Foundations as Partners
VCC’s focus on community and economic development aligns with the mission of many foundations. As a result, partnerships with this important group continue to grow each year. VCC is a capable and solid collaborator on local projects as well as broad, regional programs—both delivering reliable impact and quantifiable outcomes.
Foundations seeking stable investments appreciate the VCC approach. We are time-tested participants in team efforts, often facilitating many voices at one table. We have worked on regional efforts that engage business owners, universities, policy makers, and private citizens. We are also deeply engaged with local and impact investing opportunities. In these cases, VCC may work directly with a foundation on a Program Related or Mission Related Investment (PRI/MRI), or other investment options for organizations.
A Partnership Success Story – Jessie Ball duPont Fund
As one of the largest private foundations in the country, the Jessie Ball duPont Fund is well-known for its innovative practices and launched its first PRI in 2011.
A second PRI with VCC provides lending capital for affordable housing and for projects promoting economic development and revitalizing or stabilizing low- or moderate- income communities in the Northern Neck of Virginia. The two-year project also promotes economic development and revitalizing or stabilizing low or moderate income neighborhoods in communities where liberal arts colleges supported by Jessie Ball duPont Fund are located.
We went right to work on the Jessie Ball duPont Fund opportunity, combining a VCC loan with an Affordable Housing Program grant from the FHLB of Atlanta to catalyze a renovation project in Lynchburg. Armstrong Place will provide 28 apartments for people with disabilities and low incomes through the historic adaptive reuse of the Armstrong Elementary School combined with new construction. The project is slated for completion in 2014.