§ 10.1-603.36 — Loans and grants to a local government for a funding program

Virginia § 10.1-603.36

• Jurisdiction: Virginia
• Title 10.1: Conservation
• Subtitle I: Activities Administered by the Department of Conservation and Recreation
• Ch. 6: Flood Protection and Dam Safety
• Art. 1.4: Resilient Virginia Revolving Fund

Text

Loans and grants may be made from the Fund, in the Department's discretion, to a local government that has developed a funding program to provide low-interest loans or grants to any persons of the Commonwealth eligible for projects for resilience purposes. In order to secure the loans authorized pursuant to this section, the local government is authorized to place a lien equal in value to the loan against any property where such project is being undertaken. Such liens shall be subordinate to all liens on the property as of the date the loan authorized under this section is made, except that with the prior written consent of the holders of all liens on the property as of such date, the liens securing loans authorized pursuant to this section shall be liens on the property ranking on parity with liens for unpaid local taxes. The local government may bundle or package such loans for transfer to private lenders in such a manner that would allow the liens to remain in full force to secure the loans.

Legislative History

2022, cc. 739, 782.