Virginia Airports Revolving Fund


The Virginia Airports Revolving Fund (VARF) provides financial assistance for public-use, publicly owned airports. Since 2000, over $110 million has been invested in airport infrastructure projects throughout the Commonwealth.

Any airport-related capital project on an airport’s approved layout plan, including revenue producing projects, are eligible in the VARF. Examples include hangars, terminal buildings, machinery/equipment, land acquisition, roadways, parking facilities, utilities, fueling systems, and runway/taxi improvements. The VARF can also be used for local matching share of projects eligible for funding through other federal and/or state sources.

VARF Benefits

  • Below-market interest rates (50 basis points below prevailing ‘AA’ revenue rates)
  • No application fee
  • Loan payments begin after project completion
  • Fixed interest rates with loan terms up to 25 years
  • Dedicated loan servicing and administrative support throughout the life of the borrowing

Program Administration

The Virginia Department of Aviation (DOAV) administers the program and policy aspects of the fund. Both VRA and the DOAV will work closely with applicants to answer questions and ensure that applications are complete. DOAV will review the application and include the loan request on the agenda for the next Virginia Aviation Board (VAB) meeting for consideration.

After formal endorsement by VAB, VRA begins the loan underwriting process. Upon completion of the loan underwriting, a commitment letter will be provided to the applicant by VRA at which time a loan closing can be scheduled.

VRA provides loan disbursement and all other loan servicing from the time of loan origination through final loan maturity.

While applications are solicited annually, VRA and DOAV will accept applications on a rolling basis in each fiscal year to the extent that funds are available.

Additional information about the VARF program can be found on the Virginia Department of Aviation website.

Additional Information


Featured Projects

Roanoke Regional Airport Commission Land Acquisition

In 2021, the Roanoke Regional Airport Commission (RRAC) borrowed $3.5 million through the Virginia Airports Revolving Fund to acquire a parcel adjacent to the airport


RIA Concourse Extension and Refurbishment of Existing Terminal and Concourse

VRA, on behalf of the Capital Region Airport Commission (“CRAC”), issued $22.1 million in Airports Revolving Fund Revenue Bonds in 2001. The bonds were secured by the airport revenues of CRAC. CRAC operates Richmond International Airport and used the proceeds of the bonds to refurbish and expand Concourse C of the airport. At the time, CRAC had received requests from both new potential carriers and existing carriers to lease additional gates. The expansion of Concourse C allowed CRAC to meet this increased demand.


CHO Parking Lot Expansion

Charlottesville-Albemarle Airport Authority (“CAAA”) borrowed $1.9 million through the Virginia Airports Revolving Fund in 2021 to reimburse the costs of a parking lot project it completed in 2019.