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By Josh Brown
A Norfolk-based community development entity recently completed two revitalization projects in a historic section of Roanoke.
Hampton Roads Ventures LLC, a subsidiary of the Norfolk Redevelopment and Housing Authority, announced it spent about $10 million it generated from selling federal tax credits for the projects.
The tax credits, which are granted by the U.S. Treasury Department, are used to attract investors to community projects. In return, Hampton Roads Ventures is charged with picking the projects in which to invest.
Last fall, the organization was granted $50 million in federal tax credits. Since its inception in 2003, Hampton Roads Ventures has won a total of $100 million in credits.
Robert Jenkins Jr., the group's chief executive, said the Roanoke projects helped revitalize the Henry Street corridor downtown.
One project redeveloped an old theater into a culinary arts school.
The other renovated a hotel into a large modern theater.
Jenkins said the group hopes to complete several other community redevelopment projects this year, including a medical building in the southwest Virginia town of Duffield and a mixed-use residential and retail project in Jackson, Miss., near Jackson State University.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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