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Code of Virginia

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Code of Virginia
Title 15.2. Counties, Cities and Towns
Chapter 9. General Powers of Local Governments
11/12/2024

§ 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.

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.

2011, cc. 770, 833; 2024, cc. 692, 701.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.