Development Services

We Can Help

You can turn to VCDC for a range of services to help you successfully plan and execute your development. VCDC delivers these services by providing extensive technical assistance and offering timely training for its partners. Let us help you:

• Evaluate the development concept. VCDC’s staff has decades of experience in planning and implementing housing and community development projects. We work on projects serving households with different income levels and households with special needs, mixed-use projects, and projects blending different financing sources.
• Assemble a development team. We work with numerous professionals including attorneys, accountants, architects, engineers, property managers, developers, and financial professionals in implementing projects. We’ll guide you in establishing the right team to help you bring your vision to life.
• Explore site options. Our vast experience with site-types ranges from open land to vacant buildings to existing apartment communities. We can help you to evaluate project sites, including land and building costs, environmental conditions, and options for gaining site control. We know the opportunities a developer may seek to preserve, such as eligibility for acquisition credits under the Low-Income Housing Tax Credit program. We also know the challenges, such as potential environmental hazards in vacant buildings or infrastructure costs for open land.
• Assess the market. We help you assess the viability of your market using information from our current portfolio and our direct experience. This experience includes planning and investing in projects providing affordable housing and market-rate housing, projects serving households with special needs, and projects serving commercial users or serving community development needs. Our involvement extends to urban, suburban, and rural communities, primarily in Virginia.

 

 

• Establish project structure. Projects seeking to use Low-Income Housing Tax Credits or federal or state Historic Tax Credits must be carefully structured to enable investments based on the availability of these credits. VCDC has invested in over 180 projects using one or more of these credit types. We can help you establish a structure best suited for your project.
• Secure financing. We help our partners develop projects benefitting from a wide range of financing.We can help you identify and prepare applications for financing from these and other sources of project funding:
  • Conventional debt
  • Taxable and tax-exempt financing through Virginia Housing Development Authority
  • HOME and Virginia Affordable Housing Trust Fund resources through Virginia Department of Housing and Community Development
  • Affordable Housing Program funding through the Federal Home Loan Bank of Atlanta
  • Funding through local governments and foundations.
• Determine feasibility. We underwrite projects for investment by our funds. We are expressly familiar with preparing and reviewing financial projections, including essential development and operating budgets. We can assist you in preparing budgets for your project and assessing its financial feasibility.
• Review construction progress. VCDC staff has experience with a wide range of project types, and we value visiting our partners and their projects throughout the construction process. We can support you in overseeing construction progress and tracking impacts on the project’s budget.

Informed by our experience and driven by our mission, we can help you evaluate your project ideas to achieve your vision.