New Hill Development Co. Press Release

 

FOR IMMEDIATE RELEASE

November 7, 2018

 

 

New Hill Development Corporation Receives Funding From Charlottesville City Council for Affordable Housing and Economic Redevelopment Initiatives

 

Charlottesville, VA– On Monday, November 5th, the Charlottesville City Council voted to support New Hill Development Corporation’s (“New Hill”) grant request of $500,000. The funding is seed capital and will help accelerate the organization’s plan to meet the demand for affordable housing and provide financial education.

 

More than half of the City’s investment will help finalize New Hill’s small area development plan, conduct economic feasibility studies and fund community engagement efforts.

 

“We are very grateful for the Council’s support and the encouragement we’ve received from residents throughout Charlottesville,” said Yolunda Harrell, Co-Founder and CEO, New Hill Development Corp. “When we formed New Hill we knew it would take hard work, long hours and sacrifice. Our mission is to provide avenues for economic equity, growth and resiliency through targeted financial education, homeownership and small business development. Thanks to the leadership of our board and support from other community investment partners, we are ready to do our part in helping this community continue to thrive.”

 

“I am excited to learn about New Hill Development Corporation and their plan to rebuild, rejuvenate and organically grow a black middle class in Charlottesville”, said Bernard Whitsett II, Chairman, Business Diversity Council, Charlottesville Area Chamber of Commerce. “An organization of this sort is long overdue to address and remedy the income disparities in Charlottesville and surrounding areas.  New Hill is a promising first step to infuse racial equity into the vast wealth gap in Charlottesville."

 

For more than a year, the founders of New Hill have met with more than two-dozen state and local elected officials, UVA administrators, banking and social impact investors, housing activists and community stakeholders to hear their ideas for long-term, sustainable solutions for Charlottesville’s most economically and socially vulnerable community – African Americans.

 

After the white supremacists terror of 2017, New Hill secured an initial investment made by the Charlottesville Area Community Foundation and is receiving technical support from UVA @ Social Entrepreneurship and UVA Health System.

About New Hill

Founded in 2018, New Hill Development Corp. is a community development corporation established to create an economic and social renaissance primarily in Charlottesville’s historic African American community. The board directors and executive leadership of New Hill are committed to projects that promote equity, prosperity, and inclusiveness, while helping to build a stronger, more economically diverse Charlottesville. 

 

To learn more about New Hill, visit www.newhilldev.org