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Federal & State Programs as Partners

Federal & State Programs as Partners

Federal and State Programs as Partners

Partnerships with federal and state agencies have played a key role in the founding and evolution of VCC. Since 2005, when we were established, we have consistently worked with a broad range of funding programs to advance our collective focus on economic development.

These collaborations may even include helping Virginia communities and organizations secure grant funding or leverage investments through tax credits.  Some important government partners include: the U.S. Department of Treasury, the Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA), and the state agencies associated with these federal programs.

A Partnership Success Story – New Markets Tax Credits through the CDFI Fund

The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to incentivize investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments.

VCC has applied for and received NMTC funds for distribution since 2008. These tools have been instrumental in the advancement of numerous projects for Virginians. For example, NMTC funds were deployed in a comprehensive upgrade to the Pioneer Health Services facility in Patrick County and in the expansion of the Blue Ridge Medical Center in Nelson County.