                                 CODE OF VIRGINIA

NEW ECONOMY WORKFORCE CREDENTIAL GRANT FUND AND PROGRAM ESTABLISHED;
ADMINISTRATION (§ 23.1-627.3)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the New Economy Workforce Credential Grant Fund. The Fund shall be
established on the books of the Comptroller. All moneys appropriated by the
General Assembly, and from any other sources, public or private, shall be paid
into the state treasury and credited to the Fund. Interest earned on moneys in
the Fund shall remain in the Fund and be credited to it. Any moneys remaining in
the Fund, including interest thereon, at the end of each fiscal year shall not
revert to the general fund but shall remain in the Fund. Moneys in the Fund
shall be used solely for the purposes of disbursing moneys to eligible
institutions for the award of grants pursuant to the Program. Expenditures and
disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written request signed by the Executive Director
of the Council.

B. There is hereby established a New Economy Workforce Credential Grant Program
for the purpose of disbursing moneys from the Fund to eligible institutions for
the award of grants to benefit students pursuant to this article.

C. The Council shall administer the Program and shall carry out the goals and
purposes of the Program set forth in this article. In administering the Program,
the Council (i) shall require eligible institutions to provide student-specific
data and make final decisions on any dispute between eligible institutions and
grant recipients; (ii) shall undertake periodic assessments of the overall
success of the Program and recommend modifications, interventions, and other
actions based on such assessment; and (iii) may adopt such regulations for the
administration of the Program as it deems necessary and appropriate.

D. The Council shall instruct the Comptroller to annually disburse moneys to
eligible institutions on a first-come, first-served basis as eligible students
enroll in noncredit workforce training programs, giving priority to noncredit
workforce training programs in high-demand fields in which employer demand is
currently unmet by the available workforce. No more than one-quarter of the
moneys in the Fund shall be disbursed annually to any eligible institution. The
Council shall set forth the procedure by which eligible institutions shall
notify the Council when eligible students enroll in noncredit workforce training
programs identified by the governing board of the eligible institution pursuant
to subsection E.

E. The Office of Education and Labor Market Alignment, in consultation with the
Virginia Board of Workforce Development, shall establish the high-demand fields
for which noncredit workforce training programs may be offered pursuant to the
Program. The governing board of each eligible institution shall determine the
noncredit workforce training programs offered pursuant to the Program.

HISTORY: 2016, cc. 326, 470; 2019, c. 578; 2024, c. 507; 2025, c. 144.