analysis of all potential equity investments made by VCDC's equity funds. Prior to joining VCDC, Joseph served as a technical recruiter for Aerotek and as a Financial and Operations Analyst for Circuit City. He holds a BS degree in Business Management from VA Tech and an MBA in Finance from Radford University. Contact Joseph at jjones@vacdc.org.
Yoomie Ahn, VCDC Development Advisor, attended a Novogradac 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.
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VCDC Program Updates
VCDC's Current Investment Opportunity - VCDC's Fund XV is now in the process of closing, with 10 financial institution investors, a total of $42,750,000. Our current investment opportunity is a New Markets / Historic Equity Fund which would invest in 4 properties in VA and produce both New Markets and Historic tax credits. VCDC's goal is to raise approx $11,000,000 for this fund with commitments before year-end 2010 and several investors are currently contemplating an investment. Contact Arild Trent at 804.482.5386 or atrent@vacdc.org for information on investment opportunities.
Vern Henley Special Initiatives Grant Fund - Applications are now being accepted for 2011 funding. Eligible projects should enhance the quality of life for residents of affordable housing communities in Virginia. SI grants are available to nonprofit and public agency partners with whom VCDC has a current or potential business relationship. SI funds may be used for resident program start-up activities, services, equipment or programming that will improve staff capacity involving programs which benefit residents. Potential new VCDC partners may also apply for funds for capacity-building programs or equipment which will enhance the housing developer's ability to engage in a LIHTC or historic rehabilitation project in which VCDC could serve as the equity investor. For more information or to obtain a Special Initiatives application form, please contact Mia Whybrow at mwhybrow@vacdc.org or 804.482.6076.
New Markets Tax Credits - VCDC has identified several projects which are targeted to receive funding through the organization's initial New Markets Tax Credit allocation of $35 million. VCDC will apply for a second allocation of credits pending federal funding of the NMTC program. Contact Graham Driver at 804.482.6072 or gdriver@vacdc.org for information on VCDC's NMTC investment guidelines.
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| VCDC & FAHE conduct Multifamily Real Estate Development & Finance Workshop
VCDC in collaboration with Federation of Appalachian Housing Enterprises
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Chris Sterling, VCDC Development Advisor,
works with development workshop participants |
(FAHE) staff conducted a two day fall project development workshop in Bristol, Virginia. Workshop topics included introduction to the development process and evaluating feasibility. Activities involved hands-on case studies, budgeting, sources of funding including low-income housing and historic tax credits, debt service ratio, sources of information and risks and issues.
Trainers included Jeff Meyer, Chris Sterling and Joseph Jones, (VCDC) and FAHE staff Tina Cain, Brian Stehle, and Myralee Smith. |
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Have a Happy & Prosperous New Year!
Sincerely,
Virginia Community Development Corporation
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