On March 26, the Virginia governor signed HB 1411, which codifies the Virginia Community Development Financial Institutions Fund and creates the Virginia Community Development Financial Institutions Program to carry out the purposes of the fund. Among other things, the program will provide grants and loans to community development financial institutions (CDFIs) and other similar entities in order to fund small businesses, housing development and rehabilitation projects, and community revitalization real estate projects. Qualified recipients must emphasize microfinancing (defined as financing to small businesses in amounts of $100,000 or less) when using program funds. The Department of Housing and Community Development will oversee the fund and the program and is required to report annually on the fund’s use and impact. HB 1411 is effective July 1.