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 2024A Virginia Pooled Financing Program is Friday, February 2, 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
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 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

 

 

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

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