The Virginia Department of Housing and Community Development (DHCD) opened their FY 2025 Industrial Revitalization Fund (IRF) grant application timeframe on April 1, 2024. The IRF program aims to transform vacant, non-residential buildings from a physically and economically blighted state to structures that drive commercial success, community revitalization, and job creation. Qualifying facilities include ones previously used for manufacturing, logistics, power production, and mining. Additionally, large-scale buildings like shopping centers, schools, mixed-use (as long as 30% of the project is commercial), department stores, hotels, and theaters are eligible properties. Local governments, including economic/industrial development authorities, are eligible to submit applications for the IRF program.
Units of local government can apply for IRF funding to use on publicly owned property or on behalf of a for-profit or non-profit entity for privately owned property. The IRF grants or loans provide up to $1M in funding. To exhibit project viability and the applicant’s commitment, local governments must provide a 100 percent (1:1) match from private or public sources. The IRF funding priorities include: a) relationship to a local or regional economic development strategy; b) high degree of blight and deterioration to be addressed; c) project readiness; d) project with a clear end use; e) end use has clear and significant community economic impact; and f) high economic distress in project locality.
IRF grant applications are due in CAMS (Centralized Application and Management System) on May 31, 2024 with the grant award announcement expected in the summer of 2024. For more information on the IRF program, visit this DHCD webpage: https://www.dhcd.virginia.gov/irf. For additional assistance, please contact the CSPDC at (540) 558-5174.