HB1668: Community revitalization fund; City of Richmond to establish fund for preventing deterioration.


HOUSE BILL NO. 1668
House Amendments in [ ] ? February 7, 2011
A BILL to amend the Code of Virginia by adding a section numbered 15.2-958.5, relating to community revitalization activities in the City of Richmond.
Patron Prior to Engrossment--Delegate McClellan

Referred to Committee on Counties, Cities and Towns

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 15.2-958.5 as follows:

§ 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.

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, and demolition of residential structures in the City;

2. Infrastructure improvements; [ and ]

3. Acquisition of blighted structures in accordance with § 36-49.1:1 [ ; and

4. Sustainability projects for residential structures ] .

C. Such ordinance [ may 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.

HOUSE BILL NO. 1668
Offered January 12, 2011
Prefiled January 10, 2011
A BILL to amend the Code of Virginia by adding a section numbered 15.2-958.5, relating to community revitalization activities in the City of Richmond.
Patron-- McClellan

Referred to Committee on Counties, Cities and Towns

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding a section numbered 15.2-958.5 as follows:

§ 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.

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, and demolition of residential structures in the City;

2. Infrastructure improvements;

3. Acquisition of blighted structures in accordance with § 36-49.1:1; and

4. Sustainability projects for residential structures.

C. Such ordinance may 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.