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2023 SESSION

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23102534D
SENATE BILL NO. 1163 Offered January 11, 2023 Prefiled January 10, 2023 A BILL to amend and reenact § 15.2-958.5 of the Code of Virginia, relating to community revitalization fund; Accomack County. ---------- Patron-- Lewis ---------- Referred to Committee on Local Government ----------

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 and Accomack County may by ordinance provide for the creation of a community revitalization fund for the purpose of preventing neighborhood deterioration in their localities. 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.