Virginia Community Capital, Inc.
100 West Franklin Street
Suite 200
Richmond VA 23220
Mission Statement

The mission of Virginia Community Capital is to support housing and community development ventures, increase jobs and build sustainable communities by offering flexible financial products and advisory services.

CEO/Executive Director Jane N. Henderson
Board Chair Dixon Hanna
Board Chair Company Affiliation Retired, Virginia Polytechnical Institute
Contact Information
Address 100 West Franklin Street
Suite 200
Richmond, VA 23220
Telephone 804 344-5484
Fax 804 344-5451
History and Background
Year of Incorporation 1999
Financial Summary
Projected Revenue $0.00
Projected Expenses $0.00
Additional Documents


The mission of Virginia Community Capital is to support housing and community development ventures, increase jobs and build sustainable communities by offering flexible financial products and advisory services.

In the past seven years Virginia Community Capital (VCC) has lent over $138 million towards community development projects and programs throughout the Commonwealth. This lending has helped generate over 4,000 affordable housing units and 928,000 square feet of new and rehabilitated commercial space. VCC has also deployed over 4,700 hours of advisory services and technical assistance to developers, local governments, non-profit organizations and small businesses. All in all, this work has helped lead to the creation of 1,231 new jobs and 320 jobs being retained that otherwise were threatened to loss.
In 2011, VCC hit several notable benchmarks. Last year alone, the organization lent almost $52 million dollars towards community development projects. Organizationally VCC received high scores in an independent CDFI Assessment and Ratings System (CARS) program and became an Certified B Corporation. A collaboration between the Opportunity Finance Network and Starbucks known as Create Jobs for USA selected VCC in its first round of grant funding for an award of $173,500 in lending capital. Additionally, VCC was selected to participate in a program exclusive to CDFI small business lenders and advisors as part of Goldman Sachs 10,000 Small Businesses Initiative.

VCC’s Strategic Plan includes 3 years of growth and continued service to the Commonwealth. The goals and objectives presented in the plan include:
  • Leverage the success of the organization and the current capital base to grow assets to $70 million while maintaining fiscally-conservative, sustainable governance policies.
  • Create and deliver mission-based products appropriate for both the bank and the CDFI to meet the community development needs of the Commonwealth.
  • Create an operating environment where core costs are fully self-supporting and therefore, grant income is utilized entirely to leverage technical assistance and other non-profit activities.
  • Create a community development organization known for its responsiveness, technical ability, inclusive culture, and creativity; and is viewed as a leader of innovative community development programs – utilizing both state and private capital partnerships.
Needs Virginia Community Capital is always on the look out for new partnerships. If you are a developer or local government, can we help you realize your vision for a new multi-family affordable housing development or a downtown mixed use revitalization project? If you are a private or institutional investor, how would you like to earn a financial return on your investments with added benefit of knowing your funds are serving the local community? Are you local government, non-profit, or small business owner? Can we help you understand project feasibility, operational efficiencies, or financial performance of your organization? If you are a funder, VCC offers a unique opportunity to see your dollars create wide and lasting impact. VCC secures approximately 80% of its operating budget from the earned revenues of banking activities. This means that while every dollar we raise through grants and donations are critical to maintaining and growing our programs, these dollars can be used with significant efficiency relative to many other non-profit organizations.
Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and B-certified banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia.

While originally chartered in 1995, VCC was transformed in the fall of 2005 from a small CDFI doing microlending and IDA programs in 3 counties to a larger CDFI with $17 million in equity capital operating throughout the Commonwealth. By year-end 2007, VCC was a viable, statewide CDFI with a loan portfolio of approximately $10 million with 0% delinquencies. VCC completed 23 community development projects; creating or preserving 623 affordable housing units and creating or preserving 83 living-wage, permanent job opportunities. Additionally, the capital base of the organization grew from $15 million at YE 2005 to $19.1 million at YE 2007. Assets of the organization grew to $28.3 million. As the organization ended 2007, it had also laid the foundation for the opening of a regulated community development bank and began to focus on new strategic directives to guide its growth for the next 3 years.

Areas of Service
Areas Served
Board Chair
Board Chair Dixon Hanna
Company Affiliation Retired, Virginia Polytechnical Institute
Term Apr 2008 to Dec 2016
Board of Directors
Board Members
Kenneth Daniels Virginia Commonwealth University School of Business
Dixon Hanna Retired Associate Provost, Virginia Tech
James W. Harkness Jr.Community Volunteer
Jane Henderson President, Virginia Community Capital
Florence Kingston Director, Department of Development for the City of Newport News
Charlie H. Mills IIICEO, Salera Capital Management
Mary Dwyer Pembroke Discover
Bill Shelton Director, Virginia Department of Housing and Community Development
Michael Shewel McGuire Woods LLP
Al Smuzynski Community Volunteer
Board Demographics - Ethnicity
African American/Black 2
Asian American/Pacific Islander 0
Caucasian 8
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 7
Female 3
Unspecified 0
Board Term Lengths 1
Written Board Selection Criteria? Yes
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Number of Full Board Meetings Annually 12
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Advisory Board Members
David Baldwin Bristol Redevelopment & Housing Authority
Todd Christensen Southwest Virginia Cultural Heritage Foundation
Graham Driver Virginia Community Development Corporation
Steve Galyean Virginia Tourism Corporation
Ed Gerardo Bon Secours Health System, Inc.
Mike Hawkins Virginia Housing Development Authority
Shea Hollifield Virginia Department of Housing and Community Development
Kevin Kelly ECOC Enterprise Development Group
Overton McGehee Habitat for Humanity
Penny McPherson Wells Fargo
Shelley Murphy Piedmont Housing Alliance
Nancy O'Brien Community Volunteer
Carolyn P. Spohrer Virginia Community Action Partnership
Kent Ware USDA Rural Development
Kathy Wheeler Community Business Partnership
Executive Director
Executive Director Jane N. Henderson
Experience Ms. Henderson is the former Community Development Executive for Wachovia Corporation where for ten years she managed all aspects of Community Development Operations, Lending and Compliance (a $2 billion loan portfolio) for the $350 billion Corporation. Her banking career spanned over 24 years, including service as a Senior Product Manager for Consumer Credit and Operations Manager. Ms. Henderson currently serves as Chairman of the Board for Partners for the Common Good, a non-profit community development loan fund promoting community development. She is a member of the Appalachian Regional Commission’s Capital Advisory Group, and RUPRI Rural Advisory Group. Ms. Henderson served, for 8 years, as Chairman of the Federal Reserve Bank of Richmond’s Community Investment Council. She is the former Chairman of the Board for Community Housing Partners Corporation, a regional affordable housing non-profit corporation. She was a member of the Consumer Bankers Associations CRA Committee and a board member of Community Development Trust. Ms. Henderson is a graduate of the Consumer Bankers Associations’ Graduate School of Retail Bank Management and holds a Certified Risk Management Certification from the American Bankers Association. She graduated from Gettysburg College in Pennsylvania and holds a Masters in Finance from St. Joseph’s University.
Senior Staff
Costa Canavos VP Real Estate Lending
Clyde Cornett Chief Financial Officer
Pat Kietzman VP Administration
Teri Lovelace Esq.VP Corporate Development
Tim Mattox Data Manager
Robb Strader Chief Risk Officer
Wayne Waldrop Small Business Manager
Teresa Walker VP Savings Manager
Full Time Staff 31
Part Time Staff 1
Contractors 4
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 3
Date Strategic Plan Adopted Dec 2010
Organization Policy and Procedures Yes
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Description In 2011, Virginia Community Capital made nearly $52 million in loans to community development projects and programs throughout the Commonwealth. VCC possesses a full-scale community bank lending department with decades of experience in banking and finance. VCC specializes in complex transactions involving local, state, federal, and private incentives including Low-Income Housing Tax Credits, Historic Tax Credits, Virginia Small Business Financing Authority, USDA programs, New Market Tax Credit allocations.
Population Served Poor,Economically Disadvantaged,Indigent
Budget $3,500,000.00
Description VCC offers a variety of savings options and access to financial tools and resources.

VCC offers Advisory services to help small businesses, non-profits and government entities operate more effectively.  We focus on organizations that create jobs, develop affordable housing, provide access to critical services such as health care, promote asset building and support economic revitalization.

We also work to build the capacity of the industry by facilitating collaboration and promoting professional development.  Simply contact us to talk about what you are trying to accomplish – with your business, in your community, or for your neighborhood.

Fiscal Year
Projected Revenue $0.00
Projected Expenses $0.00
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201420132012
Foundation and
Corporation Contributions
Government Contributions$1,234,007$880,692$764,508
Individual Contributions$944,430$704,582$226,250
Investment Income, Net of Losses$31,081$30,881--
Membership Dues------
Special Events------
Revenue In-Kind------
Expense Allocation
Fiscal Year201420132012
Program Expense$2,576,977$2,137,723$1,666,124
Administration Expense$805,010$751,269$480,934
Fundraising Expense------
Payments to Affiliates------
Total Revenue/Total Expenses1.211.341.27
Program Expense/Total Expenses76%74%78%
Fundraising Expense/Contributed Revenue0%0%0%
Assets and Liabilities
Fiscal Year201420132012
Total Assets$53,478,027$44,452,524$43,486,706
Current Assets$39,266,731$31,492,263$30,766,468
Long-Term Liabilities$27,361,198$20,184,998$20,940,000
Current Liabilities$2,732,554$741,837$1,471,818
Total Net Assets$23,384,275$22,273,939$21,074,888
Short Term Solvency
Fiscal Year201420132012
Current Ratio: Current Assets/Current Liabilities14.3742.4520.90
Long Term Solvency
Fiscal Year201420132012
Long-Term Liabilities/Total Assets51%45%48%
Capital Campaign
Currently in a Capital Campaign? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit Application Confirmation 12/2015View
Foundation Comments
  • IRS Form 990s represent solely the financial position of Virginia Community Capital, Inc.
  • Audited financial statements represent the combined financial position of Virginia Community Capital, Inc. and its subsidiary, Community Capital Bank of Virginia.
  • Equity in non-controlling interest recorded under "Current Liabilities" for financial charts.