Governor Bob McDonnell today announced more than $2 million in Industrial Revitalization Fund (IRF) grants for five projects in Virginia. The IRF program provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“This program focuses on bringing derelict structures back to life,” said Governor McDonnell. “By revitalizing vacant structures, we are encouraging economic growth in communities that want new investments and creating new vitality for vacant buildings.”
Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of impediments to economic development efforts, alignment with regional or local strategies, availability of matching resources, level of community distress where the property is located and an identified and feasible end use.
The maximum award was $600,000 per project. Seventeen applications totaling nearly $7.4 million in requests were received by the Department of Housing and Community Development (DHCD). The funds are intended to leverage local and private resources to achieve market-driven redevelopment of these derelict structures, creating catalysts for long-term employment opportunities and on-going physical and economic revitalization.