Virginia Resources Authority

Name

Virginia Resources Authority

Legal name

Virginia Resources Authority

Website

https://virginiaresources.gov

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Short description

Virginia Resources Authority is a state instrumentality of the Commonwealth of Virginia that provides infrastructure financing to Virginia local governments through pooled municipal bonds and below-market revolving loan funds for water, wastewater, airports, flood mitigation, and other public infrastructure projects.

Ownership category

akta.pro rank

Product category

Public Infrastructure Financing

NAICS

Public Administration (92), Administration of Environmental Quality Programs (9241)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

Municipal/Local Government Development Banks (FSABAKAI), Climate Finance Funds & Green Investment Facilities (BPADACAH), Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Municipal bond financing
• Infrastructure financing programs
• State revolving loan funds
• Water infrastructure loans
• Local government lending

Headquarters

HQ city

Front Royal

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Municipal Bond Issuance: VRA issues municipal bonds in the public bond market to raise capital, then loans proceeds to local governments for eligible infrastructure projects. Revenue is generated through interest income on loans to localities, with bond servicing handled through loan repayments.
2. Financial Management Fees: VRA serves as financial manager for various state revolving funds, handling underwriting, loan structuring, disbursements, repayments, and bond issuance with associated fee structures.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Virginia Resources Authority provides infrastructure financing to Virginia local governments through a portfolio of 12 loan and grant programs. It issues municipal bonds in public capital markets and on-lends proceeds to cities, counties, towns, water authorities, sanitation districts, and airport commissions at below-market interest rates. VRA also administers state revolving funds for water, wastewater, transportation, airport, agricultural, flood mitigation, and community development projects, providing end-to-end loan servicing from application through maturity.

Product overview

Virginia Resources Authority (VRA) operates as a government infrastructure financing authority offering a comprehensive portfolio of 12 distinct loan and grant programs. The core products include the Virginia Pooled Financing Program (VPFP) for pooled municipal bond access, the Clean Water Revolving Loan Fund (CWRLF) and Drinking Water State Revolving Fund (DWSRF) for water infrastructure, the Virginia Airports Revolving Fund (VARF) for aviation projects, and the Agricultural BMP Loan Program for agricultural pollution control. VRA also manages specialized funds including the Virginia Community Flood Preparedness Fund (CFPF), Resilient Virginia Revolving Fund (RVRF), Dam Safety/Flood Prevention Fund (DSFP), Local Government Direct Loan Program for flexible interim financing, Virginia Brownfields Restoration Fund (VBAF), Virginia Tourism Gap Financing Program, and Virginia Transportation Infrastructure Bank (VTIB). These programs work together to provide below-market interest rates, grants, and bond issuance services to Virginia local governments for essential infrastructure projects.

Differentiator

Problem solved

Functional benefit

Brands

• Virginia Pooled Financing Program (VPFP): A general municipal pool program that provides Virginia local governments with efficient public debt market access to finance or refinance essential projects at competitive interest rates.
• Clean Water Revolving Loan Fund (CWRLF)
• Drinking Water State Revolving Fund (DWSRF)
• Virginia Airports Revolving Fund (VARF)
• Agricultural BMP Loan Program
• Virginia Dam Safety, Flood Prevention and Protection Assistance Fund (DSFP)
• Virginia Community Flood Preparedness Fund (CFPF)
• Resilient Virginia Revolving Fund (RVRF)
• Local Government Direct Loan Program
• Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund (VBAF)
• Virginia Tourism Gap Financing Program

Products and services

• Virginia Pooled Financing Program (VPFP) A general municipal pool program that provides Virginia local governments with efficient public debt market access to finance or refinance essential projects at competitive interest rates through pooled bond issuances. Approximately 70% Infrastructure Revenue Bonds (Aaa/AAA rated) and 30% Moral Obligation Bonds (Aa1/AA rated).
• Clean Water Revolving Loan Fund (CWRLF) Provides financial assistance for water quality improvement projects including wastewater collection and treatment facilities, stormwater best management practices, brownfield remediation, land conservation, and agricultural best management practices. Rates set 100-150 basis points below market.
• Drinking Water State Revolving Fund (DWSRF) Provides financial assistance for drinking water projects to local governments including water supply, intake, treatment, filtration, storage, and distribution infrastructure. Rates set 50-100 basis points below market with 20-30 year loan terms.
• Virginia Airports Revolving Fund (VARF) Provides below-market interest rate financing (50 basis points below prevailing 'AA' revenue rates) for public-use, publicly owned airports for capital projects including hangars, terminal buildings, machinery/equipment, land acquisition, and runway improvements. Loan terms up to 25 years.
• Agricultural BMP Loan Program Provides low-cost financing (all loans at 0% interest) to Virginia's agricultural producers and Soil and Water Conservation Districts for best management practices to reduce agricultural non-point source pollution. Potential for principal forgiveness and cost share assistance.
• Virginia Dam Safety, Flood Prevention and Protection Assistance Fund (DSFP) Provides matching grants to local governments and private entities owning existing dams to improve dam safety and for flood prevention and protection planning and improvements.
• Virginia Community Flood Preparedness Fund (CFPF) Provides financial assistance to localities to reduce the impacts of flooding in the Commonwealth, with emphasis on projects aligned with local resilience plans and the Virginia Coastal Resilience Master Plan. Applications accepted through WebGrants portal.
• Resilient Virginia Revolving Fund (RVRF) Provides financial assistance to localities for projects that mitigate flood impacts to real property including hazard mitigation of buildings, home buyouts and relocation, and loans or grants to private property owners.
• Local Government Direct Loan Program Provides a flexible mechanism for VRA to support infrastructure projects including small loans, short-term bond anticipation notes, grant anticipation notes, and interim disaster recovery funding prior to state/federal reimbursement.
• Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund (VBAF) Provides grants or loans to local governments to promote restoration and redevelopment of brownfield properties and address environmental obstacles for effective marketing to new prospects.
• Virginia Tourism Gap Financing Program Provides gap financing mechanism to compensate for a shortfall in tourism project funding.
• Virginia Transportation Infrastructure Bank (VTIB) Provides loans, other financial assistance, and grants to localities to finance transportation projects including roads, highways, toll facilities, mass transit, rail, ports, and airports.

Quantifiable outcome

• $13 billion in local government infrastructure investment facilitated since inception
• +4 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature2 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• National League of CitiesminorGTM or Marketing Partner · 1 January 2023National League of Cities is a sponsor of the Local Infrastructure Hub, a database of approximately 400 funding opportunities available through Bipartisan Infrastructure Law and Inflation Reduction Act. VRA promotes this resource to Virginia localities.
• Virginia Department of Conservation and Recreation (DCR)coreStrategic or Co-development Partner · 1 January 2022VRA partners with DCR in administering the Resilient Virginia Revolving Fund (RVRF), established during 2022 General Assembly session. DCR manages application process and reviews requests; VRA coordinates closing and servicing of loans and grants.
• Virginia Department of Conservation and Recreation (DCR)coreStrategic or Co-development Partner · 1 January 2020VRA partners with DCR in administering the Virginia Community Flood Preparedness Fund (CFPF), established in 2020 session of General Assembly. DCR manages application process and reviews requests for eligibility; VRA coordinates closing and servicing.
• Virginia Department of Health (VDH)coreStrategic or Co-development PartnerVDH administers the Drinking Water State Revolving Fund (DWSRF) program and policy aspects, receiving annual federal funding through EPA. VRA serves as financial manager handling underwriting, structuring, loan closings, disbursements, repayments, and bond issuance.
• Virginia Department of Environmental Quality (DEQ)coreStrategic or Co-development PartnerDEQ administers the Clean Water Revolving Loan Fund (CWRLF) and policy aspects on behalf of the State Water Control Board, receiving annual federal funding through EPA. VRA serves as financial manager handling underwriting, structuring, loan closings, disbursements, repayments, and bond issuance.
• Virginia Department of Conservation and Recreation (DCR)coreStrategic or Co-development PartnerVRA partners with DCR in administering the Virginia Dam Safety, Flood Prevention and Protection Assistance Fund (DSFP), created pursuant to Virginia Dam Safety Act. DCR determines funding types and amounts; grant applications approved by Virginia Soil and Water Conservation Board; VRA disburses funds after approval.
• Virginia Department of Aviation (DOAV)coreStrategic or Co-development PartnerDOAV administers Virginia Airports Revolving Fund (VARF) program and policy aspects. Both VRA and DOAV work with applicants; DOAV reviews applications and presents to Virginia Aviation Board for consideration. VRA handles underwriting and loan servicing.
• Underwriters (12 investment banking firms)coreChannel Partner/ Reseller/ DistributorVRA engages various investment banking firms to assist in structuring, issuance, and sale of VRA bonds. Current approved listing includes: Academy Securities, BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, Loop Capital Markets, Morgan Stanley, Samuel A. Ramirez & Co., Raymond James, Robert W. Baird, Siebert Williams Shank, Truist Securities, and Wells Fargo Corporate & Investment Banking.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• California Infrastructure and Economic Development Bank (IBank): California IBank is the state's primary infrastructure financing vehicle, issuing bonds and providing loans for public infrastructure including water, transportation, and community facilities — a broader-mandate but functionally analogous state DFI.
• Massachusetts Clean Water Trust: The Massachusetts Clean Water Trust administers the Commonwealth's SRF programs and provides subsidized loans for water infrastructure — same statutory structure (state trust with moral obligation backing) and same federal-state funding model as VRA.
• Connecticut Green Bank: Connecticut Green Bank is a state-level green financing authority using bond proceeds and ratepayer funds to finance clean energy and climate infrastructure — a peer in the state DFI category with a thematic overlap on climate finance via VRA's CFPF and RVRF.
• Texas Water Development Board: TWDB administers Texas's SRF programs and provides below-market loans for water and wastewater infrastructure to political subdivisions — same EPA-capitalization-driven model and same municipal customer base as VRA.
• Pennsylvania Infrastructure Investment Authority (PENNVEST): PENNVEST provides below-market financing for drinking water, wastewater, and stormwater projects across Pennsylvania using federal SRF capitalization and bond proceeds — directly comparable mandate, funding model, and customer base to VRA.
• New York State Environmental Facilities Corporation (NYS EFC): NYS EFC administers New York's Clean Water and Drinking Water State Revolving Funds and issues pooled financing for municipalities — structurally the closest analog to VRA, handling both SRF programs and pooled bond issuance for local governments.
• Colorado Water Resources and Power Development Authority: Colorado's Water Resources and Power Development Authority finances water and hydropower infrastructure for Colorado entities through bond issuance and loan programs — directly comparable in scale, structure, and SRF-style operation to VRA.
• Minnesota Public Facilities Authority: Minnesota PFA administers the state's Clean Water and Drinking Water Revolving Funds and provides below-market financing to municipalities — same SRF administrator and pooled municipal lending structure as VRA.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virginia Resources Authority