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Governor Glenn Youngkin today announced more than $24.7million in 22 Industrial Revitalization Fund (IRF) grants.
IRF grants provide gap financing for construction projects aligned with local and regional economic development
strategies, primarily in distressed communities.
“The transformation of older, vacant or blighted structures into productive, usable spaces is crucial to catalyzing
economic growth to create thriving communities,” said Governor Glenn Youngkin. “The Industrial Revitalization
Fund continues to be an important resource for those redevelopment efforts, spurring regional partnerships, economic
development and job growth across the Commonwealth.”
The Industrial Revitalization Fund (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. 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, the level of community distress where the property is located and an
identified and feasible end use.
“These funded projects are transforming deteriorated structures that impede future economic development efforts into
small businesses, tourism destinations, and sources of community pride,” said Secretary of Commerce and Trade
Caren Merrick. “Through IRF grants, we are able to make investments in both Virginia’s infrastructure and vibrancy
by supporting impactful projects, encouraging strategic collaborations, and fostering economic development efforts
across the Commonwealth.”
The 22 awarded projects will create over 600 jobs and leverage an additional $72.8 million in public and private
investment and include five mixed-use projects that will create nearly 200 new residential units. Since 2012, the IRF
program has funded 38 projects that have revitalized vacant, blighted buildings. These projects have generated more
than $121 million in other public and private investment and resulted in the creation of more than 485 jobs across the Commonwealth.
A FULL LIST OF THE 2022 INDUSTRIAL REVITALIZATION FUNDS AWARDED PROJECTS CAN BE FOUND HERE.
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