Organization: Restoration of Petersburg Community Development Corp
Mission: The mission of ROPCDC is: To redevelop & revitalize the human & physical capital of the Halifax Community of Petersburg, VA through housing rentals, housing development, economic development, employment
Activities: Operate Little Angels Childcare Center, a world-class childcare & learning center, serving children ranging in age from 2 1/2 to 5 years. Enrollment at 12/31/2019 is 60 children (full time, part time & after school care) with a staff of 7, including 1 director.
Acquisition and maintenance costs related to the purchase of land within the Halifax community of Petersburg, Virginia (taxes, repairs & maintenance, utilities)
ROPCDC entered into an agreement with Better Housing Coalition of Petersburg to develop Claiborne Square, a senior housing/living facility in the Halifax community. The project is built on land owned by ROPCDC. BHC advanced $250,000 in the form of a note receivable to ROPCDC related to a ground lease of this land. The note is stated at the present value of the estimated fair value of rent, discounted at 4.64%, and will be amortized as rent income on a straight-line basis over 75 years. Deferred rent is $248,246, net, at 12/31/2018 and rental income is $12,000 for the year.
NTEE category: Housing & Shelter
Secondary category: Community Improvement & Capacity Building