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Home My WebLink AboutVIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION (VBCDC)BUILDING ON 40 YEARS Preparing for What Comes Next Affordable housing is our foundation. Opportunity is what we build from it. Quincy White President & CEO Virginia Beach Community Development Corporation TODAY’S CONVERSATION A High-Level Look at VBCDC Where we are today, what we are building, and how we are preparing for what comes next. 01 Impact & Progress Who we are, recent progress, programs and community impact 02 Homeownership & Development First-time homebuyer strategy, community land trust and new housing 03 Preservation & Financial Sustainability 20-year capital needs, portfolio stewardship and the financial challenge 04 Future Direction & Partnership Revenue diversification, 2031 vision and partnership with Virginia Beach VBCDC / CITY COUNCIL WHO WE ARE VBCDC Today VBCDC / CITY COUNCIL 3 40+ years of service 500+ affordable homes 10,500+ individuals housed and served historically Cedar Grove Cypress Landing Scattered-site housing Housing. Stability. Opportunity. Community. Affordable rentals | Supportive & veteran housing | Homeownership | Community & housing development A YEAR OF PROGRESS Building Momentum VBCDC / CITY COUNCIL 4 90% → 92% Portfolio occupancy Fewer vacancies; rehabilitation and unit turns continue. 113% of goal Supportive Services for Veteran Families 214 households served against a goal of 190. 6 homes sold Laying the foundation for a first-time homebuyer program 12 planned this fiscal year | $225K-$250K. Stronger operations Financial oversight and maintenance Grant management, technology and systems. Stronger community impact, supported by a stronger organization. PROGRAMS & SERVICES DIVISION Housing + Support = Stability VBCDC / CITY COUNCIL 5 Serving veterans and families beyond the front door. Housing assistance Rental help, deposits and move-in support Case management Individualized support for housing stability Financial capability Budgeting and financial coaching Resource connections Benefits, healthcare and employment referrals 214 SSVF households 113% of goalMonthly households served June 160 | July 157 COMMUNITY IMPACT A Community Hub & Regional Partner VBCDC / CITY COUNCIL 6 Resources closer to residents Resident gathering | VBCDC annual report Financial education. Workforce connections. Community belonging. COMMUNITY CONNECTIONS JUN 17 Mental Health First Aid SEP 19 Bank On Hampton Roads OCT 22 Realtor & Homebuyer Summit with Truist A REGIONAL VOICE Virginia Beach Housing Advisory Board Hampton Roads Housing Consortium Regional Housing Assessment Advisory Committee Regional Continuum of Care Our impact extends beyond the properties we own. PATHWAYS TO HOMEOWNERSHIP Building the Foundation for a First-Time Homebuyer Program 6 homes sold 12 homes planned for sale this fiscal year $225K-$250K General offering range in the current plan Homebuyer preparation → Partnerships → Ownership opportunities VBCDC / CITY COUNCIL 7 FIRST -TIME HOMEBUYER PROGRAM + COMMUNITY LAND TRUST A First Home. Lasting Affordability. VBCDC / CITY COUNCIL 8 12 homes planned for sale this fiscal year First-Time Homebuyer Program Connecting homebuyer preparation, lender partnerships and attainable ownership opportunities. Community Land Trust Creating a community land trust program with Virginia Statewide Community Land Trust (VSCLT). VBCDC Development, program design and homeowner relationships VSCLT CLT operations, compliance and long-term stewardship Open doors today. Preserve affordability for generations. DEVELOPMENT WINS Building the Next Generation of Housing VBCDC / CITY COUNCIL 9 RENDERING SITE PLAN Tranquility II 38 Affordable senior apartments Transitioning toward occupancy and lease-up. Resident services in the community model. Solace Springs 60 Planned apartments with NAMI Coastal Virginia Rezoning secured; LIHTC application submitted. $200K LISC Virginia predevelopment funding. SOLACE SPRINGS CAPITAL CAMPAIGN Building Hope Together $6M Philanthropic campaign goal Stability, health and opportunity in Virginia Beach. UP TO 60 Attainable homes 9 UNITS Set aside for households with a member with a mental illness. NAMI Coastal Virginia headquarters VBCDC / CITY COUNCIL 10 THE LONG -TERM CAPITAL CHALLENGE Preserving What We Have VBCDC / CITY COUNCIL 11 From reactive maintenance to proactive stewardship $35.56M* Reported 20-year need across 394 analyzed units SCATTERED -SITE $24.59M CEDAR GROVE $3.94M CYPRESS LANDING $5.90M ATLANTIS MANOR $1.03M Scattered-site average: $1.23M/year over 20 years KEEP INVEST REPOSITION * Source total retained. Property detail sums to $35.46M; the $0.10M difference requires reconciliation. THE FINANCIAL CHALLENGE Building a Sustainable Business Model VBCDC / CITY COUNCIL 12 ~$298K +~$691K =~$989K Operating cash deficit Required principal payments Annual cash gap at current budget levels The operating gap and required debt principal are both cash uses. STABILIZE TODAY Strategic property sales SUSTAIN THE MISSION Recurring unrestricted revenue Capital investment reflects the annualized need identified in the CNA. ~$298K Operating cash deficit +~$691K Required principal payments +$1.23M Annual capital investment need per CNA =~$2.22M Combined annual funding pressure The CNA identifies approximately $1.23 million in annual capital investment needs —above current operating and debt-service pressures. PREPARING FOR VBCDC IN 2031 Researching Revenue for a Stronger Future VBCDC / CITY COUNCIL 13 Diversifying revenue can strengthen operations, preserve housing, and create more capacity to reinvest in the mission. A stronger financial foundation Recurring, unrestricted revenue that supports operations and sustains the mission. Property Management Serve other housing owners and generate recurring management fees. Development Services Support projects for partners through development and project-management expertise. Asset & Compliance Services Apply affordable-housing, asset-management, and compliance expertise for others. Housing Production Explore infill, CLT, and other repeatable housing- production models. Activate Office & Meeting Space Lease underused space to nonprofit/community partners for shared workspace, meetings, trainings, and mission-aligned events. EVALUATE BEFORE COMMITTING Demand → Capacity → Cost → Net Contribution CITY HOUSING STUDY ALIGNMENT Turning the City’s Housing Priorities into Action VBCDC / CITY COUNCIL 14 VBCDC strategies directly implement —or advance the broader direction of —priorities identified in the 2024 Virginia Beach Housing Study. 01 COMMUNITY LAND TRUST DIRECT ALIGNMENT Recommendation #13 specifically calls for leveraging VSCLT to create permanently affordable homeownership opportunities. 02 HOMEOWNERSHIP EXPANDING ACCESS Advance first-time homeownership and attainable starter-home opportunities —a need identified in the study. 03 INFILL + HOUSING PRODUCTION SUPPORTING THE DIRECTION Our infill model supports the study’s broader direction: facilitate land transactions, reduce development barriers, and expand housing production. 04 FINANCIAL SUSTAINABILITY BUILDING CAPACITY Diversified revenue strengthens VBCDC’s long-term ability to preserve existing affordable housing and produce new opportunities. CITY HOUSING STUDY → VBCDC STRATEGY → IMPLEMENTATION → MORE HOUSING OPPORTUNITY WHAT SUCCESS LOOKS LIKE The VBCDC of 2031 VBCDC / CITY COUNCIL 15 2031 Financial strength. Community impact. HEALTHIER HOUSING Stronger development pipeline Healthier portfolio FINANCIAL RESILIENCE Less debt Recurring unrestricted revenue MORE OPPORTUNITY More homeownership More partnerships STRONGER EXECUTION Better property performance Stronger staff capacity STRENGTHEN. BUILD. EARN. REINVEST. Our Strategic Direction VBCDC / CITY COUNCIL 16 STRENGTHEN What we already own. BUILD More affordable and attainable housing. EARN Sustainable, mission-aligned revenue. REINVEST Financial strength back into the mission. One direction: a stronger organization with greater capacity to serve. A PARTNERSHIP FOR WHAT COMES NEXT VBCDC + Virginia Beach VBCDC / CITY COUNCIL 17 A City partner for housing and community investment. Preserve & build Existing affordable homes and new workforce housing Create & connect Homeownership opportunities and resident resources Leverage & activate Private capital, philanthropy and underutilized land Innovate & sustain New housing models and a financially stronger VBCDC VBCDC / CITY COUNCIL Preparing for What Comes Next Preserve what we have. Build what we need. Create paths to ownership and opportunity. Strengthen the communities we serve. Sustain the organization behind the mission. STRENGTHEN. BUILD. EARN. REINVEST. Thank you for your partnership.Cedar Grove | VBCDC portfolio