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
VCDC believes in a comprehensive approach to affordable housing and goes beyond it’s core of equity financing and tax credit syndication to meet then needs of those in our communities. VCDC is not only deeply committed to ensuring everyone in our region has accesses to quality affordable homes but also services, programs and amenities that enhance their wealth building, wellness and quality of life. The Vern Henley Special Initiative Grant gives VCDC partners and potential partners the ability to apply for grants to be used for special initiatives and programs for those residing in affordable housing in our greater Virginia region.
Examples of proposals that may be submitted for funding include, but are not limited to, the following: computer lab equipment; on-site library supplies, equipment or furnishings; career and/or budget planning assistance programs; on-site summer camp and/or after-school programs; other educational programs; transportation services; playground equipment; other recreational or fitness-related enhancements; staff training; or computer software (unless built into a regular operating budget).
Eligibility & Submission Guidelines
- Eligible recipients include nonprofit and public partners with which VCDC has a current or potential partnership
- Requests should not exceed $8,000.
- Preference may be given to existing partners and/or to fund projects or programs that VCDC has not previously funded.
- Grant funds may not be used toward a property’s general operating expenses and may not be used to cover an operating deficit.
Interested parties should submit the following via e-mail to email@example.com:
-A cover letter including the following:
- Description of the proposed project, program, service or equipment for which funds would be used.
- Expected benefits of the proposed project including: how would the proposed project, program, service, or equipment enhance residents’ living environment?
- For potential partners applying for funds, how would the proposed project, equipment, etc. enhance the ability to engage in a LIHTC or historic rehabilitation project that VCDC’s Equity Funds could invest in?
- If applicable, how will residents be encouraged to participate in the proposed project?
- Describe community interest, have the residents expressed a need or desire for the proposed project?
-To accompany your cover letter please submit a budget & budget narrative for the proposed project. Attach any supporting documentation.
-List any other funding sources that will be used toward the proposed project (i.e. matching funds, other grants, sponsor contributions, etc.) Include any current commitments and any anticipated commitments.
-Outline a time-frame for completing the proposed project.
-Please allow 60 days for application to be processed.
-Applications accepted on a rolling basis until funding for the calendar year is exhausted.
For more information about Vern Henley Special Initiatives Grants, please contact Raven Bates at firstname.lastname@example.org or 804.482.6232.
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.