Richmond, VA – Virginia Community Development Corporation (VCDC) is pleased to announce Chris Sterling as its next President and Chief Executive Officer, succeeding Bob Newman, who has led the organization with distinction for over 11 years. Chris will officially assume the role on March 17, 2025, bringing extensive experience and a deep commitment to VCDC’s mission of fostering vibrant communities through strategic investments in affordable housing and economic development.

VCDC is thrilled to introduce Vista 29 to our portfolio—a transformative Permanent Supportive Housing community serving the greater Charlottesville, VA area. Designed to provide 80 new apartment homes for formerly homeless and low-income individuals, Vista 29 embodies a vision to address the affordable and accessible housing needs of Charlottesville and Albemarle County residents. 

Just over a century ago, Newport News, Virginia, became home to one of the first hospitals in the United States designed and operated by African American citizens. Whittaker Memorial Hospital represents a triumph in resiliency born out of the Reconstruction and Segregation eras when Black patients and physicians were shut out from quality medical care across the country. Today, what remains of Whittaker Memorial Hospital now serves families with high-quality affordable housing units, carrying on the legacy of a building that serves the Newport News community with the same spirit of care and commitment.  

In the outskirts of Charlottesville, a revolutionary housing development is reshaping the lives of hundreds of families. Southwood, a former mobile home park now undergoing an innovative redevelopment by Habitat for Humanity of Greater Charlottesville, exemplifies how community-driven efforts can break the cycle of housing insecurity while preserving the spirit of a neighborhood. 

VCDC Housing Equity Fund 28 will help low-income households throughout Virginia have access to safe, sustainable, and affordable homes. VCDC raised $48.34 million in equity to support the development of affordable housing in the Virginia localities of Bristol, Lebanon, Manassas, Charlottesville, and Richmond.

VCDC is excited to announce the closing of JCOC 3H Housing and the new construction of 38 affordable and permanent supportive SRO units supporting individuals facing homelessness near the City of Virginia Beach oceanfront area. This new development supports a city-wide effort to increase affordable and stable housing opportunities in Virginia Beach, where 300+ residents experienced homelessness last year.

VCDC is excited to welcome Claremont School Apartments to our portfolio, a project that repurposes an old elementary school in Pulaski, VA into 50 affordable apartment homes designed for low-income families earning 30-60% of the Area Median Income. This innovative redevelopment supports Pulaski County's efforts to expand affordable housing options, meeting the needs of a growing population and the region's increasing economic opportunities. 

VCDC is proud to welcome Whites Mill Point II to our portfolio, a renovated community in Abingdon, VA, bringing 32 affordable homes to low-income individuals and families. The rehabilitation of the apartment homes at Whites Mill Point will significantly increase the quality of living for current and potential new tenants at this community, making it a place where residents are proud to call home. 

Lightfoot Apartments is a new community of affordable housing in Culpeper, VA, bringing 60 homes to low-income families. In Culpeper County, a short supply of affordable rental homes has translated into higher rent rates where housing is available, leaving low-income families behind. Lightfoot Apartments serves as a vital new piece to the Culpeper community, filling a deep need for high-quality and affordable homes for families. 

VCDC is proud to welcome Rupert School to our portfolio, an affordable housing community in Rupert, WV that transforms an old elementary school building into 14 apartment homes, a community health clinic and additional community-centered services designed for residents of Greenbriar County.

The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded the Virginia Community Development Fund (VCDF) $800,000 in Financial Assistance (FA) awards. VCDF’s award will support lending to spark economic development in distressed and underserved communities in VA and WV.

September 2024 – VCDC's CDFI Lending Entity, VCDF, recently closed on a re-financing loan of $500,000 for the first phase of a mixed-use revitalization project in Lynchburg, VA, which will renovate 9 properties (6 existing buildings and 3 vacant lots) on Lynchburg’s downtown Fifth Street. This extensive revitalization project will help bring vibrancy and attraction back to historic Fifth Street and support Lynchburg’s Downtown 2024 Master Plan.  

As we look ahead to 2025, our organization is preparing for a significant transition. After a notable career dedicated to advancing affordable housing, our CEO, Robert Newman, has announced his retirement, set for April 2025. While we will deeply miss Bob's leadership and vision, this is also a time to celebrate his incredible legacy and begin the process of selecting a new leader to carry forward our mission. 

September 2024 — After months of planning and anticipation, VCDC proudly hosted the annual NASLEF (National Association of State & Local Equity Funds) Conference in Charlottesville, VA from September 18-20th.

September 2024 - VCDC is honored to announce that we have received Approved Mortgage Broker Status permitting our organization to represent developers seeking loan products from Virginia Housing.  This will enable our team to extend its role in affordable housing development beyond tax credit services into the lending field with utilization of the considerable and wonderful lending opportunities available at Virginia Housing.  

The Mission Elevation program is an extension of VCDC's commitment to ensure communities are vibrant for all residents. Created 5 years ago, Mission Elevation is the newly named iteration of the successful program the Nonprofit Sustainability Challenge.

VCDC's Technical Assistance (TA) Program offers unique benefits to our partners in affordable housing to help them obtain the resources they need to create real change in their communities. Recently, we used TA funds to support training services for over 80 property managers and maintenance staff at our affordable communities across Virginia.

Housing Equity Fund 27 will help 200+ households including seniors, individuals with disabilities and families throughout Virginia have access to safe, sustainable, and affordable homes.

Virginia Housing recently awarded VCDC $19,900 through their FY24 Capacity Planning Grant to support succession management planning. This grant award supports VCDC’s vision to build upon existing groundwork for needed succession planning and ensure our team is well prepared for shifts and growth within our organization as our CEO, Bob Newman, has announced his retirement set for April 2025.

Housing Alexandria, a nonprofit developer based in Northern Virginia, is dedicated to creating homes and community-focused spaces that empower the residents of Alexandria. With over 840 affordable homes delivered and 400 additional rental units currently planned for construction, the organization has significantly impacted the Alexandria region. As Housing Alexandria has grown, CEO Jon Frederick and COO Elisa Mondragon recognized the need for strategic guidance to tackle new, ambitious projects. To address this, they joined Cohort 6 of VCDC’s Mission Elevation program.