§ 15.2-958.5 Local funding for community revitalization
A. Any locality may by ordinance provide for the creation of a community revitalization fund for the purpose of preventing neighborhood deterioration in such locality. The community revitalization fund shall be composed of appropriated local moneys.
B. Any such community fund established pursuant to this section shall be used for one or more of the following purposes:
1. Loans or grants to for-profit and nonprofit organizations for the construction, renovation, or demolition of residential structures in the locality;
3. Acquisition of blighted structures in accordance with § 36-49.1:1.
C. Such ordinance shall establish (i) qualifying income guidelines for participants and the communities in which community revitalization funds may be expended and (ii) criteria for participation by for-profit and nonprofit organizations that may be eligible for loans or grants pursuant to the provisions of this section.
History
This law was first created in 2011. The record of its establishment is cataloged in chapters 770 and 833 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapters 692 and 701.
2011, cc. 770, 833; 2024, cc. 692, 701.