VCC and Fahe Loan featured on CDBA Newsflash
VCC’s partnership with Fahe and the Mary Reynolds Babcock Foundation was featured in the Community Development Bankers Association Newsflash email and on their website. Take a look here.
Virginia launches initiative to increase economic investment in low-income areas
By Tyler Arnold | The Center Square
Bridge loan fuels La Cocina VA expansion in culinary careers and food outreach
Borrower : La Cocina VA Where : Arlington, VA Loan Amount : $300,000 Project Type : Bridge loan Opportunity In 2012, Patricia “Paty” Funegra founded La Cocina VA, to combat unemployment, hunger, obesity, and food waste in the Washington, D.C. metro area. Paty founded La Cocina after a nearly 20-year career in international development with multilateral organizations that supported efforts in Latin American and Caribbean countries. Through the area’s only bilingual culinary job-training program, …
Governor Northam Announces Launch of Opportunity Virginia
Partnership between Commonwealth and Virginia Community Capital to create Opportunity Zone marketplace will help increase investment in low-income communities FOR IMMEDIATE RELEASE Date: October 22, 2019 Office of the Governor Contact: Alena Yarmosky Email: Alena.Yarmosky@governor.virginia.gov Virginia Department of Housing and Community Development Contact: Amanda Love Email: Amanda.Love@dhcd.virginia.gov CHARLOTTESVILLE—Governor Ralph Northam today announced the official launch of Opportunity Virginia, a new initiative designed to leverage the federal Opportunity Zone program. Governor Northam made the announcement during …
RER Energy Group solar panels supply electricity for Salem Goodwill store
Borrower : RER Energy Group Where : Salem, VA Loan Amount : $260,000 Project Type : Construction and permanent loan Opportunity For the next 25 years, Goodwill store managers in Salem, Va., will need to look no further than the roof – and sky – for electricity to power the retail location. RER Energy Group, a regional leader in renewable energy, saw an opportunity to install a solar system on top of the building. Rather …
RRHA secures funding to build and renovate public housing units
Borrower : Roanoke Redevelopment and Housing Authority Where : Roanoke, VA Loan Amount : $719,000 and $802,250 Project Type : Commercial real estate loan Opportunity The Roanoke Redevelopment and Housing Authority (RRHA) is committed to providing quality, affordable homes for residents. Currently, RRHA is working on expanding housing options for elderly and disabled residents. As part of the initiative, RRHA identified an opportunity to build eight new housing units in Roanoke’s West End in the …
Creating new opportunity for communities with innovative lending
In 2016, Fahe, a regional Network, financial intermediary, and CDFI, received $50 million in loan awards from the USDA Community Facilities Relending Program to pursue its mission: ending persistent poverty in Appalachia. Among its numerous initiatives, Fahe sought to build several community facilities, including daycare and opioid-addiction rehabilitation centers. However, a key barrier hindering the deployment of the USDA’s Community Facilities capital is not being able to use awards for construction projects. Borrowers must find …
VCC Sponsors farm-to-table fundraiser in the Alleghenys
By Francesca Costantino, Community Impact Advisor VCC sponsored the Allegheny Mountain Institute’s (AMI) fundraiser for the Farm at Augusta Health in Fishersville, VA. The farm-to-table dinner included dishes from the farm and live music from an old-time band. In 2017, AMI established an organic vegetable farm and educational programming on farming and nutrition on the Augusta Health grounds. The Farm provides nutrient dense produce for the health center food system, the Food Pharmacy program, and …
Family secures SBA loan to operate Sowing Seeds Academy
Borrower : Bridget Holt-Taylor, Michael Page, Crystal Holt Where : Richmond, VA Loan Amount : $193,000 Project Type : Small Business Association 7(a) Loan Opportunity Quality, reliable childcare is critical for working families and ensures economic viability in our communities. Bridget Holt-Taylor and Crystal Holt wanted to purchase the assets of the former Phase II Neighborhood After School and Child Development Center to establish the Sowing Seeds Academy. Bridget Holt-Taylor would direct the academy, while …
Opportunity Virginia, an initiative of Virginia Community Capital and LOCUS Impact Investing, launched its new Opportunity Zone website for the Commonwealth of Virginia and announced a partnership with The Opportunity Exchange, a national project and impact-tracking platform that helps communities maximize the impact of the federal “OZ” program. The two will work together to identify, support, and showcase OZ projects from across Virginia to the growing number of eligible investors nationwide. The site is found …