Using Partnerships to Create New Community Development Bank
Posted in CHP Updates
Christiansburg, Va. - In 2005, the Commonwealth of Virginia awarded Community Housing Partners (CHPC), the Federation of Appalachian Housing Enterprises (FAHE) and Virginia Community Development Corporation (VCDC) a grant to form a community development bank. The statewide bank, Virginia Community Capital, Inc. (VCC), will provide financing to for-profit and non-profit businesses that promote affordable housing and economic growth in underserved communities.
Jane Henderson is serving as president after retiring from Wachovia Bank and 19 years of banking experience, primarily in the community development field. Loan Manager Bill Skeen, also recently retired from Wachovia with 22 years in commercial banking and community development, will focus on all lending operations. Bob Adams, CHPC former executive vice president, will develop and deliver the technical assistance program, and Loan Portfolio Manager Cynthia Maxwell will serve existing loan clients. Jeff Reed and Kirsten Anderson, members of the CHPC finance team, are also a part of the VCCteam providing accounting and investment management expertise.
By the end of April, VCC will launch three loan products designed for mixed-use commercial and residential development, single family lease-purchase, and single family rehabilitation. A website is also under development for completion by the end of August. Expansion plans include the addition of two staff members, an administrative manager and project manager, and the creation of a regulated banking institution.
For more information on VCC, please contact 540.260.31262 or firstname.lastname@example.org.