RICHMOND, Va. (WRIC) — The Virginia Department of Conservation and Recreation (Virginia DCR) has announced that it is making $103 million in grant and loans available for projects intended to improve flood preparedness.
According to a release from Virginia DCR, the money is coming from two funds — the Community Flood Preparedness Fund and the Resilient Virginia Revolving Fund.
Around $83 million of the $103 million will be coming from the Community Flood Preparedness Fund in the form of grants and loans. Established in 2020, the fund helps localities complete flood protection projects and improve their ability to mitigate the damage caused by flooding.
The other $18.5 million is going to come from the Resilient Virginia Revolving Fund, which offers grants and loans to localities and property owners impacting by flooding. The money will be divided for the following purposes:
- $5 million in loans for localities to meet local cost-share requirements for federal flood mitigation grants
- $7.5 million in loans for localities to protect buildings from flood hazards
- $5 million in grants for localities to establish local flood resilience funding programs
- $1 million in loans for localities for local flood resilience revolving loan funds