Virginia Code 15.2-958.5: Local funding for community revitalization.
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.
Terms Used In Virginia Code 15.2-958.5
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
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 § 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.