HD107 - Report on the Creation of a Statewide Community Development Bank


Executive Summary:
Since the close of the 2005 legislative session, a community development financial institution (CDFI) completed its initial organizational steps based on the provisions of Chapter 624 of the 2005 Acts of Assembly. This report, required by the fourth enactment of Chapter 624, summarizes the steps that led to the certification of Virginia Community Capital, Incorporated (VCCI) by the U.S. Department of the Treasury as a community development financial institution authorized to administer financing programs targeting community development and housing needs. Now that it has achieved this initial milestone, VCCI is evaluating alternative paths to establish itself as a regulated banking entity. When completed, this final step would enable VCCI to offer a complete range of financial assistance that would otherwise be unavailable to many of Virginia's most economically distressed communities and populations.