                                 CODE OF VIRGINIA

LOCAL FUNDING FOR COMMUNITY REVITALIZATION (§ 15.2-958.5)

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;

   2. Infrastructure improvements; and

   3. Acquisition of blighted structures in accordance with &#xA7; 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: 2011, cc. 770, 833; 2024, cc. 692, 701.