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) […]
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Hampton Roads Ventures, created by the Norfolk Redevelopment and Housing Authority, is headquartered in this office building in Norfolk. (Jim Morrison/For the 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.
