{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4327.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4327.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4327.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4327.html"}],"law_id":82739,"edition_id":1,"section_id":82739,"structure_id":12805,"section_number":"2.2-4327","catch_line":"Preference for community reinvestment activities in contracts for investment of funds","history":"1993, c. 937, \u00a7 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708; 2001, c. 844; 2007, c. 681.","full_text":"Notwithstanding any other provision of law, any county, town, or city that is authorized to and has established affordable housing programs may provide by resolution that in determining the award of any contract for time deposits or investment of its funds, the treasurer or director of finance of such county, town, or city may consider, in addition to the typical criteria, the investment activities of qualifying institutions that enhance the supply of, or accessibility to, affordable housing within the jurisdiction, including the accessibility of such housing to employees of the county, town, or city or employees of the local school board. No more than 50 percent of the funds of the county, town, or city, calculated on the basis of the average daily balance of the general fund during the previous fiscal year, may be deposited or invested by considering such investment activities as a factor in the award of a contract. A qualifying institution shall meet the provisions of the Virginia Security for Public Deposits Act (\u00a7 2.2-4400 et seq.) and all local terms and conditions for security, liquidity and rate of return.\n\t\tFor the purposes of this section, affordable housing means the same as that term is defined in \u00a7 15.2-2201.","order_by":null,"text":{"0":{"id":296408,"text":"Notwithstanding any other provision of law, any county, town, or city that is authorized to and has established affordable housing programs may provide by resolution that in determining the award of any contract for time deposits or investment of its funds, the treasurer or director of finance of such county, town, or city may consider, in addition to the typical criteria, the investment activities of qualifying institutions that enhance the supply of, or accessibility to, affordable housing within the jurisdiction, including the accessibility of such housing to employees of the county, town, or city or employees of the local school board. No more than 50 percent of the funds of the county, town, or city, calculated on the basis of the average daily balance of the general fund during the previous fiscal year, may be deposited or invested by considering such investment activities as a factor in the award of a contract. A qualifying institution shall meet the provisions of the Virginia Security for Public Deposits Act (\u00a7 2.2-4400 et seq.) and all local terms and conditions for security, liquidity and rate of return.\n\t\tFor the purposes of this section, affordable housing means the same as that term is defined in \u00a7 15.2-2201.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12805,"edition_id":1,"name":"Contract Formation and Administration","identifier":"2","label":"article","depth":5,"order_by":1,"parent_id":12752,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":177013,"object_type":"structure","relational_id":12805,"identifier":"2","token":"2.2\/II\/B\/43\/2","url":"\/2.2\/II\/B\/43\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12752,"edition_id":1,"name":"Virginia Public Procurement Act","identifier":"43","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176989,"object_type":"structure","relational_id":12752,"identifier":"43","token":"2.2\/II\/B\/43","url":"\/2.2\/II\/B\/43\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12751,"edition_id":1,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":1,"parent_id":12750,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176445,"object_type":"structure","relational_id":12751,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12750,"edition_id":1,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176253,"object_type":"structure","relational_id":12750,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60713,"structure_id":12805,"section_number":"2.2-4303","catch_line":"Methods of procurement","url":"\/2.2-4303\/","token":"2.2\/II\/B\/43\/2\/2.2-4303","metadata":false},{"id":61675,"structure_id":12805,"section_number":"2.2-4303.01","catch_line":"High-risk contracts; definition; review","url":"\/2.2-4303.01\/","token":"2.2\/II\/B\/43\/2\/2.2-4303.01","metadata":false},{"id":63722,"structure_id":12805,"section_number":"2.2-4303.1","catch_line":"Architectural and professional engineering term contracting; limitations","url":"\/2.2-4303.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4303.1","metadata":false},{"id":54690,"structure_id":12805,"section_number":"2.2-4303.2","catch_line":"Job order contracting; limitations","url":"\/2.2-4303.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4303.2","metadata":false},{"id":60269,"structure_id":12805,"section_number":"2.2-4304","catch_line":"Joint and cooperative procurement","url":"\/2.2-4304\/","token":"2.2\/II\/B\/43\/2\/2.2-4304","metadata":false},{"id":67205,"structure_id":12805,"section_number":"2.2-4305","catch_line":"Competitive procurement by localities on state-aid projects","url":"\/2.2-4305\/","token":"2.2\/II\/B\/43\/2\/2.2-4305","metadata":false},{"id":85651,"structure_id":12805,"section_number":"2.2-4306","catch_line":"Repealed","url":"\/2.2-4306\/","token":"2.2\/II\/B\/43\/2\/2.2-4306","metadata":false},{"id":80442,"structure_id":12805,"section_number":"2.2-4308.1","catch_line":"Purchase of owner-controlled insurance in construction projects","url":"\/2.2-4308.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4308.1","metadata":false},{"id":77240,"structure_id":12805,"section_number":"2.2-4308.2","catch_line":"Registration and use of federal employment eligibility verification program required; debarment","url":"\/2.2-4308.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4308.2","metadata":false},{"id":76051,"structure_id":12805,"section_number":"2.2-4309","catch_line":"Modification of the contract","url":"\/2.2-4309\/","token":"2.2\/II\/B\/43\/2\/2.2-4309","metadata":false},{"id":59798,"structure_id":12805,"section_number":"2.2-4310","catch_line":"Discrimination prohibited; participation of small, women-owned, minority-owned, military family-owned, and service disabled veteran-owned businesses and employment services organizations","url":"\/2.2-4310\/","token":"2.2\/II\/B\/43\/2\/2.2-4310","metadata":false},{"id":83482,"structure_id":12805,"section_number":"2.2-4310.1","catch_line":"Awards as a result of any authorized enhancement or remedial measure; requirements","url":"\/2.2-4310.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4310.1","metadata":false},{"id":70958,"structure_id":12805,"section_number":"2.2-4310.2","catch_line":"Executive branch agency's goals for participation by small businesses; requirements","url":"\/2.2-4310.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4310.2","metadata":false},{"id":77101,"structure_id":12805,"section_number":"2.2-4310.3","catch_line":"Fiscal data pertaining to certain enhancement or remedial measures","url":"\/2.2-4310.3\/","token":"2.2\/II\/B\/43\/2\/2.2-4310.3","metadata":false},{"id":62578,"structure_id":12805,"section_number":"2.2-4311","catch_line":"Employment discrimination by contractor prohibited; required contract provisions","url":"\/2.2-4311\/","token":"2.2\/II\/B\/43\/2\/2.2-4311","metadata":false},{"id":67743,"structure_id":12805,"section_number":"2.2-4311.1","catch_line":"Compliance with federal, state, and local laws and federal immigration law; required contract provisions","url":"\/2.2-4311.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4311.1","metadata":false},{"id":82121,"structure_id":12805,"section_number":"2.2-4311.2","catch_line":"Compliance with state law; foreign and domestic businesses authorized to transact business in the Commonwealth","url":"\/2.2-4311.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4311.2","metadata":false},{"id":70336,"structure_id":12805,"section_number":"2.2-4311.3","catch_line":"Compliance with state law; contract terms inconsistent with state law","url":"\/2.2-4311.3\/","token":"2.2\/II\/B\/43\/2\/2.2-4311.3","metadata":false},{"id":62129,"structure_id":12805,"section_number":"2.2-4311.4","catch_line":"Procurement of imported goods; forced and indentured child labor prohibition","url":"\/2.2-4311.4\/","token":"2.2\/II\/B\/43\/2\/2.2-4311.4","metadata":false},{"id":79415,"structure_id":12805,"section_number":"2.2-4312","catch_line":"Drug-free workplace to be maintained by contractor; required contract provisions","url":"\/2.2-4312\/","token":"2.2\/II\/B\/43\/2\/2.2-4312","metadata":false},{"id":75321,"structure_id":12805,"section_number":"2.2-4313","catch_line":"Petition for recycled goods and products; periodic review of procurement standards","url":"\/2.2-4313\/","token":"2.2\/II\/B\/43\/2\/2.2-4313","metadata":false},{"id":87067,"structure_id":12805,"section_number":"2.2-4314","catch_line":"Petition for procurement of less toxic goods and products; periodic review of procurement standards","url":"\/2.2-4314\/","token":"2.2\/II\/B\/43\/2\/2.2-4314","metadata":false},{"id":58266,"structure_id":12805,"section_number":"2.2-4315","catch_line":"Use of brand names","url":"\/2.2-4315\/","token":"2.2\/II\/B\/43\/2\/2.2-4315","metadata":false},{"id":59468,"structure_id":12805,"section_number":"2.2-4316","catch_line":"Comments concerning specifications","url":"\/2.2-4316\/","token":"2.2\/II\/B\/43\/2\/2.2-4316","metadata":false},{"id":84046,"structure_id":12805,"section_number":"2.2-4317","catch_line":"Prequalification generally; prequalification for construction","url":"\/2.2-4317\/","token":"2.2\/II\/B\/43\/2\/2.2-4317","metadata":false},{"id":64926,"structure_id":12805,"section_number":"2.2-4318","catch_line":"Negotiation with lowest responsible bidder","url":"\/2.2-4318\/","token":"2.2\/II\/B\/43\/2\/2.2-4318","metadata":false},{"id":64505,"structure_id":12805,"section_number":"2.2-4319","catch_line":"Cancellation, rejection of bids; waiver of informalities","url":"\/2.2-4319\/","token":"2.2\/II\/B\/43\/2\/2.2-4319","metadata":false},{"id":76824,"structure_id":12805,"section_number":"2.2-4320","catch_line":"Exclusion of insurance bids prohibited","url":"\/2.2-4320\/","token":"2.2\/II\/B\/43\/2\/2.2-4320","metadata":false},{"id":59483,"structure_id":12805,"section_number":"2.2-4321","catch_line":"Debarment","url":"\/2.2-4321\/","token":"2.2\/II\/B\/43\/2\/2.2-4321","metadata":false},{"id":62909,"structure_id":12805,"section_number":"2.2-4321.1","catch_line":"Prohibited contracts; exceptions; determination by Department of Taxation; appeal; remedies","url":"\/2.2-4321.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4321.1","metadata":false},{"id":74446,"structure_id":12805,"section_number":"2.2-4321.2","catch_line":"Public works contracts; project labor agreements authorized","url":"\/2.2-4321.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4321.2","metadata":false},{"id":56761,"structure_id":12805,"section_number":"2.2-4321.3","catch_line":"Payment of prevailing wage for work performed on public works contracts; penalty","url":"\/2.2-4321.3\/","token":"2.2\/II\/B\/43\/2\/2.2-4321.3","metadata":false},{"id":79921,"structure_id":12805,"section_number":"2.2-4322","catch_line":"Acceptance of bids submitted to the Department of Transportation","url":"\/2.2-4322\/","token":"2.2\/II\/B\/43\/2\/2.2-4322","metadata":false},{"id":86146,"structure_id":12805,"section_number":"2.2-4323","catch_line":"Purchase programs for recycled goods; agency responsibilities","url":"\/2.2-4323\/","token":"2.2\/II\/B\/43\/2\/2.2-4323","metadata":false},{"id":66033,"structure_id":12805,"section_number":"2.2-4323.1","catch_line":"Purchase of flags of the United States and the Commonwealth by public bodies","url":"\/2.2-4323.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4323.1","metadata":false},{"id":60604,"structure_id":12805,"section_number":"2.2-4324","catch_line":"(Effective July 1, 2027) Preference for Virginia products with recycled content and for Virginia firms","url":"\/2.2-4324\/","token":"2.2\/II\/B\/43\/2\/2.2-4324","metadata":false},{"id":76844,"structure_id":12805,"section_number":"2.2-4325","catch_line":"Preference for Virginia coal used in state facilities","url":"\/2.2-4325\/","token":"2.2\/II\/B\/43\/2\/2.2-4325","metadata":false},{"id":75140,"structure_id":12805,"section_number":"2.2-4326","catch_line":"Preference for recycled paper and paper products used by state agencies","url":"\/2.2-4326\/","token":"2.2\/II\/B\/43\/2\/2.2-4326","metadata":false},{"id":82739,"structure_id":12805,"section_number":"2.2-4327","catch_line":"Preference for community reinvestment activities in contracts for investment of funds","url":"\/2.2-4327\/","token":"2.2\/II\/B\/43\/2\/2.2-4327","metadata":false},{"id":62013,"structure_id":12805,"section_number":"2.2-4328","catch_line":"Preference for local products and firms; applicability","url":"\/2.2-4328\/","token":"2.2\/II\/B\/43\/2\/2.2-4328","metadata":false},{"id":73628,"structure_id":12805,"section_number":"2.2-4328.1","catch_line":"Preference for energy-efficient and water-efficient goods","url":"\/2.2-4328.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4328.1","metadata":false},{"id":63397,"structure_id":12805,"section_number":"2.2-4328.2","catch_line":"Purchase of personal protective equipment by state agencies","url":"\/2.2-4328.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4328.2","metadata":false},{"id":81072,"structure_id":12805,"section_number":"2.2-4328.3","catch_line":"Solar photovoltaic equipment and facilities","url":"\/2.2-4328.3\/","token":"2.2\/II\/B\/43\/2\/2.2-4328.3","metadata":false},{"id":64067,"structure_id":12805,"section_number":"2.2-4329","catch_line":"Expired","url":"\/2.2-4329\/","token":"2.2\/II\/B\/43\/2\/2.2-4329","metadata":false},{"id":72432,"structure_id":12805,"section_number":"2.2-4329.1","catch_line":"Energy forward pricing mechanisms","url":"\/2.2-4329.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4329.1","metadata":false},{"id":73315,"structure_id":12805,"section_number":"2.2-4330","catch_line":"Withdrawal of bid due to error","url":"\/2.2-4330\/","token":"2.2\/II\/B\/43\/2\/2.2-4330","metadata":false},{"id":66024,"structure_id":12805,"section_number":"2.2-4331","catch_line":"Contract pricing arrangements","url":"\/2.2-4331\/","token":"2.2\/II\/B\/43\/2\/2.2-4331","metadata":false},{"id":86314,"structure_id":12805,"section_number":"2.2-4332","catch_line":"Workers' compensation requirements for construction contractors and subcontractors","url":"\/2.2-4332\/","token":"2.2\/II\/B\/43\/2\/2.2-4332","metadata":false},{"id":53971,"structure_id":12805,"section_number":"2.2-4333","catch_line":"Retainage on construction contracts","url":"\/2.2-4333\/","token":"2.2\/II\/B\/43\/2\/2.2-4333","metadata":false},{"id":68826,"structure_id":12805,"section_number":"2.2-4334","catch_line":"Deposit of certain retained funds on certain contracts with local governments; penalty for failure to timely complete","url":"\/2.2-4334\/","token":"2.2\/II\/B\/43\/2\/2.2-4334","metadata":false},{"id":84415,"structure_id":12805,"section_number":"2.2-4335","catch_line":"Public construction contract provisions barring damages for unreasonable delays declared void","url":"\/2.2-4335\/","token":"2.2\/II\/B\/43\/2\/2.2-4335","metadata":false},{"id":55647,"structure_id":12805,"section_number":"2.2-4336","catch_line":"Bid bonds; construction contracts","url":"\/2.2-4336\/","token":"2.2\/II\/B\/43\/2\/2.2-4336","metadata":false},{"id":79610,"structure_id":12805,"section_number":"2.2-4337","catch_line":"Performance and payment bonds","url":"\/2.2-4337\/","token":"2.2\/II\/B\/43\/2\/2.2-4337","metadata":false},{"id":86516,"structure_id":12805,"section_number":"2.2-4338","catch_line":"Alternative forms of security","url":"\/2.2-4338\/","token":"2.2\/II\/B\/43\/2\/2.2-4338","metadata":false},{"id":66839,"structure_id":12805,"section_number":"2.2-4339","catch_line":"Bonds on other than construction contracts","url":"\/2.2-4339\/","token":"2.2\/II\/B\/43\/2\/2.2-4339","metadata":false},{"id":54251,"structure_id":12805,"section_number":"2.2-4340","catch_line":"Action on performance bond","url":"\/2.2-4340\/","token":"2.2\/II\/B\/43\/2\/2.2-4340","metadata":false},{"id":65780,"structure_id":12805,"section_number":"2.2-4340.1","catch_line":"Statute of limitations on construction contracts","url":"\/2.2-4340.1\/","token":"2.2\/II\/B\/43\/2\/2.2-4340.1","metadata":false},{"id":85767,"structure_id":12805,"section_number":"2.2-4340.2","catch_line":"Statute of limitations on architectural and engineering contracts","url":"\/2.2-4340.2\/","token":"2.2\/II\/B\/43\/2\/2.2-4340.2","metadata":false},{"id":56940,"structure_id":12805,"section_number":"2.2-4341","catch_line":"Actions on payment bonds; waiver of right to sue","url":"\/2.2-4341\/","token":"2.2\/II\/B\/43\/2\/2.2-4341","metadata":false},{"id":71233,"structure_id":12805,"section_number":"2.2-4342","catch_line":"Public inspection of certain records","url":"\/2.2-4342\/","token":"2.2\/II\/B\/43\/2\/2.2-4342","metadata":false}],"previous_section":{"id":75140,"structure_id":12805,"section_number":"2.2-4326","catch_line":"Preference for recycled paper and paper products used by state agencies","url":"\/2.2-4326\/","token":"2.2\/II\/B\/43\/2\/2.2-4326","metadata":false},"next_section":{"id":62013,"structure_id":12805,"section_number":"2.2-4328","catch_line":"Preference for local products and firms; applicability","url":"\/2.2-4328\/","token":"2.2\/II\/B\/43\/2\/2.2-4328","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4327\/","history_text":"<p>This law was first created in 1993. The record of its establishment is cataloged in chapter 937 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1993 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1995, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?951+ful+CHAP0206\">206<\/a>; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0176\">176<\/a>; in 1999, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?991+ful+CHAP0708\">708<\/a>; in 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0844\">844<\/a>; in 2007, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0681\">681<\/a>.<\/p>","references":false,"refers_to":[{"id":77758,"section_number":"15.2-2201","catch_line":"Definitions","order_by":null,"url":"\/15.2-2201\/"},{"id":63923,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","order_by":null,"url":"\/2.2-4400\/"}],"permalink":{"id":177167,"object_type":"law","relational_id":82739,"identifier":"2.2-4327","token":"2.2\/II\/B\/43\/2\/2.2-4327","url":"\/2.2-4327\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4327\/","token":"2.2\/II\/B\/43\/2\/2.2-4327","dublin_core":{"Title":"Preference for community reinvestment activities in contracts for investment of funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4327","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Notwithstanding any other provision of <span class=\"dictionary\">law<\/span>, any county, town, or city that is authorized to and has established affordable housing programs may provide by resolution that in determining the award of any <span class=\"dictionary\">contract<\/span> for time deposits or investment of its funds, the treasurer or director of finance of such county, town, or city may consider, in addition to the typical criteria, the investment activities of qualifying institutions that enhance the supply of, or accessibility to, affordable housing within the <span class=\"dictionary\">jurisdiction<\/span>, including the accessibility of such housing to employees of the county, town, or city or employees of the local school board. No more than 50 percent of the funds of the county, town, or city, calculated on the basis of the average daily balance of the general fund during the previous fiscal year, may be deposited or invested by considering such investment activities as a factor in the award of a <span class=\"dictionary\">contract<\/span>. A qualifying institution shall meet the provisions of the Virginia Security for Public Deposits Act (\u00a7&nbsp;<a class=\"law\" title=\"Short title; declaration of intent; applicability\" href=\"\/2.2-4400\/\">2.2-4400<\/a> et seq.) and all local terms and conditions for security, liquidity and rate of return.\n\t\tFor the purposes of this section, affordable housing means the same as that term is defined in \u00a7&nbsp;<a class=\"law\" title=\"Definitions\" href=\"\/15.2-2201\/\">15.2-2201<\/a>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPREFERENCE FOR COMMUNITY REINVESTMENT ACTIVITIES IN CONTRACTS FOR INVESTMENT OF\nFUNDS (\u00a7 2.2-4327)\n\nNotwithstanding any other provision of law, any county, town, or city that is\nauthorized to and has established affordable housing programs may provide by\nresolution that in determining the award of any contract for time deposits or\ninvestment of its funds, the treasurer or director of finance of such county,\ntown, or city may consider, in addition to the typical criteria, the investment\nactivities of qualifying institutions that enhance the supply of, or\naccessibility to, affordable housing within the jurisdiction, including the\naccessibility of such housing to employees of the county, town, or city or\nemployees of the local school board. No more than 50 percent of the funds of the\ncounty, town, or city, calculated on the basis of the average daily balance of\nthe general fund during the previous fiscal year, may be deposited or invested\nby considering such investment activities as a factor in the award of a\ncontract. A qualifying institution shall meet the provisions of the Virginia\nSecurity for Public Deposits Act (\u00a7 2.2-4400 et seq.) and all local terms and\nconditions for security, liquidity and rate of return.\n\t\tFor the purposes of this section, affordable housing means the same as that\nterm is defined in \u00a7 15.2-2201.\n\nHISTORY: 1993, c. 937, \u00a7 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708;\n2001, c. 844; 2007, c. 681.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}