                                 CODE OF VIRGINIA

LOANS AND GRANTS TO A LOCAL GOVERNMENT FOR A FUNDING PROGRAM (§ 10.1-603.36)

Loans and grants may be made from the Fund, in the Department&#8217;s
discretion, to a local government that has developed a funding program to
provide low-interest loans or grants to any persons of the Commonwealth eligible
for projects for resilience purposes. In order to secure the loans authorized
pursuant to this section, the local government is authorized to place a lien
equal in value to the loan against any property where such project is being
undertaken. Such liens shall be subordinate to all liens on the property as of
the date the loan authorized under this section is made, except that with the
prior written consent of the holders of all liens on the property as of such
date, the liens securing loans authorized pursuant to this section shall be
liens on the property ranking on parity with liens for unpaid local taxes. The
local government may bundle or package such loans for transfer to private
lenders in such a manner that would allow the liens to remain in full force to
secure the loans.

HISTORY: 2022, cc. 739, 782.