Virginia Enterprise Zone (VEZ)
Forecasted
Virginia Enterprise Zone (VEZ) supports employers and property investors through grants for new full-time jobs and building improvements, encouraging employment and private investment in designated zones.
Funder: Virginia Department of Housing and Community Development
Due Dates (Anticipated): April 2027 (Application deadline)
Funding Amounts: Job Creation Grant: up to $500 or $800 per eligible position annually, for five years; Real Property Investment Grant: up to $100,000, $200,000, or $300,000 per building or facility over five years
Summary: Virginia Enterprise Zone offers grants for qualifying job creation and real property investment within designated zones.
Key Information: The business or property must be within a designated Virginia Enterprise Zone; the Local Zone Administrator verifies its location.
Description
The Virginia Department of Housing and Community Development administers Virginia Enterprise Zone (VEZ) in partnership with local governments. The program encourages private investment and employment in designated Enterprise Zones through two state grants, complemented by incentives offered by localities. The Job Creation Grant (JCG) supports employers creating qualifying net new permanent full-time positions. The Real Property Investment Grant (RPIG) supports qualified investment in commercial, industrial, and eligible mixed-use buildings or facilities.
The grants follow different qualification rules: JCG is based on eligible positions above a base-year employment threshold, while RPIG is based on qualifying real property costs and the year improvements are placed in service. Funding depends on an annual General Assembly appropriation. JCG receives funding priority; RPIG payments are prorated if requests exceed the funds remaining.
