Creating Thriving Communities RICHMonD’S EAST EnD A ll eyes are on Richmond’s East End these days as a highly collaborative effort toward revitalizing this historic urban neighborhood moves into its third year of energized activity. VCC has been active on numerous fronts—reflecting how we bring diverse resources and talents to community development. Branded as East End Vision, the initiative started in June of 2010 with a week-long planning session organized by the City of Richmond, Bon Secours Health System, and the Richmond Redevelopment & Housing Authority (RRHA). The plan’s intent: make the area more desirable for residents, businesses, and the community as a whole. In April 2011, the Bon Secours Health System committed $300,000 to VCC’s Micro-Enterprise Capital Support Program, which provided capital to micro-enterprise providers to support micro-loan activities for small businesses in economically distressed communities. VCC’s Advisory Services team engaged in discussions with East End entrepreneurs, collaborating with the health system’s Supporting East End Entrepreneurship Development (SEED) grant program. VCC is also convening a healthy foods initiative entitled “Get Fresh East End!” focusing on assisting corner store owners expand their offerings of fresh, healthy foods for neighborhood customers. The East End of Richmond is the number one food desert in the country for similar sized cities. Micro-finance is an important aspect of a growing entrepreneurial network in the East End and United Virginia, a micro-lender, believes in and supports local investing. United Virginia works with start-up businesses and underserved entrepreneurs, connecting them with the training and finances they need to be successful. United Virginia also actively supports local investing by holding a deposit in VCC’s Community Capital Bank. VCC Lending • These new efforts in the East End complement a VCC loan project benchmark. Beckstoffer’s Mill Lofts, an adaptive reuse of a late 19th century lumber mill, announced its first tenant in January 2012. VCC provided pre-development financing for the project, which created 22 units of high-quality, mixed-income apartments. • VCC Lending has been involved in other Richmond community renewal projects including a mixed-use renovation in the Arts District and a community facility in Scott’s Addition. • VCC’s loan officers are skilled at assembling creative financing solutions for community development and affordable housing projects. Many of our downtown mixed-use projects have utilized historic tax credits. VCC loan officers are skilled at underwriting new Markets Tax Credit deals, a powerful tool in bringing communities to life. h 3