Be it enacted by the General Assembly of Virginia:

1. That §15.2-2114.01 of the Code of Virginia is amended and reenacted as follows:

§15.2-2114.01. Local Stormwater Management Fund; grant moneys.

Any locality may by ordinance create a local Stormwater Management Fund consisting of appropriated local moneys for the purpose of granting funds to an owner of private property or a common interest community for stormwater management and erosion prevention on previously developed lands. Grants from such fund shall be used only for (i) the construction, improvement, or repair of a stormwater management facility or for; (ii) erosion and sediment control; or (iii) measures that are part of a comprehensive flood mitigation and protection plan adopted by the locality, including floodproofing, flood protection products, and grading.