Any locality may by ordinance create a local Foundation and Soil Management Fund consisting of appropriated local moneys for the purpose of granting funds to an owner of private property or a common interest community, as that term is defined in § 54.1-2345, for foundation management and soil settlement repairs on previously developed lands. Grants from such fund shall be used only for (i) the construction, improvement, or repair of a foundation; (ii) soil settlement and compaction control; (iii) foundation failure and soil compaction mitigation and protection measures that are a part of a locality’s comprehensive plan to address foundation failure and soil compaction mitigation and protection; or (iv) joint foundation repair and soil compaction mitigation projects. Grants made pursuant to clause (iii) shall, where practicable, prioritize projects that include nature-based practices.