icon-search icon-programRelatedInvestments icon-missionRelatedInvestments icon-lowIncomeHousingTaxCredit icon-technology icon-placeBased icon-loanGuarantee icon-minority icon-equityInvestments icon-close calendar chevron-thin-up chevron-thin-down chevron-thin-right chevron-thin-left icon-facebook icon-linkedin icon-twitter icon-youtube icon-caret icon-lock icon-star-in-circle heart-icon home-icon dashboard-icon messages-icon user-icon

Virginia Housing CDC Uses CapNexus to Secure Mortgage Loan and Line of Credit

Success Story
Asset ClassMulti-Family Housing
GeographyVirginia
CityHampton, VA
Amount$105,000
Interest Areas
Housing
Program Related Investment
Veterans

Virginia Housing Community Development Corporation (VHCDC) sought an $85,000 commercial loan to complete the rehabilitation of a two-family duplex. To obtain financing, VHCDC listed the opportunity on CapNexus. The non-profit developer intends to rehabilitate and upgrade a multi-family rental property for two local veterans/families. They will employ paid and volunteer labor and small, disadvantaged businesses for the necessary renovations. The units are in a CDFI Program Investment Area.

Through CapNexus and its posting, VHCDC and FAHE met and discussed this project and other potential business. Their connection resulted in obtaining a $50,000 line of credit that can be used to rehabilitate the two-family duplex and future organizational needs to improve additional properties. VHCDC also secured a $105,000 mortgage loan for another property located in Suffolk, VA, a CDFI Program Investment Area.

Through this new relationship, VHCDC and FAHE look forward to deepening their new relationship by partnering on future projects. VHCDC President James Taylor added, “I’m truly excited about the opportunities our relationship with FAHE presents. It’s great to finally have a financial partner who supports our efforts to provide quality, affordable housing for disabled and homeless veterans, ex-offenders, and low-income individuals/families in our footprint.”

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

Data provided by

CDFI Fund New Markets Tax Credit Eligibility

% of Area Median Income: 
46.04%
Poverty Rate: 
21.10%
Unemployment Rate: 
12.70%
SBA HUBZone: 
Not a HUBZone
Medically Underserved Area: 
Medically Underserved Area

CDFI Fund Investment Areas

High Population Loss: 
Low Population Loss (Metro & Non-Metro)
Total Population: 
1,963
% of Area Median Income: 
51.19%
Unemployment Rate: 
12.7%
Poverty Rate: 
21.1%

CRA Eligibility

CRA Eligibility: 
Moderate Income
% of Area Median Income: 
51.72%
Minority Population: 
1,356

BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)