CPDC and Communities Together. Growing and Thriving (2011 – Present)
Tribute #19 – Our Strategic Plan (2011 – 2013): Expanding Geography, Partnerships, and Resource Mobilization Efforts
In early 2011, CPDC’s Board of Directors adopted a strategic plan covering the period between 2011 and 2013. That plan reaffirmed CPDC’s mission and urban focus, while outlining strategic initiatives in four key areas. By the end of 2013, CPDC made several advances on its strategic plan.
- Geographic Market Expansion: CPDC closed on acquisitions in Norfolk and Richmond, VA.
In September 2013, CPDC acquired and began renovations on Woodmere Trace Apartments, a 300-unit workforce housing community in Norfolk, VA. The acquisition and renovation of Woodmere Trace was financed through an innovative social-purpose Real Estate Investment Trust, the Housing Partnership Equity Trust, of which CPDC is one of 12 not-for-profit owners. Also in late 2013, CPDC purchased Brookland Park Plaza Apartments, formerly Highland Park High School, in Richmond, VA. This adaptive reuse project will provide 77 affordable senior apartments.
- Partnerships with Public Housing Authorities (PHAs): The organization competed, and won, in a Request for Proposals process to work with PHAs in Richmond, VA and Baltimore, MD.
The PHA projects include Hollins House, a 130-unit senior and persons with disabilities housing project in West Baltimore, and Fay Towers, a 200-unit project in Richmond. As part of the development process for Fay Towers, CPDC will relocate 77 current residents from Fay Towers to the newly acquired Brookland Park Plaza and deliver the remaining 123 units as newly constructed apartment homes near the existing Fay Towers. Both projects will be developed under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration, a mixed financing tool for PHAs to leverage substantial public and private funding to address critical capital needs and improve the condition of the properties.
- Mergers, Acquisitions and Alliances: The organization created a winning alliance with two for-profit developers, the result of which is CPDC’s first new construction project in Reston, VA which began in late 2013.
CPDC partnered with Republic Land Development, LLC and Renaissance Centro, LLC to undertake a complete redevelopment of the Lake Anne Village community in Reston, VA. CPDC, acting as the affordable housing developer in the partnership, will construct 185 new apartments as part of a larger 900-unit redevelopment effort. The Lake Anne Village project is an exciting mixed-use development that will pair income-accessible housing with new retail space as well as market-rate townhomes, condominiums, and rental apartments.
- Fundraising Capacity: CPDC worked to evolve its fundraising model from one solely focused on charitable contributions for the organization to one that also supports joint fundraising efforts with CPDC partner providers.
For more than 20 years, through our direct service delivery model, we have raised funds to support high-quality resident services programming. In 2011, we began shifting to a third-party delivery model designed to serve more residents across each community and to support program sustainability by partnering with well-established organizations. As a result, CPDC adjusted its fundraising approach to focus more on fundraising to support general operations, real estate development projects, and partner fundraising, while phasing out programs delivered by CPDC staff that were grant funded. Subsequently, 2012 and 2013 were recrafting years for fundraising. In 2013, we began exploring partner fundraising as a way to strengthen program delivery and use donor resources more efficiently. Our joint fundraising efforts last year alone helped secure $95,000 for four partner organizations.