Virginia Data and Stories

State Fact Sheet

Map of Selected Projects in Virginia

Community Testimonials

Now more than ever, we find the only sure way out of institutional poverty is through home ownership, the building of equity within the existing free market system. The New Markets Tax Credit program achieves that goal by providing much needed funding to physically build homes for hard working families within qualifying census tracts. This money goes directly from the closing of the transaction into the construction of these homes. Families work alongside volunteers to build their homes, they are provided with a mortgage calibrated to their income, and they pay for their homes over a 25 to 30 year period. This economic and tenure security changes the lives of both current and future generations, thus leveraging up the value of the New Markets Tax Credit investment. We urgently request a permanent extension of the NMTC, and additional allocation of funds to continue the transformational work this program makes possible.

-John Desmond, Greater Charlottesville Habitat for Humanity, Inc., Charlottesville, Virginia

Selected Projects in Virginia

Emory & Henry Health Sciences Building

Emory,
VA
(2019)

College or Vocational Training, Community, FQHCs, Healthcare, Vocational Training

CDE(s): People Incorporated Financial Services, Virginia Community Development Fund

The second phase of renovation of an old hospital into classrooms, lecture halls, laboratories, and clinical space for E and H graduate programs.

Church Hill North Retail Center

Richmond,
VA
(2018)

Affordable Housing, Community, Culinary Entrepreneurship, Daycare and Early Childhood, Grocery and Fresh Food, Healthcare, Housing, Mixed-use, Retail, Retail and Commercial, Schools, Youth and Families

CDE(s): Bluehub, Capital One, City First, Local Initiatives Support Corporation

Construction loan for mixed-use development with grocery store, pharmacy, credit union, community space.

Phoenix Packaging

Dublin,
VA
(2018)

Business Development, Food Manufacturing, Manufacturing, Plastics and Chemicals

CDE(s): TD Community Development Corporation

NMTC financing helps jump-start recycling plant in rural Virginia.

Sessions Hotel

Bristol,
VA
(2018)

Business Development, Historic Rehabilitation

CDE(s): People Incorporated Financial Services

Adaptive reuse of local landmark as a boutique hotel and centerpiece of downtown revitalization efforts.

Martinsville Clean Energy Plant

Martinsville,
VA
(2017)

Community, Energy, Food Manufacturing, Manufacturing, Waste Management, Water Management

CDE(s): Dudley Ventures, French Lick Redevelopment CDE

The Martinsville Clean Energy project successfully combined Investment Tax Credits and New Markets Tax Credits for the design, construction and installation of state-of-the-art clean energy generation technology into an anaerobic

Commonwealth Crossing Business Centre

Ridgeway,
VA
(2017)

Adult Education, College or Vocational Training, Community, Food Manufacturing, Plastics and Chemicals, Rural, Vocational Training

CDE(s): People Incorporated Financial Services, Truist

Commonwealth Crossing Business Centre is a modern business and technology park designed to attract major manufacturers with the potential to add value to the local economy and create thousands of

River District Tower

DANVILLE,
VA
(2016)

Historic Rehabilitation, Housing, Mixed-use, Rural

CDE(s): Danville Virginia CDE

NMTC financing for River District Tower, a mixed-use project.

Monogram Snack

Martinsville,
VA
(2015)

Business Development, Food Manufacturing, Manufacturing, Rural

CDE(s): Greenline Ventures, Rural Development Partners

NMTCs enabled Monogram Snacks to expand their facility in Martinsville, VA by 56,000 sq. ft. and renovate space in the original production plant.

Petersburg Library

Petersburg,
VA
(2013)

Community, Daycare and Early Childhood, Infrastructure, Library, Municipal Facilities, Youth and Families

CDE(s): Local Initiatives Support Corporation, Wells Fargo

A new 42,160 sq. ft. library in Petersburg, VA.

Tiger Fibers

Lawrenceville,
VA
(2012)

Adult Education, College or Vocational Training, Community, Energy, Manufacturing, Rural

CDE(s): Midwest Renewable Capital

The acquisition and installation of equipment at a biofuels processing facility in rural Lawrenceville, Virginia, a community of approximately 1,400 people.

Waters Place

Culpepper,
VA
(2011)

Community, Incubator, Mixed-use, Retail, Workforce Housing

CDE(s): Hampton Roads Ventures

Revitalization of a commercial center in a distressed community of 16,000 by renovating the buildings into Water Place, a mixed-use development with retail and office space, community-oriented commercial space, and

Blue Ridge Medical Center

Arrington,
VA
(2011)

Community, Dental Services, FQHCs, Healthcare, Hospitals and Emergency Services

CDE(s): Locus Impact Fund

The construction of a $7.2M medical center and dental clinic which provide comprehensive medical and dental care, as well as rural health outreach programs, to medically underserved communities in rural

Site visits and recent news related to Virginia NMTC Projects

Smith NMTC Announces Closing of $24M Housing Partnership Network Allocation

July 13, 2023

Warner & Crapo Unveil New Bipartisan Caucus to Fuel Investment in Rural & Low-Income Communities

August 1, 2022

Real examples of how the New Markets Tax Credit is transforming communities and commercial real estate

July 27, 2022