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

Success Story
Asset ClassMulti-Family Housing
CityHampton, VA
Interest Areas
Program Related Investment

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

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CDFI Fund New Markets Tax Credit Eligibility

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Not a HUBZone
Medically Underserved Area: 
Medically Underserved Area

CDFI Fund Investment Areas

High Population Loss: 
Low Population Loss (Metro & Non-Metro)
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CRA Eligibility

CRA Eligibility: 
Low Income
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BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)