Over the past few weeks, Virginia has announced $120 million in state resources that could benefit you or your clients.
The first program is the $50 million Rent and Mortgage Relief program.
Eligible households must demonstrate an inability to make rent or mortgage payments due to the COVID-19 pandemic. The monthly rent or mortgage must be at or below 150 percent of Fair Market Rent (FMR), and eligible households must have a gross household income at or below 80 percent of area median income (AMI).
Homeowners and tenants can screen their eligibility on the Department of Housing and Community Development website. Please note that housing providers who participate in the program must agree to one of two options that include establishing payment plans or forgiving certain amounts of past due rent. More information on these options can be found on pages 13-14 of the program’s Resource Guide.
The second program is $70 million for Rebuild VA, a new economic recovery fund that will offer grants of up to $10,000 for small businesses and nonprofit organizations whose normal operations were disrupted by the COVID-19 pandemic.
Businesses and nonprofits must be in good standing, have annual gross revenues of no more than $1.5 million, and have no more than 25 employees. Independent contractors and sole proprietors are also eligible for the grants. Businesses must certify that they have not received federal Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds, or other funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Eligible businesses and organizations can begin applying for the grants on August 10, 2020. For more information about Rebuild VA, eligibility criteria, covered expenses, and how to submit an application, please visit the Rebuild VA website.