While rehab incentives are available, sometimes it can be difficult to acquire the additional funds necessary to take advantage of these incentives.
Below are just a couple of competitive options available when looking for financing renovations. If you need assistance in finding affordable financing options, please schedule an appointment with the HDP.
Crater Planning District Commission (CPDC)
The CPDC is a regional economic development and planning organization that provides certain benefits to the cities it works with, which includes Hopewell. The CPDC has a number of competitive loans available including a revolving loan fund and an SBA 504 Loan. You can find more information about these and other loans on their website.
Virginia Community Capital
Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia. VCC offers loan capital that is broader than bank lending to projects that have a positive community impact in low-to moderate-income communities in underserved geographies and markets.
REDC Community Capital Group, Inc. is a 501(c) (3) non-profit organization, whose mission is to promote economic and community development by providing financing and services to small businesses, in order to create jobs and increase the flow of credit and capital into targeted low income communities. Their funding guidelines are less stringent than traditional bank loans and they also can provide technical assistance such as business plan development, credit repair and counseling, and more.
More resources may be available to you and we can help you take advantage of them. Please contact our office for immediate assistance.