Programs

  • Community Development Financial Initiative

    VCDF is a subsidiary of VCDC, which invests equity into community development project with a focus on affordable housing. VCDF is a certified Community Development Financial Institution (CDFI) and applies its focus to other tools to assist in the development of these projects, primarily through affordable loans to housing projects, especially those with an allocation of Low Income Housing Tax Credits. VCDF is also a Certified Development Entity (CDE) and thereby, can apply to the US Treasury's New Market Tax Credit program (NMTC) for allocation of credits for investment in economic development projects. In 2009, VCDF received its first allocation of NMTCs for $35,000,000 and invested this resource into four projects located in underserved communities in Virginia: two museums (Roanoke and Bristol) and two theaters (Waynesboro and Clifton Forge). VCDF has since received a second allocation of NMTCs in the 2018 round for $35,000,000 which have been invested in another four projects in Virginia and West Virginia: three community facilities and one commercial/mixed use project. Another two projects were added in 2022 one is a The Tygart boutique hotel in WV, the other is one Small Loan Fund temporary lodging facility to support Dept State training facility in Blackstone, VA. VCDF is applying for another round of NMTCs through the 2020 round for another $50,000,000 and intends to continue investing in community facilities, hospitality projects as well as mixed-use projects (both commercial and residential). VCDF is applying for another round of NMTCs for 2023.
    Geographies
    Not indicated
    Dates
    Jan 1, 2022 – Dec 31, 2022
    Source
    990
    No causes provided
    No populations provided
    –
    $846.4K