Virginia Code 15.2-958.5: Local funding for community revitalization
A. The City of Richmond may by ordinance provide for the creation of a community revitalization fund for the purpose of preventing neighborhood deterioration. The community revitalization fund shall be exclusively comprised of appropriated local moneys.
Terms Used In Virginia Code 15.2-958.5
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
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;
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.