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Governor Youngkin Announcement: Cross Regional VIDA Grant for 1.2 million

Commonwealth of Virginia

Office of Governor Glenn Youngkin

Governor Glenn Youngkin Announces Over $11.5 Million in Community Development Block Grants

Funding will support housing rehabilitation, water and sewer improvements, and community development projects

RICHMOND, VA — Governor Glenn Youngkin today announced more than $11.5 million in Community Development Block Grants (CDBG) for 10 projects across the Commonwealth.

The projects will receive funding to rehabilitate housing, improve water and sewer infrastructure and provide facilities for needed services and expand business development support and entrepreneurial ecosystem development services, benefiting more than 700 low- to moderate-income Virginians.

“Community Development Block Grants continue to be an invaluable resource for Virginia communities, offering targeted support to community-identified needs and fostering support for our most vulnerable Virginians,” said Governor Glenn Youngkin. “With these grants, we can make important investments in infrastructure, housing rehabilitation and economic development that will build stronger communities for all across the Commonwealth.”

The federally funded CDBG program has been administered by the Virginia Department of Housing and Community Development since 1982 and annually receives approximately $19 million to distribute to small cities, counties, and towns. Most CDBG grants are awarded through a competitive process with a goal of benefiting low- and moderate-income households.

With these funds, localities can provide infrastructure for new or expanding industries, provide new or improved water and sewer systems in rural areas, rehabilitate housing in declining neighborhoods, revitalize commercial districts, provide support to small businesses and provide facilities for a variety of needed services, such as health clinics in underserved areas.

“While each of the 10 awarded projects support vastly different community goals, they all foster strong local partnerships and will help build a stronger Virginia economy,” said Secretary of Commerce and Trade Caren Merrick. “The CDBG program offers the flexibility needed to accommodate the unique needs of the community, while working towards a stronger, more cohesive Commonwealth.”

Bedford Regional VIDA Project | $1,200,000
Counties of Alleghany, Bedford, Botetourt, Franklin, Roanoke and Rockbridge, the cities of Buena Vista, Covington, Lexington and Salem, and the towns of Bedford, Boones Mill, Buchanan, Clifton Forge, Fincastle, Glasgow, Goshen, Iron Gate, Rocky Mount, Troutville, Vinton

Led by The Advancement Foundation, the Bedford Regional Virginia Individual Development Account (VIDA) project will expand business development support and entrepreneurial ecosystem development services to program participants in all of the counties, cities and towns within the project area of this regional effort. The Virginia Individual Development Account (VIDA) program will leverage local resources and expertise to create business training, mentorship and funding to support new and expanding businesses. CDBG funding will be utilized to fund VIDA savers at an 8:1 ratio, providing direct incentives into small business training and development. The project is expected to serve 222 savers, with 125 VIDA savers served in the first 18 months.

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