Virginia
Two years after council push for local investment, Hampton Roads Ventures has yet to deliver • Virginia Mercury
More than two years after Norfolk’s city council directed a for-profit subsidiary of its redevelopment and housing authority to prioritize local investments, the company has yet to deliver.
In July 2022, the council passed a resolution requiring Hampton Roads Ventures (HRV) — a community development entity created by the Norfolk Redevelopment and Housing Authority (NRHA) — to make its “best efforts” to invest in the city following a Virginia Mercury investigation revealing it had allocated only a fraction of its $360 million in tax credits to Norfolk’s distressed areas.
The resolution required HRV to submit an annual report detailing its activities. The 2024 report shows $53 million in New Markets Tax Credit (NMTC) allocations across six states — with none directed to Virginia. The investments included projects as diverse as a food bank expansion in Tallahassee, a shopping center with a grocery store in the Bronx, N.Y., and a salmon processing barge in Washington (see info box).
Three years after repeated requests for interviews with HRV and NRHA officials, Alphonso Albert, chair of HRV’s board of managers and NRHA’s board of commissioners, sat down with The Mercury to defend HRV’s failure to invest locally.
In an email ahead of the interview — copied to Norfolk’s mayor and several city council members — Albert accused the Mercury reporter of intending harm, being vindictive and “more about making mischief” than reporting the facts.
During a 45-minute conversation, Albert portrayed HRV as “a successful business” with a competitive strategy for securing New Markets Tax Credits. However, he also acknowledged limited outreach in Norfolk, where the company hasn’t funded a project since 2008.
Albert said the “primary driver” for HRV’s focus outside Norfolk is maintaining its track record to win future tax credit allocations. Changing its business model to prioritize Norfolk, he argued, could jeopardize the company’s ability to secure funding in a highly competitive process.
“We want to be successful in obtaining and utilizing new market tax credits,” Albert said. “That’s the end game, and not to make efforts that don’t meet the objective, the successful model that HRV operates on.” He added that HRV’s success relies on “tax-ready projects” in its pipeline that align with competitive application requirements.
However, the city council’s resolution from two years ago directed the firm to “proactively seek Norfolk projects and not rely solely upon the Norfolk Economic Development Department.” It also required marketing efforts to raise awareness about the NMTC program.
Other community development entities, though, have demonstrated that strategies can evolve without jeopardizing funding. For example, Indy CDE in Indianapolis has secured $177 million in tax credits since 2010 for a wide range of local projects, including a YMCA, high school modernization, and a recycling facility. It focuses on eliminating food deserts, increasing access to education, and revitalizing blighted areas.
Albert said the company’s small staff size prevents it from actively developing projects in Norfolk unless they are brought to the firm. HRV’s website lists just three employees — a CEO, a portfolio manager, and an executive assistant — and Albert suggested that adding two or three more positions might be necessary if the company were to expand its focus locally.
HRV’s 2023 audit revealed that salaries and benefits totaled nearly $490,000, up from $463,000 the previous year. Albert said he was unaware of CEO Jennifer Donohue’s salary and would not support releasing that information.
When asked how HRV identifies projects in places like Tallahassee, Tampa, and rural North Carolina, Albert said, “Consultants bring them to us. Consultants will see a deal and see if we’re interested in participating at one level or another, the same way we would do right here if somebody would bring us a deal.” According to the 2023 audit, HRV spent $230,000 on consultants that year.
Albert added that Donohue is also approached directly with proposals. “She’s going to look at a project that somebody says, here’s one here, but she doesn’t go out and solicit projects,” he said.
According to a December report from the U.S. Department of Treasury, HRV currently has $52 million in unallocated tax credits. Some of these funds may already be tied to pending deals. Treasury rules require half of HRV’s allocations be invested in rural areas. With the next application deadline approaching in late January — $10 billion available, double the usual amount — there is an opportunity to advance a Norfolk project.
Asked what efforts HRV made to secure a Norfolk project in the past year, Albert said the company met with local lenders, including TowneBank, Truist, and Chase. However, when pressed about whether HRV had issued a request for proposals to solicit local projects, Albert said that it did not. “I will float that,” he added. “That’s not a bad idea.”
Sean Washington, who oversees both Norfolk’s Department of Development and the city’s Economic Development Authority, said that he hasn’t heard from HRV since discussions about a failed proposal to fund a Norfolk shopping center project in 2023. When asked why HRV hadn’t maintained contact with Washington, Albert replied, “A lot of people don’t have confidence in Sean. But Sean’s a nice guy.”
Norfolk pushes for local investment
The 2022 city council resolution aimed at pushing HRV to invest in Norfolk projects and increase oversight followed a Virginia Mercury investigation revealing that the company had invested only a fraction of the $360 million in tax credit allocations it had received since 2003 in Norfolk. Some council members expressed surprise, admitting they were unaware of the NRHA subsidiary’s existence and questioned why it was not prioritizing Norfolk.
HRV operates as a community development entity, which includes offshoots of banks, nonprofits, public agencies, and financial institutions. These entities apply for the tax credits from the Treasury Department and, if awarded, attract investors who earn a 39% tax break over seven years.
The tax credits aim to spur investment in distressed areas with the Treasury reporting that every New Markets Tax Credits dollar generates $8 in private investment. Norfolk has 16 severely distressed census tracts given the highest priority for tax credit allocations. In these tracts, poverty rates range from 31% to 80%, and unemployment rates reach as high as 40%.
HRV’s last local investment came in 2008, supporting the Fort Norfolk Plaza health center near Brambleton Avenue. Last year, HRV had pledged to back The Village, a proposed shopping center with the Urban League of Hampton Roads that aimed to eliminate a food desert. That project collapsed after the city failed to secure a state grant to help fund the development. The property later was sold to Fishing Point Healthcare, a company founded by the Nansemond Indian nation.
HRV transferred $655,000 of its recent profits to NRHA to fund workforce development, youth services, crime prevention, and transportation support for food access and cultural events. The company also donated $144,538 to 27 local organizations, including Zion Word Days Church, My 2K Foundation, Second Calvary Baptist Church, the Virginia Arts Festival, the Beacon Light Civic League, the Urban League of Hampton Roads, and the Portsmouth Bruins Football Association, according to a list provided by Albert.
HRV’s 2023 audit, also shared with the city, reported net income of nearly $2 million. Since 2021, following increased scrutiny, HRV has transferred more than $3.6 million to the NRHA — surpassing the $1.3 million it had transferred over the previous 18 years.
Mayor and council num on recent report
Norfolk Mayor Kenneth Alexander did not respond to requests for comment for this story, but in May 2022 he urged HRV to prioritize projects in the city. “The point is to spur economic development in areas that but for the new markets tax credits there would not be any investment. That’s the reason they exist,” he said at the time. “I’m not suggesting that they shouldn’t do business in other markets, rural markets. But this is the city of Norfolk. We need to spur economic growth.”
A spokesperson for NRHA said Executive Director Nathan Simms would not grant an interview. According to the 2003 city council resolution that authorized HRV’s creation, the entity is managed by NRHA commissioners.
Four of the nine NRHA commissioners, including Albert, are on the Board of Managers of HRV. Albert said the HRV board met quarterly. While they don’t jointly discuss the annual applications for tax credits tied to projects, he said Donohue shared them for comments. He also noted that HRV works with a nationwide advisory board to consult on investments.
“I’m not the operational CEO. I’m talking principally who we are and I think defending our record and this organization,” Albert said.
Norfolk City Manager Pat Roberts also declined to comment through a spokesperson. Council member John “JP” Paige was the only elected official to respond. Paige, who represents some of Norfolk’s most vulnerable census tracts, said he hopes that HRV can identify a local project to support.
“I was very excited about the grocery store that was coming, but the state didn’t come through,” Paige said, referring to The Village proposal.
Other Virginia housing authorities have formed development entities like HRV that match projects with investors drawn to the tax breaks offered through the New Markets Tax Credits (NMTC) program. But they focus on projects in the cities or regions, often plowing the administrative fees back into their communities and holding public meetings. Hampton Roads Ventures does not hold public meetings and has declined to make its records subject to the Freedom of Information Act.
In cities like St. Louis, Pittsburgh and Cleveland, development entities have used the tax credits to stimulate major local investments, generating jobs and revitalizing their neighborhoods. .
St. Louis has leveraged $543 million in NMTCs to fund 103 developments and businesses, creating 6,800 jobs. Pittsburgh has utilized $238 million for projects such as affordable housing, transit hubs, and mixed-use development. Cleveland’s development team has financed urban schools athletic centers, job creation hubs and mixed-use spaces to drive growth.
Albert defended the HRV’s broader focus, saying it brings indirect benefits to Norfolk.
“We may be the only one that doesn’t support programs in our urban setting or in the area that we operate in, but we do bring very positive benefits to the city that we operate in,” he said. “I guess it’s a game of priorities.”
YOU MAKE OUR WORK POSSIBLE.
WASHINGTON – If you’re living in Virginia or Maryland and feeling the squeeze on your wallet, you’re not alone. A new 2025 study from SmartAsset reveals that both states are among the top 10 in the nation where residents need the highest salaries to live comfortably—a reflection of the region’s rising costs and high expectations for quality of life.
By the numbers:
The SmartAsset analysis, which uses the popular 50/30/20 budget rule (allocating 50% of income to necessities, 30% to discretionary spending, and 20% to savings or debt), found that the salary needed to live comfortably has jumped significantly across the country. On average, a single adult now needs about $5,844 more than last year to maintain a sustainable budget, while a family of four needs an extra $9,360.
In 2025, here’s what it takes to live comfortably in our region:
Maryland:
Single adult: $108,867
Family of four: $259,168
Virginia:
Single adult: $106,704
Family of four: $241,696
Both states saw notable year-over-year increases, with Maryland’s required salary for singles rising by 5.78% and Virginia’s by 6.74%. For families of four, the increase was 8.23% in Maryland and 2.76% in Virginia.
Why you should care:
The DMV region’s high salaries are driven by a combination of expensive housing, transportation, healthcare and other essentials. Proximity to Washington, D.C., and a robust job market—especially in government, tech and healthcare—pushes wages higher, but so do the costs of living.
SmartAsset’s data, drawn from the MIT Living Wage Calculator, reflects these realities. Even as wages rise, so too do the costs of everyday life, making it harder for residents to get ahead or save for the future.
Maryland and Virginia aren’t alone at the top. Hawaii, Massachusetts, California, New York, Washington and New Jersey rank before Maryland and Virginia in cost of living, also requiring six-figure incomes for singles to live comfortably. Hawaii tops the list with a whopping $123,467.20 income needed for a single adult to live comfortably, with Massachusetts not far behind with an income of $120,140.80.
Big picture view:
The study defines “living comfortably” as being able to cover not just basic needs like housing and groceries, but also having enough for hobbies, vacations, retirement savings, education funds and the occasional emergency. In other words, it’s not just about survival—it’s about having a little breathing room.
As the cost of living continues to climb, residents in Virginia and Maryland must earn more than ever just to keep up. For policymakers, employers, and families alike, these numbers are a wake-up call: in the DMV, comfort comes at a premium.
RICHMOND, Va. (WWBT) -It’s called the single most-hated tax in Virginia.
And now, the two candidates running for governor this fall are on board with chopping the car tax, but it would have hefty financial implications.
Both candidates for Virginia governor can agree on one thing: the state’s “car tax” should be eliminated.
Last week, Republican Winsome Earle-Sears announced her “Axe the Tax” initiative at a campaign event. This initiative includes ending the car tax.
A spokesperson for Democratic Abigail Spanberger says that she, too, supports ending the tax and plans to work with both Democrats and Republicans to find a way to do so.
“I’m not a fan of the car tax or really any other taxes. We’re overtaxed as it is, so if we can get rid of a few of ‘em, let’s go,” one resident said.
The tax provides significant revenue for cities, towns and counties, which levy and collect it. If lawmakers want to kill it at the state level, they must find a way to reimburse the localities for all that lost revenue.
The state estimates that repealing the car tax in Virginia would cost between $2.5 billion and $3 billion a year.
Republican Governor Glenn Youngkin tried not once, but twice, to repeal the car tax.
“But we have to be careful who we vote for and be very strategic and actually do background checks on the candidates as well. But I don’t believe getting rid of that and raising the tax prices on people, we’ll do anything,” said another Virginia resident.
But the Virginia General Assembly — mainly state Democrats — said otherwise during budget negotiations.
“Lowering taxes is always popular. Always has been. Always will be, although it causes fiscal problems for a state,” Political Analyst Larry Sabato said.
But political analyst Larry Sabato says that while the car tax has never been abolished in full, it has been chipped away at.
“‘No car tax’ was the winning slogan for Jim Gilmore, and it got him a landslide win in 1997. That should tell you. The appeal of a proposal like this,” Sabato said.
Most car owners had to shell out big bucks on their annual car tax bill, which was due on June 5.
Copyright 2025 WWBT. All rights reserved.
Bedford, Virginia
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Hiking the Peaks of Otter is a true Virginia treasure. It offers some of the most dramatic views in the state.
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Driving the Blue Ridge Parkway is a fantastic way to take in mountain views, enjoy the winding roads, and stop at overlooks and trails along the way.
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Perched beside Abbott Lake and surrounded by mountain scenery, the Peaks of Otter Lodge offers unmatched access to the Peaks of Otter trails.
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History comes to life at the moving and meticulously designed National D-Day Memorial, which honors the lives of those who participated in the D-Day invasion of Normandy.
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Set in a beautifully restored former train station, Liberty Station serves up a menu of elevated American classics with a Southern twist.
As someone who has lived in Virginia for more than 23 years and visited all 50 U.S. states, I keep coming back to Bedford. Despite my travels—and even stints living in other states—there’s something timeless and grounding about this town. From its stunning hiking trails and historical landmarks to its cozy restaurants and mountain views, Bedford has quietly become one of my favorite hidden gems in Virginia.
If you love hiking, diving into history, or are just seeking for a peaceful getaway with great local food, you’ll find plenty of reasons to fall in love with Bedford, too.
Best Hotels & Lodges
Visit Virginia
A lounge area inside th Peaks of Otter Lodge.
Peaks of Otter Lodge
Surrounded by nature and located right off the Blue Ridge Parkway at milepost 86, Peaks of Otter Lodge is ideal for hikers and anyone craving a peaceful mountain escape. Visitors can expect lakefront views, on-site dining for breakfast, lunch, and dinner, and access to scenic trails.
Graham Ordinary
For a more rustic escape, Graham Ordinary is a historic mountain lodge in the picturesque countryside nearby. The King Suites are thoughtfully styled to reflect the property’s cozy, mountain charm, and the quiet setting creates a true sense of retreat. For those wanting to fully immerse themselves in nature, the lodge also features several campsite options.
The Forget-Me-Not B&B
A charming bed-and-breakfast in the heart of Bedford, this lovingly restored property offers one cozy room, personal touches, a large front porch, and a tasty breakfast.
Best Things to Do
Visit Virginia
Visitors observe the The National D-Day Memorial.
Hike the Peaks of Otter.
The Peaks of Otter will always be my favorite hiking spot in Virginia. I’ve explored its trails more times than I can count and in every season—and it never loses its magic. Whether you’re hiking Sharp Top, Flat Top, or Harkening Hill, there’s a trail for every experience level.
For me, it’s about more than just the views. It’s where my husband and I went on our first date, and a year later, it’s where he proposed. I love returning to relive those memories and soak in the panoramic views of Virginia’s countryside.
Drive the Blue Ridge Parkway.
Winding through the mountains just outside town, the Blue Ridge Parkway is one of the most scenic drives in the U.S. With its countless overlooks, peaceful picnic spots, and picture-perfect photo ops, this route offers jaw-dropping views year-round.
Take a day trip to Smith Mountain Lake.
Smith Mountain Lake, just a 35-minute drive from Bedford, is well worth the trip. Often called the Lake Tahoe of the East, it’s stunning and packed with activities. Nicole Johnson, director of tourism at Destination Bedford, highlighted that there are endless ways to experience this beautiful destination, whether it’s fishing, renting a boat for a day on the water, or hiking and camping.
Visit the National D-Day Memorial and the Bedford Boys Tribute Center.
With Bedford suffering the highest per-capita D-Day losses in the nation, the town holds a deep connection to World War II history. The powerful outdoor memorial honors the sacrifices of D-Day soldiers through moving sculptures, informative displays, and peaceful gardens. It’s both educational and emotional—an essential visit for history lovers and anyone wanting to understand Bedford’s story on a deeper level.
Johnson suggests starting at the National D-Day Memorial, then visiting the Bedford Boys Tribute Center. She explained it’s a meaningful way to learn about the personal stories of these men and the sacrifices they made for the community. “The Tribute Center features many of their personal belongings and is located in Bedford’s historic downtown,” she shared.
Spend time at local orchards.
At different times of the year, you can pick apples, berries, or peaches at local orchards in Bedford. Johnson’s Orchards and Gross Orchard are fantastic places to not only pick your own fruit, but also purchase fresh, local produce.
Best Restaurants
Bridge Street Cafe
Start your morning at Bridge Street Cafe, where locals love the bagels, breakfast sandwiches, and tasty lattes.
Town Kitchen & Provisions
Perfect for lunch, this charming sandwich shop is a hit, thanks to its flavorful bánh mì, falafel, and irresistible pies. It’s a casual spot with standout options.
Liberty Station
A Bedford staple and local favorite, Liberty Station is known for its upscale country fare. Signature dishes include prime rib, crab dip, and French onion soup. It’s a must-visit for a hearty, flavorful meal.
Best Time to Visit
Visit Virginia
View of mountains from Peaks of Otter Lodge.
While you can’t go wrong with a visit to Bedford during any season. Johnson, said, “Spring is a beautiful time to visit, with everything in bloom and vibrant shades of green spreading across the landscape. The colorful scenery set against the Peaks of Otter makes for a stunning backdrop. Late April through June is an ideal time to experience it, before the busier summer and fall seasons.”
How to Get There
Visit Virginia
A family stops at a lookout along the Blue Ridge Parkway.
The nearest airport to Bedford is Lynchburg Regional Airport (LYH), located about 25 minutes away. For more flight options, Roanoke-Blacksburg Regional Airport (ROA) is another convenient choice, just 40 minutes from town. If you’re flying into the area, plan to rent a car. Bedford’s small-town charm and surrounding sights are best explored by driving.
How to Get Around
The best way to explore Bedford is by car. While the downtown area is walkable, many of the best hiking trails, restaurants, and scenic spots require a drive. Ride-shares, like Uber and Lyft, are available, but very limited.
Read the original article on Travel & Leisure
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