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RVA Financial Announces Support for ‘New Navy Hill’ Proposal Featuring New Coliseum and 680 Affordable Housing Units in Richmond

November 15, 2018

RICHMOND, Va.--(BUSINESS WIRE)--Nov 15, 2018--RVA Financial, an independent financial cooperative that has been a fixture of Richmond since its founding in 1950 by City of Richmond employees, has given careful consideration to Mayor Levar Stoney’s $1.4 billion plan for a new coliseum and affordable housing in the heart of Richmond.

“After careful consideration of all elements of the ‘New Navy Hill’ proposal, we are in support of Mayor Stoney’s plan to bring nearly seven-hundred affordable housing units to the heart of the city,” stated RVA Financial President and CEO Richard Preble. “We also appreciate and support the mayor’s leadership in bringing a plan to the table that ensures Richmond remains an entertainment destination with a sophisticated, much-needed replacement for the Richmond Coliseum.”

Many features of this project – including the creation of 20,000 total jobs (9,000 of which are permanent), 680 affordable housing units, and a new downtown destination for entertainment – are in alignment with the financial cooperative’s mission to serve and empower the community. The leadership team at RVA Financial felt they could not ignore the economic impact that a project of this scale would have on the community.

“Much like the mayor, we are concerned about the long-term impact that high-priced, out-of-reach housing has on the economic success of those who call Richmond home,” said Mr. Preble. “This is a great step in a better direction, not just in terms of housing but for the health of the entire Richmond economy. We feel it is important to let the community know exactly where we stand on this proposal and we hope that it will move forward. This is truly a great thing for Richmond.”

RVA Financial was founded as Richmond Virginia Municipal Federal Credit Union in 1950, by City of Richmond employees who were aiming to create a financial institution that kept their needs in focus. Today, RVA Financial continues to employ a mission of financial empowerment for not only City of Richmond employees, but also those who live and work in the City and surrounding municipalities. As a non-profit financial cooperative, RVA Financial does not answer to external forces and is owned by its customers, who are called members. The cooperative makes its mission of financial empowerment for people of modest means known with the slogan, “Not for profit, not for charity, but for service.” To learn more about RVA Financial, visit www.rvafinancial.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181115005623/en/

CONTACT: Daniel J. Briere

(804) 359-8754 x.8435

dbriere@rvafinancial.com

KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA

INDUSTRY KEYWORD: BUILDING SYSTEMS PUBLIC POLICY/GOVERNMENT PUBLIC POLICY STATE/LOCAL PROFESSIONAL SERVICES BANKING URBAN PLANNING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: RVA Financial

Copyright Business Wire 2018.

PUB: 11/15/2018 10:14 AM/DISC: 11/15/2018 10:13 AM

http://www.businesswire.com/news/home/20181115005623/en

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