Sticky Article General Assembly Creates and Capitalizes Resilient Virginia Revolving Fund
General Assembly Creates and Capitalizes Resilient Virginia Revolving Fund
SB756 (sponsored by Senator Lewis) and HB1309 (sponsored by Delegate Bulova) created the Resilient Virginia Revolving Fund effective July 1, 2022. By statute, VRA will financially administer and manage the Fund with the Department of Conservation and Recreation (DCR). The Fund shall be used to make loans or grants to local governments to finance or refinance the cost of any resilience project. Loans and grants may also be made from the Fund to a local government that has developed a funding program to provide low-interest loans or grants to any persons of the Commonwealth eligible for projects for resilience purposes.

"Project" is defined in the statute to include (i) home upgrades for resilience purposes, home buyouts necessary for the construction of mitigation or resilience projects, relocations, and buyout assistance for homes, all including multifamily units; (ii) gap funding related to buyouts in order to move residents out of floodplain hazard areas and restore or enhance the natural flood mitigation capacity of functioning floodplains; (iii) assistance to low-income and moderate-income homeowners to help lower flood risk through structural and nonstructural mitigation projects, or other means; (iv) loans and grants to persons for hazard mitigation and infrastructure improvement projects for resilience purposes; and (v) projects identified in the Virginia Flood Protection Master Plan or the Virginia Coastal Resilience Master Plan.

The Commonwealth’s biennial budget capitalized the new Fund with $25 million. DCR will be developing program guidelines over the coming months. Please reach out with questions or to express interest.

Contact: Wendy C. Howard Cooper

Director, Dam Safety and Floodplain Management

Department of Conservation and Recreation

Office Telephone: (804) 786-5099

Email: wendy.howard-cooper@dcr.virginia.gov

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