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 2024B Virginia Pooled Financing Program is Wednesday, May 1, 2024.

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
Based on # of borrowers and loan structure
VRA Financial Advisor
Prorated based on loan amount
Prorated based on loan amount
Shared equally among borrowers
Underwriters Discount
Prorated based on loan amount
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 2024A Spring Pool Financing Calendar

Date Activity
February 2  Applications Due
By March 15 Notification of Approval
By March 29 Local Authorization Due
May 8 Tentative Bond Sale Date
May 22 Tentative Closing Date


VRA 2024B Summer Pool Financing Calendar

May 1 Application Due
By June 7 Notification of Approval
By June 14 Local Authorization Due
July 24 Tentative Bond Sale
August 7 Tentative Closing Date


VRA 2024C Fall Pool Financing Calendar

Date Activity
August 2 Application Due
By September 13 Notification of Approval
By September 20 Local Authorization Due
October 30 Tentative Bond Sale Date
November 20 Tentative Closing Date



 Please click HERE for a list of frequently asked questions about the Virginia Pooled Financing Program

Home » Programs » Virginia Pooled Financing Program