Funding will support community development financial institutions, small businesses and revitalization projects Governor Glenn Youngkin announced today $1.3 million in grants for seven projects through the Commonwealth’s Capital for Communities Fund (CCCF). The projects will expand lending to communities lacking banking options across the Commonwealth while providing technical assistance to future borrows for business ventures.  “As we grow Virginia’s economy, we must ensure that institutions across the Commonwealth have access to the capital they need to thrive,” said Governor Glenn Youngkin. “These seven projects will support growing local economies by expanding lending services to communities that need them most.”  CCCF was created to provide grants to community development financial institutions and other similar entities for the purpose of providing financing to small businesses, housing development and rehabilitation projects and community revitalization real estate projects. CCCF provides capital to Community Development Financial Institution (CDFIs) that will allow the organization to minimize the financial loss often associated with small loans and micro-lending and create other innovative tools that address critical gaps in the financing landscape.  “Small, local institutions are integral to building our economy, and we need to ensure they have access to the financing and technical assistance they need,” said Secretary of Commerce and Trade Caren Merrick. “By expanding capital and resources to these communities, we can support these previously unserved businesses to start, expand and thrive.”  The awarded projects are anticipated to leverage over $8 million in loans to 320 borrowers, providing over 4,300 hours of technical assistance and creating and/or retaining more than 270 business and over 640 jobs. “By removing these financial barriers, we can foster stronger entrepreneurial ecosystems in these small communities,” said Director of the Virginia Department of Housing and Community Development, Bryan Horn. “CCCF allows us to expand financing to these communities and fill crucial gaps in the financial landscape to allow them to flourish and grow economically.”  For more information on CCCF, visit dhcd.virginia.gov/cccf. Organization Project Name Award Community Investment Collaborative Accelerative Lending Impact Beyond Central Virginia $300,000 Freedom First Federal Credit Union Small Business Technical Support $300,000 People, Inc.  People Incorporated Financial Services CCCF 2024 $300,000 Bridging Virginia Capital Access Program 2024 $150,000 Shenandoah Community Capital Fund CDFI Certification and Lender Capacity Building $150,000 Virginia Affordable Housing Loan Fund CCCF 2024 $120,000 Appalachian Community Capital Building CDFI Capacity $30,000 TOTAL: $1,350,000  

The Virginia Department of Housing and Community Development (DHCD) has developed a draft application for the Department of Housing and Urban Development (HUD)’s Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Grant. The PRICE grant is intended to preserve long-term housing affordability for residents of manufactured housing or manufactured housing communities, to redevelop manufactured housing communities, and to primarily benefit low- and moderate-income (LMI) residents. Congress appropriated $225 million for competitive grants to preserve and revitalize manufactured housing and eligible manufactured housing communities and DHCD is eligible to apply for up to $75 million.  Funds can be used for:  Repair, revitalization, or replacement of manufactured housing;  Development or improvement of infrastructure that supports manufactured housing units;  Land and site acquisition;  Resident and community services including relocation assistance and eviction prevention;  Environmental improvements and activities to increase resilience to natural hazards; and  Planning activities DHCD is requesting written comments on the application draft be sent via email to feedback.ppc@dhcd.virginia.gov before 5 p.m. on Friday, May 31, 2024. Comments received after this time will not be accepted. Additionally, DHCD will outline the PRICE application and accept feedback on anticipated needs, statewide goals, and use of funds at a virtual public hearing on May 21, 2024, from 1:00- 2:00 p.m. Registration for this public hearing can be made here. We look forward to hearing from you as we develop this application! If you have any additional questions regarding these sessions, contact Chloe Rote at chloe.rote@dhcd.virginia.gov We look forward to hearing from you! View the Draft Application Here Watch the Recording of the Public Hearing Here