The VBCDC is a 501 (c) (3) private non-profit corporation.  It was created in November of 1985.  Its board of directors is appointed by the City of Virginia Beach City Council.  The VBCDC was created to provide affordable housing opportunities for low and moderate income families within the City of Virginia Beach.  The non-profit also works in concert with the City Department of Housing and Neighborhood Preservation in revitalizing neighborhoods.

The mission of the Virginia Beach Community Development Corporation is to assist the City of Virginia Beach by partnering with the public and private sectors to provide quality affordable housing opportunities to low and moderate income citizens.