Impact Stories

Loans support new affordable senior living in Gloucester

August 4, 2020 | Impact Stories

Opportunity A new 40-unit apartment facility will provide needed affordable housing for seniors in Gloucester, Va. Being developed by Bay Aging, a nonprofit organization based in nearby Urbanna, Daffodil Gardens Phase II will include five fully accessible apartments. Daffodil Gardens Phase II will be constructed adjacent to the original Daffodil Gardens, which brought 64 units to the area in 2001. The complex includes the Gloucester Adult Day Care Center and a Bay Transit facility, which …

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Not-your-average “mobile” homes in Danville

July 21, 2020 | Impact Stories

OPPORTUNITY Now for sale in Danville: Manufactured homes, but probably not the kind you have in mind. Built offsite and delivered to a lot, these manufactured homes don’t have wheels. Instead, they feature improved durability, energy efficiency, aesthetics, and meet stringent quality standards. In addition to permanent foundations, the houses have higher-pitched roofs, sheetrock interiors, covered front porches, and offer low operating, maintenance, and utility costs. The homes are, in both appearance and construction, similar …

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Norton IDA redevelops key commercial complex in city’s downtown

July 13, 2020 | Impact Stories

Opportunity A four-building complex in the heart of Norton’s main business corridor largely remained empty for many years. Because location is everything in real estate, the Norton Industrial Development Authority (IDA) purchased the property in 2005, recognizing its business development potential. In 2012, one building was partially renovated to house a weekly indoor farmers’ market, a critical first step in reimagining this location as a “center of gravity” for future business development and social activity. …

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Eagles Nest Regeneration Returns to VCC to Fund Housing Expansion

July 6, 2020 | Impact Stories

Opportunity A faith-based substance abuse rehabilitation ministry – and long-time VCC client – has had to turn away patients and visiting families due to lack of space. Based in Virginia’s picturesque New River Valley, Eagles News Regeneration is at capacity with 24 men enrolled in the residential treatment program. Eagles Nest Regeneration was founded in 2006 by William and Tonya Maddox. William “Robbie” Maddox is a former associate pastor who has worked on the front …

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NextGrid delivers 15 solar systems for low-income residences

June 29, 2020 | Impact Stories

Opportunity By 2032, Washington, D.C., will require 100 percent of the electricity used in the city to be renewable – one of the most aggressive clean energy targets in the country. This ambitious goal is predicted to cut greenhouse emissions by 50 percent over the next 12 years. One tool available to electric utilities serving Washington to meet this goal is Solar Renewable Energy Certificates (SRECs). SRECs provide a financial incentive for building owners to …

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Cameron Foundation Renews $1 million investment with Virginia Community Capital to support Tri-Cities rebuilding

June 22, 2020 | Impact Stories, In the News

Partnership spurred $5.5 million in Tri-Cities development since 2017 PETERSBURG, VA (JUNE 22, 2020) – Three years after its successful initial investment, The Cameron Foundation has renewed a $1 million loan and deposit with Virginia Community Capital (VCC), a community development financial institution that makes impact investments throughout the Commonwealth. As the community begins to reopen from the COVID-19 closures, the funds will be deployed into the Tri-Cities and other areas in Cameron’s footprint, supporting …

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Strengthening relationships with mission-focused organizations

March 6, 2020 | Impact Stories

Arlington Partnership for Affordable Housing (APAH) is a nonprofit affordable housing developer with a focus on both places and people. Founded in 1989 to meet the urgent housing needs in Arlington, they are committed to supporting low-income neighbors across the DC metro region. They offer more than 1,800 apartments and have more than 650 in development to become available within the next three years. As rents outpace income, APAH believes safe and affordable housing provides …

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Long-time sales leader purchases Birsch Industries

February 25, 2020 | Impact Stories

Borrower : J&L Hermes Supply, LLC Where : Virginia Beach, VA Loan Amount : $1.3 million; $200,000 line of credit Project Type : SBA 7(a) Loan   Opportunity After working for Birsch Industries for 23 years – including overseeing the day-to-day operations in the last year – Joshua Hermiz, along with his wife, Laura, wanted to buy the long-term successful business. Founded in 1964, Birsch Industries manufactures and distributes cleaning supplies and office products. The Birsch …

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Creative Invention of Hotel Greene indoor miniature golf course comes to life with SBA loan

February 19, 2020 | Impact Stories

Borrower : Hotel Greene and Greenleaf’s Pool Room Corp. Where : Richmond, VA Loan Amount : $400,000 Project Type : SBA 7(a) Loan Opportunity Updating a historic hotel for modern purposes requires a solid investment. And when you’re converting a portion of such a property – namely, the legendary Hotel John Marshall in Downtown Richmond – into a 13-hole indoor miniature golf course, you need to find an investor who shares your creative vision. The …

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A developer with a deposit to create more impactful development

February 7, 2020 | Impact Stories, In the News

Over more than two decades, Robin Miller has made a name for himself and his firm, Miller & Associates, as one of Virginia’s most prolific developers. Focusing on adaptive re-use of historic structures and infill in urban communities, Miller and his team are behind more than $100 million worth of prominent historic tax credit projects and new construction in Richmond’s Jackson Ward, Manchester, and Church Hill neighborhoods, along with properties in Petersburg and Staunton. So …

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