Mountain Valley “has not abandoned this project,” the pipeline wrote. Lewis, who chairs the subcommittee, said the funds would provide gap funding for projects. “The $25 million … it won’t even really do a simple project, a substantial project,” Stone said. “Part of the reason we are considering doing loans through the CFPF is because that’s a potentially larger pot of money that could be leveraged,” Wells said Thursday.Ĭhris Stone, the CEO of architecture firm Clark Nexsen and the business representative on the subcommittee, questioned if the revolving fund is substantial enough for the demand. The revolving fund is also designed to be self-sustaining.Ī DCR spokesperson previously told the Mercury that future awards of Flood Fund dollars would include loan opportunities. The difference between the two funds lies around the intended audience: the revolving fund is available for residential, commercial, and industrial properties, whereas the Flood Fund is directed toward community-scale projects, Wells explained.
The Flood Gund has received just over $200 million since Virginia joined in 2020. The revolving fund was appropriated $25 million in the budget with Flood Fund dollars, which have been generated through the state’s participation in the Regional Greenhouse Gas Initiative.
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