Virginia Pooled Financing Program
VRA provides financing to local governments for essential projects. All VRA’s authorized project areas are eligible for financing in the Virginia Pooled Financing Program (VPFP). Since inception in 2003, over 150 local governments in Virginia have utilized this program to finance or refinance approximately $4 billion in infrastructure projects.
Please note, the application deadline for participation in the Summer 2023B Virginia Pooled Financing Program is Monday, May 1, 2023.
Downloadable Application
The unique structure of the VPFP provides value added benefits, including:
- “AAA/AA” interest rates
- Custom-tailored loans
- Economies of scale and shared issuance costs
- No bond insurance premiums
- Straightforward process
- Loan terms up to 30 years
- Access to the best services and results
| Recommended Minimum Loan Size | $750,000 | |
| Application fee | None | |
| Security | General obligation, Revenue pledge, or Lease (subject to VRA approval) | |
| Annual Administrative Fee | 0.125% of outstanding principal; paid semi-annually with interest payments | |
| Costs of issuance |
VRA Loan Origination Fee
|
0.125% of loan par amount |
|
Legal
|
Based on # of borrowers and loan structure | |
|
VRA Financial Advisor
|
Prorated based on loan amount | |
|
Ratings
|
Prorated based on loan amount | |
|
Trustee
|
Shared equally among borrowers | |
|
Underwriters Discount
|
Prorated based on loan amount | |
|
Printing
|
Shared equally among borrowers | |
| Credit enhancement | Commonwealth moral obligation pledge | |
| Program debt service reserve fund | If any costs, prorated based on loan amount | |
Bonds are issued at least twice a year in the fall and spring. A summer transaction is also offered if there is a sufficent borrower demand.
VRA 2023A Spring Pool Financing Calendar
| Date | Activity |
| February 3 | Applications Due |
| By March 17 | Notification of Approval |
| By March 31 | Local Authorization Due |
| May 10 | Tentative Bond Sale Date |
| May 24 | Tentative Closing Date |
VRA 2023B Summer Pool Financing Calendar
| Date | Activity |
| May 1 | Application Due |
| By June 9 | Notification of Approval |
| By June 9 | Local Authorization Due |
| July 19 | Tentative Bond Sale Date |
| August 2 | Tentative Closing Date |
VRA 2023C Fall Pool Financing Calendar
| Date | Activity |
| August 4 | Application Due |
| By September 15 | Notification of Approval |
| By September 15 | Local Authorization Due |
| October 25 | Tentative Bond Sale Date |
| November 15 | Tentative Closing Date |
Made in the U.S.A.