VCC was established to assist with worthwhile projects that sometimes stretch beyond the reach of traditional financing. Many of these deals represent important efforts to preserve community assets sometimes underappreciated by market standards, such as affordable housing, historic buildings, business start-ups, and nonprofit organizations. Many of these deals also require creative financing, blending various tools and a “get it done” attitude.
Earlier this year, our Real Estate Lending team provided yet another example of the VCC philosophy at work. Working with the Alexandria Housing Development Corporation (AHDC), VCC structured a unique and rapid response to supply gap funding for the preservation of the Longview Terrace and Arbelo Apartments.
These properties will expand affordable rental options within Alexandria, maintaining an important income mix for this community in Northern Virginia.
Knowing that we have helped increase affordable options in Virginia is enough for the VCC team, but a letter from AHDC President Daniel R. Abramson certainly adds to our delight. In Mr. Abramson’s words: “With your help, this transaction will ensure decades of affordable rentals for the variety of families we serve in pursuit of our City’s goals for preserving housing affordability in our community.”
“Preserving affordable housing is a top priority at VCC,” offers Costa Canavos, Real Estate Lending Manager. “A strong community includes housing for all income ranges. Mobilizing support for a project like Longview Terrace and Arbelo Apartments provides the perfect opportunity to put our core principles into action.”
Read the complete letter here.