VCC’s Advisory Services is a Success Story
In 2010, Virginia Community Capital (VCC) launched its Advisory Services line of business. Our Advisory Services program is designed to help small businesses, nonprofits, and government entities operate more effectively by providing one-on-one technical assistance and learning opportunities. Our focus is on organizations that create jobs, develop affordable housing, provide access to critical services such as health care, and support economic revitalization.
This year, through our Advisory Services program, VCC was proud to support Habitat for Humanity Virginia (HFHVA) with their success in participating in HUD’s Neighborhood Stabilization Program. The Neighborhood Stabilization Program is an effort by HUD to provide funding for the purchase, rehabilitation and re-sale of foreclosed homes. This activity is aimed not just at creating homeownership opportunity for a new family but also as an important tool in stabilizing neighborhoods that have been devastated by multiple foreclosures.
After the design of the NSP program was announced, VCC provided technical assistance to HFHVA as they developed their response to a complex and multi-layered project. HFHVA eventually was able to create the opportunity for its affiliates around the state to access NSP funding through a single source and later added another $1 million resources in funding obtained through the Federal Home Loan Bank of Atlanta.
The result has been the purchase, repair and re-sale of dozens of homes around the state and the involvement of hundreds of Habitat volunteers. VCC is pleased to have played a role in the success of this effort and looks forward to continued work with Habitat.
Habitat Volunteers at work in Prince William
About Virginia Community Capital:
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, deposits, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low-to-moderate income communities in underserved geographies and markets. Learn more at vacommunitycapital.org.