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 2023A Virginia Pooled Financing Program is Friday, February 3, 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
Credit enhancement	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 2022A Financing Calendar

Date	Activity
February 4	Applications Due
By March 18	Notification of Approval
By April 1	Local Authorization Due
May 11	Tentative Bond Sale Date
May 25	Tentative Closing Date

VRA 2022B Financing Calendar

Date	Activity
August 5	Application Due
By September 16	Notification of Approval
By September 16	Local Authorization Due
October 25	Tentative Bond Sale Date
November 16	Tentative Closing Date

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