The Department of Housing and Community Development (DHCD) will be conducting three how-to-apply workshops for the Industrial Revitalization Fund (IRF) program. During these sessions, DHCD staff will offer a review of the program design, funding availability, the application process and additional information.
The IRF program provides funding of up to $600,000 for construction projects aligned with local and regional economic development strategies. Towns, counties or cities can apply for the funding, however, special consideration will be given to distressed communities. Each IRF grant or loan will require a one-to-one match from public or private funds. Eligible properties include any large-scale, non-residential structure. For more information on the program, visit www.dhcd.virginia.gov/irf.
Applications are due Thursday, May 19, 2016.
|Newport News||Wednesday, March 16||10 a.m.-noon|
|Marion||Thursday, March 24||10 a.m.-noon|
|Lexington||Monday, April 11||1-3 p.m.|
The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Eligible properties shall include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Structures whose original intended use was solely residential are not eligible.
Remnants of past economic vibrancy and local economies in transition, these structures are no longer suited for their former purpose, and in their current deteriorated condition, stand as a significant deterrent for future economic opportunity in the surrounding area and region. The maximum level of funding is $600,000.
Only local governments (city, county or town) or regional or local economic or industrial development authorities may apply for the funds. However, localities may designate a redevelopment authority or other similar organization as the designated agent for implementation and administration of activities. Eligible applicants may also partner with private and nonprofit entities.
The application deadline for the 2016 IRF funding round is October 1, 2015. If you would like to discuss a potential project, please get in touch with, Helen Person (804) 371-7040, Jordan Snelling (804) 371-7121 or Joy Rumley (276) 676-5471 ext.7.