The Commonwealth of Virginia, through the Department of Housing and Community Development (DHCD) offers an Industrial Revitalization Fund (IRF) grant/loan. For 2025 (FY 2026), the grant/loan is up to $1,000,000 with a 1:1 match required from the developer/owner. The City of Waynesboro is able to submit one project for this highly competitive grant.
The purpose of the IRF is to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties. The program is targeted toward vacant structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located.
Competitive applications are scored on several factors, the most important is that the project is ready to go and all funding except for the IRF funds has been secured. Other factors include: Project relation to the overall strategy of the community; does the project have a clear end use; distress level of the community; and overall economic impact.
Each locality in the Commonwealth can submit one project for up to $ 1M. If you have an interest in being considered as the Waynesboro submission, complete this form and return it no later than noon on April 22, 2025. City staff will select the best possible project using the same criteria (above) that DHCD will be using to award the grant/loan and announce Waynesboro’s project no later than April 28. Please note other important dates and commitments on the interest form.
Complete program guidelines can be found here. If you have questions, email Greg Hitchin at HitchinGE@ci.waynesboro.va.us.
If awarded, the IRF provides gap funding for shovel-ready projects that can be completed by mid-2027.
The IRF grant/loan is awarded as a GRANT if the property is publicly owned or a nonprofit. It is awarded as a LOAN to for-profit entities. The loan is administered by the EDA and can be amortized for up to 20 years at the current published Prime Rate minus 1%.
