                                 CODE OF VIRGINIA

PREFERENCE FOR COMMUNITY REINVESTMENT ACTIVITIES IN CONTRACTS FOR INVESTMENT OF
FUNDS (§ 2.2-4327)

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 (§ 2.2-4400 et seq.) and all local terms and
conditions for security, liquidity and rate of return.
		For the purposes of this section, affordable housing means the same as that
term is defined in § 15.2-2201.

HISTORY: 1993, c. 937, § 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708;
2001, c. 844; 2007, c. 681.