Virginia Community Development Fund Inc

Organization Overview

Virginia Community Development Fund Inc is located in Richmond, VA. The organization was established in 2000. According to its NTEE Classification (L11) the organization is classified as: Single Organization Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Community Development Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Virginia Community Development Fund Inc generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 47.8% each year . All expenses for the organization totaled $801.9k during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE THE DEVELOPMENT OF AFFORDABLE HOUSING FOR VIRGINIA'S POOREST AND MOST UNDERSERVED RESIDENTS

Describe the Organization's Program Activity:

Part 3 - Line 4a

VCDF IS A SUBSIDIARY OF VCDC, WHICH INVESTS EQUITY INTO COMMUNITY DEVELOPMENT PROJECT WITH A FOCUS ON AFFORDABLE HOUSING. VCDF IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) AND APPLIES ITS FOCUS TO OTHER TOOLS TO ASSIST IN THE DEVELOPMENT OF THESE PROJECTS, PRIMARILY THROUGH AFFORDABLE LOANS TO HOUSING PROJECTS, ESPECIALLY THOSE WITH AN ALLOCATION OF LOW INCOME HOUSING TAX CREDITS. VCDF IS ALSO A CERTIFIED DEVELOPMENT ENTITY (CDE) AND THEREBY, CAN APPLY TO THE US TREASURY'S NEW MARKET TAX CREDIT PROGRAM (NMTC) FOR ALLOCATION OF CREDITS FOR INVESTMENT IN ECONOMIC DEVELOPMENT PROJECTS. IN 2009, VCDF RECEIVED ITS FIRST ALLOCATION OF NMTCS FOR $35,000,000 AND INVESTED THIS RESOURCE INTO FOUR PROJECTS LOCATED IN UNDERSERVED COMMUNITIES IN VIRGINIA: TWO MUSEUMS (ROANOKE AND BRISTOL) AND TWO THEATERS (WAYNESBORO AND CLIFTON FORGE). VCDF HAS SINCE RECEIVED A SECOND ALLOCATION OF NMTCS IN THE 2018 ROUND FOR $35,000,000 WHICH HAVE BEEN INVESTED IN ANOTHER FOUR PROJECTS IN VIRGINIA AND WEST VIRGINIA: THREE COMMUNITY FACILITIES AND ONE COMMERCIAL/MIXED USE PROJECT. ANOTHER TWO PROJECTS HAVE BEEN APPROVED FOR INVESTMENT: ONE IS A BOUTIQUE HOTEL IN WV, THE OTHER IS A SMALL BUSINESS LOAN FUND FOR NMTC-ELIGIBLE PROJECTS IN VA AND WV. VCDF IS APPLYING FOR ANOTHER ROUND OF NMTCS THROUGH THE 2020 ROUND FOR ANOTHER $50,000,000 AND INTENDS TO CONTINUE INVESTING IN COMMUNITY FACILITIES, HOSPITALITY PROJECTS AS WELL AS MIXED-USE PROJECTS (BOTH COMMERCIAL AND RESIDENTIAL). IN 2017 VCDF EXPANDED ITS SERVICE AREA TO INCLUDE COMMUNITIES IN VIRGINIA AND WEST VIRGINIA.


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Board, Officers & Key Employees

Name (title)Compensation
John Psalop
President
$0
Karen Wilds
Vice President
$0
Robert Newman
Treasurer
$0
Laura Dupuy
Secretary
$0
Neil Amin
Board Member
$0
Philip Stetson
Board Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,000,000
All other contributions, gifts, grants, and similar amounts not included above$375,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$4,375,000
Total Program Service Revenue$322,939
Investment income $30,377
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,728,316

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Virginia Community Development Fund Inc has recieved totaling $375,000.

Awarding OrganizationAmount
Winston-Salem Foundation

Winstonsalem, NC

PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES

$375,000
View Grant Recipient Profile

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