Commercial Loans & Residential Bond Financing:

The Community Development Department in conjunction with the Newport News Department of Planning & Development administers three commercial loan programs designed to support economic and business development activities in the City of Newport News.

The Newport News Urban Development Action Grant (NNUDAG) Program is financed through the Community Development Block Grant (CDBG) Program and provides low-interest loans to businesses created or expanded in the City of Newport News which generate employment for low-income residents. The Newport News Facade Improvement Assistance Program (NNFIAP) provides an opportunity to improve retail, commericial amd mixed-use properties located along main corridors. The NNRHA Board of Commissioners serves as the approving entity for NNUDAG and NNFIAP loans.

The Newport News Micro-Loan Program is designed to provide loan opportunities for the establishment, stabilization or expansion of small micro-enterprises experiencing a lack of access to capital. The Newport News Industrial Development Authority serves as the approving entity for the Micro-Loan Program.

The Community Development Department also serves as the coordinating entity for Mortgage Revenue Bonds which assist in the development and preservation of affordable rental housing in the City of Newport News. Such bonds require initial approval by the NNRHA Board of Commissioners and subsequent approval by Newport News City Council to establish benefits and public purpose.

Iceland Seafood Corporation