VIRGINIA COMMUNITY DEVELOPMENT CORP
RICHMOND, VA | Richmond City
Affordable Housing
Overview
VIRGINIA COMMUNITY DEVELOPMENT CORP
54-1533426
1840 W BROAD ST STE 200
RICHMOND, VA 23220
Richmond City
RICHMOND, VA 23220
Richmond City
(804) 343-1200
rbates@vacdc.org
Mission Statement
AS TRUSTED PARTNERS, WE DELIVER VITAL FINANCIAL RESOURCES AND SUPPORT WHILE COLLABORATING WITH LOCAL ORGANIZATIONS DEDICATED TO SOCIAL IMPACT, ENSURING THE CREATION OF AFFORDABLE HOMES IN VIBRANT NEIGHBORHOODS WHERE EVERYONE CAN THRIVE.
CRA Category
- Affordable Housing
Nonprofit location
- LMI Census Tract
- Opportunity Zone
Awards & Certifications
- This nonprofit has not received any CRA awards or certifications.
Founded
1990
Total Employees
24
Total Volunteers
0
Nonprofit Classification (NTEE Code)
L80
L - Housing, Shelter
Housing Support
Organizations that provide supportive services which help people obtain and remain in suitable housing. Use this code for organizations that provide multiple supportive services or for supportive services specified below.
IRS Activity Codes
380
Low-income housing
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code)
624229
Other Community Housing Services
Targeted Clients
- General Public
CRA Income Characteristics
- HUD Assistance Recipients
- Low-Income
- Moderate-Income
- People Living Below Poverty Level
CRA Alignment
CRA Category
Affordable Housing
Creation, rehabilitation, operation or preservation of affordable housing.
100%
Percent LMI Served
as reported by the nonprofit
What does it mean for a nonprofit to be CRA aligned?
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then further validated by our CRA experts. When nonprofit passes both parts of this review, we create a nonprofit profile for them on Community Qualifier. From there, a nonprofit can claim their profile and add additional information including their programs & services, counties served, targeted clients and income groups and more.
LOWHIGH
LOWHIGH
LOWHIGH
LOWHIGH
Programs & Services
Low Income Housing Tax Credit (LIHTC) Syndication
As the premier Virginia-based tax credit equity fund, we boast a legacy of over 30 years dedicated to crafting high-performing equity funds. We specialize in utilizing the Low-Income Housing Tax Credit (LIHTC) program, one of the most effective tools for financing the development of affordable housing for low- to moderate-income renters. As a syndicator, VCDC helps bridge the gap between investors and developers to help meet the need of quality, safe affordable housing in communities that need it most. Our team of experts advises developers on LIHTC project ideas, deal structure, underwriting, closing, and construction, and our Asset Managers provide ongoing technical assistance to ensure the long-term financial and operational success.
Targeted Clients
- General Public
CRA Income Characteristics
- Low-Income
- Moderate-Income
- People Living Below Poverty Level
- HUD Assistance Recipients
New Market Tax Credit (NMTC) Program
As a Community Development Entity, our lending affiliate VCDF helps provide alternative financing through the New Market Tax Credit Program (NMTC). Our investments in real estate preservation and development through the NMTC program support economic development and community revitalization, create business and job opportunities, and bring community facilities and services to low-income communities. VCDF has received allocations of NMTCs totaling $70 million in the last 10 years.
Targeted Clients
- General Public
CRA Income Characteristics
- Low-Income
- Moderate-Income
- People Living Below Poverty Level
- HUD Assistance Recipients
Historic Tax Credit (HTC) Syndication
VCDC provides historic tax credits at the state and federal levels to rehabilitate historic buildings into assets that serve the community through economic development projects like cultural centers and affordable housing. Historic tax credit projects often go hand in hand with LIHTC initiatives, and we can seamlessly combine both tax credit programs to maximize the impact and success of both our development and investment partners. We currently have 34 historic tax credit properties in our portfolio.
Targeted Clients
- General Public
CRA Income Characteristics
- Low-Income
- Moderate-Income
- People Living Below Poverty Level
- HUD Assistance Recipients
Awards & Certifications
Community Development Financial Institution
Community Development Financial Institution Award Recipient
New Market Tax Credit Recipient
HUD Counseling Agency
Low Income Housing Tax Credit Recipient
IRS Summary
Income
$2.9M
Revenue
$2.9M
Assets
$7.8M
IRS Business Master File Details
As of July 2025
Exempt Ruling Date
1990-05
Deductibility Status
Deductible
Last Tax Filing
2023
Organization Type
Corporation
Organization Tax Filing Status
990 (all other) or 990EZ return
Foundation Tax Filing Status
990-PF not required by IRS
Affiliation Classification
Independent Organization
Basis for Foundation/Public Charity Status
Organization normally receives no more than one-third of support from gross investment and unrelated business income and at same time more than one-third of its support from contributions, fees and gross receipts related to exempt purposes 509(a)(2)
IRS Publication 78 Details
As of March 2025
Verified in Publication 78
Yes
Deductibility Limitation
50% (60% for cash contributions)
Organization Description
A public charity
IRS Form 990 Returns
Through June 2025
Tax period ending in
2019-12
Nonprofit Location
Main Address
1840 W BROAD ST STE 200
RICHMOND, VA 23220
Richmond City
RICHMOND, VA 23220
Richmond City
Area Type
Metropolitan Statistical Area
FIPS Geocoded Address
40060
MSA/MD
51
State
760
County
0402.02
Tract
Moderate
Income Level
Core-Based Statistical Area
40060 - Richmond, VA
Combined Statistical Area
Not located in a CSA.
Metropolitan Division
Not located in an MD.
Main Address Located In
Low- or Moderate-Income Census Tract
Opportunity Zone
Majority Minority Census Tract
29.86%
FFIEC Distressed Census Tract
FFIEC Underserved Census Tract
Geographies Served
- KY - All Counties
- MD - All Counties & Cities
- NC - All Counties
- TN - All Counties
- VA - All Counties & Cities
- WV - All Counties
Market Data
| Main Address | Census Tract | County |
|---|---|---|
| 1840 W BROAD ST STE 200 RICHMOND, VA 23220 |
0402.02 | Richmond City |
| Population | ||
| Total Population | 3,356 | 227,595 |
| Total Households | 1,191 | 102,145 |
| Income | ||
| Median Income* | $63,077 | $62,671 |
| Median Family Income (2024 FFIEC est.) | $110,000 | $113,400 |
| Tract Income Percentage | 69.18% | N/A |
| Below Poverty Level | 23.7% | 18.8% |
| Unemployment Level | 0.0% | 6.0% |
| Housing | ||
| Total Housing Units | 1,387 | 112,848 |
| Total Owner-Occupied Units | 4.1% | 43.5% |
| Total Renter-Occupied Units | 81.8% | 56.5% |
| Total Vacant Units | 14.1% | 7% |
* Census Tract Median Income based on 2020 Tract Median Family Income as reported in the 2024 FFIEC Census Flat File. County Income based on Median Household Income as reported in the 2023 American Community Survey.
Management
13
Total Voting Members
in Governing Body
in Governing Body
13
Independent Voting Members
in Governing Body
in Governing Body
Tax Filing Signatory
Robert L Newman
President & CEO
(804) 343-1200
President & CEO
(804) 343-1200
Principal Officer
Robert L Newman
findCRA Profile Owner
Kelsey McMahon
Equity Fund Analyst
kmcmahon@vacdc.org
Equity Fund Analyst
kmcmahon@vacdc.org
Key Policies & Documents
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Whistleblower Policy
CEO Compensation Review Process
Written Minutes of Board Meetings
Financial Statements & Reporting
Compiled or Reviewed by an Independent Accountant
Audited by an Independent Accountant
Included in Consolidated Financial Statements
Internal Audit Committee Review
Federal Grant Audit Required
Federal Grant Audit Performed
Organization Activities
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations
Information in this section is extracted from the nonprofit's e-filed tax return and based on answers provided by the nonprofit in their 990 e-filed for the tax period ending on 2022-12.
A hyphen (“-“) in this section indicates that the information was not required by the IRS or not reported by the nonprofit in its tax return e-filing.
This Nonprofit Profile was created using data available from publicly available government and industry sources, our own research, and information provided directly the nonprofit organization. Whenever possible, we utilize the most recent information available including information as made public by the Internal Revenue Service, U.S. Census Bureau, Federal Financial Institutions Examination Council, and more. The format and design of this Nonprofit Profile is ©findCRA. For more information about our Nonprofit Profiles, please visit help.findcra.com.
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