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.
The Virginia Community Flood Preparedness Fund (CFPF) was established to provide support for regions and localities across Virginia to reduce the impacts of flooding. VRA will assist the Virginia Department of Conservation and Recreation (DCR) by providing financial management services in connection with the CFPF. DCR will prioritize projects for CFPF financing.
The U.S. Environmental Protection Agency (EPA) annually presents its prestigious AQUARIUS and PISCES awards. Both awards provide national recognition to projects funded by the Drinking Water State Revolving Fund (DWSRF) and Clean Water Revolving Loan Fund (CWRLF). Two Virginia projects were recipients of these awards during a virtual Council of Infrastructure Financing Authorities event held December 14, 2020.
Expanding the Impact of the Clean Water and Drinking Water Programs through Inaugural Joint Bond Issuance
Together with state agency partners, VRA plays an important role in helping keep Virginians safe and healthy. This mission is even more important as the Commonwealth faces the many challenges associated with the COVID-19 pandemic. VRA, in partnership with the Virginia Department of Environmental Quality (DEQ) and Virginia Department of Health (VDH), serves as the financial administrator of the Clean Water Revolving Loan Fund (CWRLF) and Drinking Water State Revolving Fund (DWSRF). Both of these funds have a daily impact on improving the quality of life in communities across Virginia.
VRA is proud to count the Department of Environmental Quality (DEQ) as one of many state agency partners. The Clean Water Revolving Loan Fund (CWRLF) is a tool that local governments across the Commonwealth count on to help protect the health, safety and welfare of the residents they serve. VRA serves as financial administrator of the CWRLF on behalf of DEQ. DEQ recently updated its website, which will enhance the user experience for local governments that regularly interface with DEQ and apply to programs such as the CWRLF.
Despite challenging market conditions since the onset of the COVID-19 crisis, VRA successfully managed the VPFP Series 2020A spring pooled issuance on behalf of local government borrowers. VRA priced the bonds on May 20th and closed on June 3rd.
VRA is Authorized to Finance Infrastructure in a Wide Range of Project Areas
Chapter 153 of the 2018 Acts of Assembly authorized dredging as an official project area under the Virginia Resources Authority Act and therefore eligible for VRA financing. Delegate Keith Hodges was the bill patron and sponsored the legislation on behalf of constituent interest in the Middle Peninsula region. In March, the Governor signed the bill which became effective July 1.
VRA plays an important role in helping to protect the Commonwealth's many precious natural resources. Much of this work is done through the Clean Water Revolving Loan Fund (CWRLF). VRA is financial manager for the CWRLF, which the VA Department of Environmental Quality administers on behalf of the State Water Control Board.
August 4, 2022