Organizations Filed Purposes:
To Promote the development of affordable housing for Virginia's poorest and most underserved residents
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.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| David Clark | Board Member | 1 | $0 |
| Barry M Kornblau | Board Member | 1 | $0 |
| Philip Stetson | Board Member | 1 | $0 |
| Andy Kegley | Board Member | 1 | $0 |
| Laura Dupuy | Secretary | 5 | $0 |
| Karen Wilds | Vice President | 1 | $0 |
| Neil Amim | Board Member | 1 | $0 |
| Robert Newman | Treasurer | 2 | $0 |
| John Psalop | President | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202013189349306991_public.xml