Eligible recipients include nonprofit and public agency partners with whom VCDC has a current or potential business relationship. For more information about VCDC Special Initiatives Grants, please contact Tera Lockley.
With more than 25 years of experience, VCDC understands the challenges you may face turning your vision into reality. Therefore, in addition to equity funds, we provide innovative resources that can help provide the financial support you need, when you need it.
- The Virginia Community Development Fund provides predevelopment and early stage financing for our development partners.
- The Vern Henley Special Initiative Grant Program helps our partners provide resources that enhance the quality of life for residents of affordable housing communities throughout Virginia.
Virginia Community Development Fund
The Virginia Community Development Fund (VCDF) can play a vital role during the early stages of a project, before there is a clear path to financing. The fund provides alternative financing and technical assistance to non-profit and publicly accountable developers who work with us to create affordable housing or community development opportunities in Virginia and adjoining states.
VCDF has a 17-year track record of providing high-impact loans in support of community-based developments, with an emphasis on the hard-to-serve small towns and rural markets.
VCDF was founded in 1996 and is a certified Community Development Financial Institution. In the last five years, VCDF has provided 54 loans and advances to 25 different organizations totaling nearly $5M. The fund offers two financial products at below-market interest rates:
- Short-term, zero-interest advances, and
- Longer-term, pre-development and carry-forward loans
The Fund is also certified as a Community Development Entity and has secured and deployed $35 million in New Markets Tax Credits to support critical development projects around Virginia.
Vern Henley Special Initiatives Grant Program
In 2008, VCDC established the Vern Henley Special Initiatives Grant Program. This program affirms our belief that affordable housing should provide residents with quality shelter and access to services that foster their success. This holistic approach considers a range of factors that shape success—social, educational, physical, emotional, and economic.
The Vern Henley Special Initiatives Grant Program has helped fund a wide range of initiatives that share our goals. Recipients can use the funds for start-up activities, services, equipment, or programming that will improve the partner organization’s capacity to develop programs that benefit residents.
Eligible recipients include nonprofit and public agency partners with whom VCDC has a current or potential business relationship. For more information about VCDC Special Initiatives Grants, please contact Tera Lockley at email@example.com or 804.343.1200, ext. 8152.
Read about VHSI grant recipients HERE
Vernard “Vern” Henley served as Chairman, President and Chief Executive Officer of Consolidated Bank and Trust, the first minority-owned and operated bank in the United States. Henley was a past member of the Board of Commissioners of Virginia Housing Development Authority. He was a member of VCDC’s first board of directors and served for 20 years. Henley lived a life dedicated to service and remained an active leader in the Richmond metropolitan area until his death in 2014 at age 85.