Richmond, VA – According to the state officials, the seven awarded projects will create over 330 jobs and 87 new housing units, as well as leverage an additional $49 million in private investment.
IRF leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located.
Nineteen proposals were received this funding round and 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, the level of community distress where the property is located, and an identified and feasible end use.
