In 2003, Hampton Roads Ventures administered $15 million in federal tax credits designed to attract investors to distressed areas, including $3.5 million for then-Harrison Dry Storage Boatel (now Morningstar Marina) on Shore Drive near East Beach, NRHA’s upscale waterfront development. Since then, the subsidiary has invested little in Norfolk. (Photo by Jim Morrison/Virginia Mercury)
More than three years after Norfolk’s City Council passed a resolution requiring Hampton Roads Ventures, a for-profit subsidiary of the city’s housing authority, to make its “best efforts” to invest in the city, its 2025 annual report reveals a $15 million investment in two projects in other states, but none in Norfolk. Some City Council members are losing patience.
The report reveals HRV funded $8 million in tax credits for Biltwise Modular Structures, a Roswell, New Mexico, expansion of a South Carolina company, and invested $7 million in the Southeast Texas Food Bank and Resource Center in Jasper during 2024…