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.