In fall 2009, VCDC’s financial lending affiliate, The Virginia Community Development Fund (VCDF), received a $35 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury, Community Development Financial Institutions Fund.
The NMTC program permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in Community Development Entities (CDEs). The investor receives a credit totaling 39 percent of the cost of the investment. Since the program began in 2000, over $14 billion in private-sector capital has been invested through the NMTC Program to stimulate economic growth and create jobs in urban and rural communities throughout the country.
VCDF currently provides community partners with debt and equity assistance for affordable housing and historic preservation projects through low rate pre-development and construction loans. VCDF, acting as a CDE, will use its NMTC allocation to finance mixed-use projects that offer a mix of retail, commercial, and residential uses. At least 23 percent of VCDF’s NMTC investments will be restricted to non-metropolitan areas.
For further information regarding VCDF’s New Markets Tax Credit Equity Fund, contact Arild Trent, VCDC Director of Investor Relations, at 804.343.1200, ext. 116 or atrent@vacdc.org.
Nov 16-18
2011 Governor's Housing Conference
Hampton, VA
Project Financials Due
Q1-Apr 15, Q2-Jul 15, Q3-Oct 17, Q4-Jan 16,2012
Board of Directors Meetings
VCDC Office:
Mar 16, Jun 22, Sep 14
Call-In:
Feb 2, May 4, Jul 27, Oct 26
The Place at Innsbrook:
Dec
14