Overview
What is Virginia Community Development Fund Inc?
Virginia Community Development Fund Inc, a subsidiary of VCDC, is a certified Community Development Financial Institution (CDFI) based in Richmond, Virginia. Its primary focus is investing equity into community development projects, particularly those related to affordable housing. They utilize various tools, such as affordable loans for housing projects, especially those with Low Income Housing Tax Credits. Additionally, VCDF serves as a Certified Development Entity (CDE) and can apply for allocations of New Market Tax Credits (NMTC) from the US Treasury for investment in economic development projects. Since 2009, VCDF has invested over $70 million in community facilities, museums, theaters, and commercial projects in underserved communities in Virginia and West Virginia. They are currently seeking another $50 million in NMTCs to continue their mission of promoting affordable housing for the most vulnerable residents in these states.
Is Virginia Community Development Fund Inc legitimate?
Virginia Community Development Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Virginia Community Development Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $177,501
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What is the mission statement of Virginia Community Development Fund Inc?
Virginia Community Development Fund Inc's mission is centered around promoting the development of affordable housing for the most impoverished and underserved residents in Virginia and West Virginia. As a subsidiary of VCDC, the organization invests equity in community development projects, with a particular focus on affordable housing. VCDF operates as a certified Community Development Financial Institution (CDFI), utilizing affordable loans to housing projects, especially those with Low Income Housing Tax Credits. The organization also applies for allocations of New Market Tax Credits from the US Treasury's NMTC program to fund economic development projects. Over the years, VCDF has invested in various projects, including museums, theaters, community facilities, and commercial/mixed-use projects, aiming to improve living conditions for the less fortunate. The organization is currently seeking additional funding to continue its work in community facilities, hospitality projects, and mixed-use developments.
Who is the CEO of Virginia Community Development Fund Inc?
Robert Newman is the President of Virginia Community Development Fund Inc.
What is the revenue of Virginia Community Development Fund Inc?
Virginia Community Development Fund Inc's revenue in 2022 was $1,320,186.
Who are the executives of Virginia Community Development Fund Inc and what are their salaries?
Here are 9 key members and their salaries:
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- Related: $198,039
- Other: $45,124
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- Related: $103,000
- Other: $18,072
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Where can I find the form 990 for Virginia Community Development Fund Inc?
Virginia Community Development Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Virginia Community Development Fund Inc
Virginia Community Development Fund Inc, as a subsidiary of VCDC, is committed to advancing the development of affordable housing for Virginia and West Virginia's most vulnerable and underserved residents. The organization's mission is to promote this development by employing various strategies, primarily through providing affordable loans to housing projects, particularly those that benefit from Low Income Housing Tax Credits. As a certified Community Development Financial Institution (CDFI), Virginia Community Development Fund Inc also utilizes other resources to support these projects. Additionally, the organization serves as a Certified Development Entity (CDE), enabling it to apply for allocations of New Market Tax Credits from the US Treasury's program for investment in economic development projects. By securing such allocations, Virginia Community Development Fund Inc has been able to invest in various projects, including museums, theaters, community facilities, and mixed-use developments in both Virginia and West Virginia. The organization continues to seek further allocations of New Market Tax Credits, with the aim of expanding its investment in affordable housing and related projects.
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Impact
October, 2024
Virginia Community Development Fund Inc (VCDF) plays a crucial role in enhancing the availability of affordable housing for the poorest and most underserved residents in Virginia and West Virginia. By investing equity in various community development projects, VCDF significantly contributes to fostering economic growth and improving living conditions in these regions.
As a certified Community Development Financial Institution (CDFI) and Certified Development Entity (CDE), VCDF uses innovative financing tools, such as affordable loans and allocations from the New Market Tax Credit (NMTC) program, to further its mission. It has successfully allocated $35 million in NMTCs twice, funding projects that include museums, theaters, and community facilities. These initiatives not only improve access to cultural and recreational resources but also create jobs and boost local economies in underserved communities.
Recent investments include a boutique hotel and a temporary lodging facility supporting training efforts, showcasing VCDF's commitment to diversifying its impact across various sectors. With ongoing plans to apply for additional NMTC allocations, VCDF is poised to continue its efforts in developing housing and community facilities, driving sustainable growth and enhancing the quality of life for residents in the regions it serves.
This information is meant to be a general summary of Virginia Community Development Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $74,462
- Program Service Revenue: $870,724
- Gross Receipts: $1,320,186
Assets and Liabilities:
- Total Assets: $9,002,328
- Total Liabilities: $880,311
- Net Assets: $8,122,017
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Asset Management Fees
Revenue
$350,913
Other Income
Revenue
$32,069
Exit Fees
Revenue
$88,000
Syndication Fees
Revenue
$399,742
Organization Details
Founding Year
1996
Phone
(804) 343-1200Principal Officer
Robert Newman
Main Address
1840 West Broad St, Richmond, VA, 23220
NTEE Category
Code: L11 - Housing
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