VA HB522

Establishes the Virginia Private College Preservation and Maintenance Fund as a special nonreverting fund in the state treasury to support private college building maintenance and restoration

Creates a competitive matching grant program for eligible private institutions to fund renovation, restoration, repair, preservation, and deferred maintenance projects including roofs, mechanical systems, life-safety systems, and accessibility improvements

Requires grant recipients to provide matching funds equal to the grant amount awarded

Assigns the State Council of Higher Education for Virginia to administer the program in collaboration with the Council of Independent Colleges in Virginia (CICV) and Department of Historic Resources (DHR)

Allows up to 5% of fund moneys annually for administrative costs and requires annual reporting to the House Appropriations and Senate Finance committees; effective date January 1, 2027