Bill Text: VA SB49 | 2024 | Regular Session | Enrolled
Bill Title: Community revitalization fund; expanding use for all localities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-04-08 - Governor: Approved by Governor-Chapter 701 (effective 7/1/24) [SB49 Detail]
Download: Virginia-2024-SB49-Enrolled.html
Be it enacted by the General Assembly of Virginia:
1. That §15.2-958.5 of the Code of Virginia is amended and reenacted as follows:
§15.2-958.5. Local funding for community revitalization.
A. The City of Richmond 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 exclusively comprised 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 City 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.
