ODU CDC Receives $2.5 Million from VHDA

Dec. 7, 2011 - PRLog -- The Virginia Housing Development Authority (VHDA) announced that $2.5 million in funds will be allocated to the Old Dominion University Community Development Corporation (ODU CDC) for first-time low-income homebuyers through the Community Homeownership Revitalization program.

The Community Homeownership Revitalization program provides a set-aside of funding for affordable first mortgages that support a local jurisdiction’s efforts to overcome the challenges facing communities due to the foreclosure crisis.  In addition, these resources are also made available to support targeted community revitalization. Selected applicants will receive a set-aside of resources whose interest rate is below the VHDA mortgage average.  

The ODU CDC was awarded the funding because of its ability to significantly leverage VHDA resources and complement VHDA’s efforts in supporting Neighborhood Stabilization Program initiatives and local government revitalization efforts. Its commitment to neighborhood revitalization projects on and around the ODU campus, including its current 43rd Street affordable workforce housing project. This is just one of the ways in which the ODU CDC is supporting these efforts.

“The ODU CDC is committed to doing its part to provide solutions to the affordable housing crisis in the communities surrounding the ODU campus and we are honored to work with the VHDA on innovative solutions that will provide more homes for families in our area,” said E. Ann Grandy, executive director, ODU CDC. “At the CDC, we are focusing our efforts to ensure successful communities in every aspect, including affordable housing, environmental sustainability, education and self-improvement.”

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The ODU Community Development Corporation is a 501-C non-profit organization established in 2006 to engage in a variety of activities primarily intended to revitalize the communities surrounding the campus, develop opportunities for residents, improve physical conditions of the neighborhoods, improve the lives of neighborhood residents and support Old Dominion University's community development interests.