Home
Virginia Community Capital
Products & Services
Learning Initiative
Provide Funding to VCC
About Us
What's New
Contact Us Today
Enter Secure Area
User Name
Password
VCC Annual Luncheon Held in Richmond
1/15/2009
Third Annual Luncheon Highlights
VCC Successes in 2008
Virginia Community Capital (VCC) held its third annual anniversary luncheon to highlight the non-profit community development financial institution’s major successes of 2008 and upcoming initiatives for 2009. The event was held on December 16
th
at SunTrust Towers in downtown Richmond and hosted by SunTrust Bank. In attendance were representatives from non-profit organizations, housing and commercial development firms, banking institutions, businesses, and local, state and federal governments.
Jane Henderson, President of VCC, highlighted VCC’s major successes of 2008 including, among other achievements, the opening of the Community Capital Bank of Virginia (CCB) and the origination of 19 projects throughout Virginia. The Community Capital Bank of Virginia, opened in August of 2008, is the first state-chartered community development bank, wholly-owned by a non-stock, non-profit entity. Unlike traditional banks, CCB’s deposit services target institutional investors, community banks and socially conscious investors with a goal of leveraging capital into underserved communities throughout the Commonwealth of Virginia. Loan products include commercial loans for affordable housing and mixed-use projects, economic development deals and community facilities.
VCC’s 2008 volume of over $12 million in loans and commitments includes a housing preservation deal, two medical facilities in underserved areas, two low-income home improvement projects, a new medical lab, several mixed-use rehabs and expansion of the Hispanic Loan Fund.
Ms. Henderson also highlighted four major initiatives and partnerships for 2009 to the attendees, which include:
In partnership with the National Housing Trust, a 3-year $30 million housing preservation loan pool to safeguard Virginia’s affordable rental housing, an essential housing resource for low income families and seniors;
A $38 million Neighborhood Stabilization Fund to help neighborhoods hit hard by foreclosure, in partnership with the Virginia Department of Housing and Community Development;
A medical care access initiative, in partnership with the Virginia Community Healthcare Association and the Virginia Healthcare Foundation, to provide $15 million in New Market Tax Credits as well as technical assistance; and
Its newest initiative, the SEEDS program (Supporting Economic Expansion for Diverse Suppliers) to provide capital and technical assistance to grow women- and minority-owned small businesses.
A copy of VCC’s 2008 highlights and 2009 initiatives presented at the luncheon is available by selecting the “Download Attached Document” highlight below.
--------------------------------------------------------------------
About Virginia Community Capital:
Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia. Our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs and build sustainable communities. VCC offers loan capital that is broader than bank lending to projects that have a positive community impact in low- to moderate-income communities in underserved geographies and markets. To learn more about the organization, visit:
www.vacommunitycapital.org
.
Download Attached Document