About Virginia resources authority
Virginia Resources Authority: The Premier Funding Source for Local Government Infrastructure Financing
The Virginia Resources Authority (VRA) is a state agency that provides financing solutions to local governments in Virginia. Established in 1984, VRA has been the premier funding source for infrastructure projects such as water and wastewater systems, solid waste management facilities, and public buildings. With its bond and loan programs, VRA has helped localities across the state to build and maintain critical infrastructure that supports economic growth and enhances quality of life.
VRA's mission is to provide affordable financing options to local governments for their infrastructure needs. The agency achieves this by issuing tax-exempt bonds on behalf of its clients or providing direct loans from its own funds. VRA's financing programs are designed to be flexible and tailored to meet the specific needs of each locality. Whether it's a small town or a large city, VRA can help finance projects of any size.
One of the key advantages of working with VRA is its expertise in municipal finance. The agency has a team of experienced professionals who understand the complexities of public finance and can guide clients through every step of the process. From project planning to bond issuance, VRA provides comprehensive support that ensures successful outcomes.
Another advantage is VRA's ability to leverage its resources for maximum impact. By pooling together multiple projects from different localities into one bond issue, VRA can achieve economies of scale that result in lower borrowing costs for all participants. This approach also allows smaller communities with limited resources to access capital markets they might not otherwise be able to tap into.
VRA offers several financing programs that cater specifically to different types of infrastructure projects:
1) Water & Wastewater Financing Program: This program provides low-interest loans or tax-exempt bonds for water supply systems, wastewater treatment plants, sewer collection systems, stormwater management facilities, etc.
2) Solid Waste Management Financing Program: This program offers low-interest loans or tax-exempt bonds for landfill construction, recycling facilities, waste-to-energy projects, etc.
3) Public Building Financing Program: This program provides low-interest loans or tax-exempt bonds for the construction or renovation of public buildings such as schools, libraries, courthouses, etc.
4) Economic Development Financing Program: This program offers low-interest loans or tax-exempt bonds to support economic development projects that create jobs and stimulate local economies.
In addition to its financing programs, VRA also provides technical assistance to local governments. The agency has a team of engineers and financial analysts who can help clients with project planning and feasibility studies. VRA also offers training programs on various topics related to municipal finance and infrastructure development.
VRA's impact on Virginia's communities is significant. Since its inception, the agency has financed over $7 billion in infrastructure projects across the state. These projects have created jobs, improved public health and safety, enhanced environmental quality, and supported economic growth. VRA's clients include cities and towns of all sizes as well as counties and regional authorities.
In conclusion, the Virginia Resources Authority is a vital resource for local governments in Virginia seeking affordable financing solutions for their infrastructure needs. With its expertise in municipal finance and flexible financing programs tailored to meet specific needs of each locality; VRA is an ideal partner for any community looking to build a better future through sustainable infrastructure development.