How VCC helped create a sense of community in Central Virginia
VCC continues to make progress throughout Virginia by providing innovative capital and collaborative leadership promoting vibrant local communities and enhanced quality of life for residents. As of December 2014, VCC has provided over $259 million in financing for 407 community impact projects across the Commonwealth. On average, every dollar VCC invests in a community is leveraged with $1.57 of additional funding from other sources, for a leveraged total of over $406 million and total project impact of over $665 million.
This includes helping increase the affordable housing available for residents in Virginia communities by providing the innovative and flexible capital, investment opportunities, and advisory services needed to complete these residential building projects. Through 2014, VCC has helped businesses provide 4,987 units of affordable housing, which includes 4,661,139 square feet of living space for people in Virginia.
Spotlight on Round Hill Meadows, Orange, Virginia
A great example illustrating how VCC regularly teams with partners to offer financing is Round Hill Meadows, a 120 unit mixed-income neighborhood consisting of 60 market rate and 60 affordable apartment homes located in an area just north of the Town of Orange, Virginia. With an unemployment rate of 5.3% and 11.1% of the people living in this community under the poverty level, this project serves a very important need by providing housing for families below the Area Median Income (AMI). A February 2011 market study performed by S. Patz and Associates reports that Round Hill Meadows is in an area which only has a handful of multi-family properties, so there is a large demand for more affordable housing rental properties. The Round Hill Meadows neighborhood will provide 60 affordable units and is well-suited to help deliver housing essential to residents.
Round Hill Meadows is the first phase of a multi-phase project William and Richard Park are developing in this area. Based in Charlottesville, the Park Brothers specialize in the affordable housing arena and their companies presently own/manage numerous multi-family projects throughout Virginia in areas such as Hampton, Farmville, Lynchburg, Harrisonburg, Charlottesville, Culpeper, Waynesboro, Blacksburg, Staunton, Chase City, Lawrenceville, and Richmond. The Park Brothers used their development company, Bluestone Land, LLC, as the developer and their construction company, Pinnacle Construction, to build Round Hill Meadows. Their asset management company, Park Properties Management Co. LLC, provides property management services. VCC provided a gap construction loan, VHDA provided a construction and permanent loan through Bluestone Capital Advisors which is another affiliated entity of the Parks, and Richman Group, buyer of the Low Income Housing Tax Credits, provided equity contributions.
About Virginia Community Capital: With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) can help you prosper by providing the innovative and flexible capital, investment opportunities, and advisory services you need. Beyond traditional financing options, VCC offers funding, expertise, and leadership vital to successful community projects, small businesses, and mission investments. In partnership with our for-profit CDFI bank, Community Capital Bank of Virginia, we offer loan capital and bank lending which help promote vibrant local communities throughout Virginia. Learn more at vacommunitycapital.org.