Industrial Revitalization Fund (IRF)
Forecasted
Industrial Revitalization Fund (IRF) supports Virginia localities and development authorities in redeveloping vacant, blighted buildings for market-driven uses that create jobs and attract investment.
Funder: Virginia Department of Housing and Community Development
Due Dates (Anticipated): July 2027 (application deadline)
Funding Amounts: Up to $1 million per project; FY2027 allocation of $2.6 million; projects have 24 months to complete
Summary: The fund helps Virginia localities redevelop vacant, blighted buildings for market-driven uses that create jobs and investment.
Key Information: Only local governments and regional or local economic or industrial development authorities may apply; a 1:1 match is required.
Description
The Industrial Revitalization Fund (IRF) is administered by the Virginia Department of Housing and Community Development. It provides gap financing for the market-driven redevelopment of vacant, blighted structures whose deterioration hinders economic opportunity. The program aims to turn significant properties back into productive use, stimulate private investment and job creation, and support longer-term revitalization, particularly in distressed communities.
Eligible buildings can include former manufacturing, warehousing, mining, transportation, power-production and commercial properties, as well as former schools or residential buildings. Projects may pursue a range of end uses, including commercial and mixed-use redevelopment, but not a solely residential end use. IRF emphasizes projects with a viable redevelopment plan, a clear financing gap and readiness to proceed.
