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 Spring 2020 Virginia Pooled Financing Program is Friday, February 7, 2020.

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 2020A Financing Calendar

Date Activity
February 7   Applications Due
TBA Notification of Approval
TBA Local Authorization Due
TBA Tentative Bond Sale
TBA Tentative Closing


VRA 2019B Financing Calendar

Date Activity
May 1 Applications Due
By June 14 Notification of Approval
By June 21 Local Authorization Due
July 31 Tentative Bond Sale
August 14 Tentative Closing


VRA 2019C Financing Calendar

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

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

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