Source: https://law.lis.virginia.gov/admincodeexpand/title13/agency10/chapter10/
Timestamp: 2020-01-22 23:56:11
Document Index: 584009152

Matched Legal Cases: ['§ 36', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 6', '§ 36', '§ 7', '§ 36', '§ 8', '§ 9', '§ 10', '§ 11']

Virginia Administrative Code - Title 13. Housing - Agency 10. Virginia Housing Development Authority
13VAC10-10-10. Definitions.
The following words and terms when used in this chapter shall have the following meaning unless the context clearly indicates otherwise:
"Act" means the Virginia Housing Development Authority Act, Chapter 1.2 (§ 36-55.24 et seq.) of Title 36 of the Code of Virginia.
"Adjusted family income" means the total annual income of a person or all members of a family residing or intending to reside in a dwelling unit, from whatever source derived and before taxes or withholdings, less the total of the credits applicable to such person or family, computed in accordance with the following: (i) a credit in an amount equal to $1,000 for each dependent family member other than such a family member qualifying under (vi) below; (ii) a credit in an amount equal to the lesser of $1,000 or 10% of such total annual income; (iii) a credit in an amount equal to all income of such person or any such family member of an unusual or temporary nature and not related to such person's or family member's regular employment, to the extent approved by the executive director; (iv) a credit in an amount equal to all earnings of any family member who is a minor under 18 years of age or who is physically or mentally handicapped, as determined on the basis of medical evidence from a licensed physician or other appropriate evidence satisfactory to the executive director; (v) a credit in an amount equal to such person or family's medical expenses, not compensated for or covered by insurance, in excess of 3.0% of such total annual income; and (vi) a credit in an amount equal to 1/2 of the total annual income of all family members over 18 years of age who are secondary wage earners in the family, provided, however, that such credit shall not exceed the amount of $2,500. If federal law or rules and regulations impose limitations on the incomes of the persons or families who may own or occupy a single family dwelling unit or multi-family residential housing development, the authority may provide in its rules and regulations that the adjusted family income shall be computed, for the purpose of determining eligibility for ownership or occupancy of such single family dwelling unit or the dwelling units in such multi-family residential housing development (or, if so provided in the applicable rules and regulations of the authority, only those dwelling units in such development which are subject to such federal income limitations), in the manner specified by such federal law or rules and regulations (subject to such modifications as may be provided in or authorized by the applicable rules and regulations of the authority) rather than in the manner provided in the preceding sentence.
"Applicant" means an individual, corporation, partnership, limited partnership, joint venture, trust, firm, association, public body or other legal entity or any combination thereof, making application to receive an authority mortgage loan or other assistance under the Act.
"Application" means a request for an authority mortgage loan or other assistance under the Act.
"Authority" means the Virginia Housing Development Authority.
"Authority mortgage loan" or "mortgage loan" means a loan that is made or financed or is to be made or financed, in whole or in part, by the authority pursuant to these rules and regulations and is secured or is to be secured by a mortgage.
"Board" means the Board of Commissioners of the authority.
"Dwelling unit" or "unit" means a unit of living accommodations intended for occupancy by one or more persons or by a family.
"Executive director" means the executive director of the authority or any other officer or employee of the authority who is authorized to act on his behalf or on behalf of the authority pursuant to a resolution of the board.
"Family" means, in the context of the financing of a single family dwelling unit, two or more individuals related by blood, marriage or adoption or by legal custodial relationship, living together on the premises as a single nonprofit-housekeeping unit. In all contexts other than the financing of a single family dwelling unit, "family" means two or more individuals living together in accordance with law.
"FHA" means the Federal Housing Administration and any successor entity.
"For-profit housing sponsor" means a housing sponsor which is organized for profit and may be required by the authority to agree to limit its profit in connection with the sponsorship of authority financed housing in accordance with the terms and conditions of the Act and these rules and regulations and subject to the regulatory powers of the authority.
"Gross family income" or "gross income" means the combined annualized gross income of all persons residing or intending to reside in a dwelling unit, from whatever source derived and before taxes or withholdings. For the purpose of this definition, annualized gross income means gross monthly income multiplied by 12. Gross monthly income is the sum of monthly gross pay plus any additional income from overtime, part-time employment, bonuses, dividends, interest, royalties, pensions, Veterans Administration compensation, net rental income plus other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments).
"Legal custodial relationship" means (i) a parent or other person having, or in the process of securing, legal custody of any individual or individuals with whom such parent or other person is domiciled and who have not attained the age of 18 years, or (ii) the designee of such parent or other person having, or in the process of securing, legal custody with the written permission of such parent or other person. For the purpose of this definition, the phrase "in the process of securing" means having filed an appropriate petition to obtain legal custody in a court of competent jurisdiction.
"Multi-family dwelling unit" means a dwelling unit in multi-family residential housing.
"Nonprofit housing sponsor" means a housing sponsor which is organized not for profit and may be required by the authority to agree not to receive any limited dividend distributions from the ownership and operation of a housing development.
1. An individual who is 62 or more years of age;
2. An individual who is handicapped or disabled, as determined by the executive director on the basis of medical evidence from a licensed physician or other appropriate evidence satisfactory to the executive director; or
3. An individual who is neither handicapped nor disabled nor 62 or more years of age; provided that the board may from time to time by resolution (i) limit the number of, fix the maximum number of bedrooms contained in, or otherwise impose restrictions and limitations with respect to single family dwelling units that may be financed by the authority for occupancy by such individuals and (ii) limit the percentage of multi-family dwelling units within a multi-family residential housing development that may be made available for occupancy by such individuals or otherwise impose restrictions and limitations with respect to multi-family dwelling units intended for occupancy by such individuals.
"Rent" means the rent or other occupancy charge applicable to a dwelling unit within a housing development operated on a rental basis or owned and operated on a cooperative basis.
"Reservation" means the official action, as evidenced in writing, taken by the authority to designate a specified amount of funds for the financing of a mortgage loan on a single family dwelling unit.
"Single family dwelling unit" means a dwelling unit in single family residential housing.
The foregoing words and terms when used in any other rules and regulations of the authority shall have the same meaning as set forth above unless otherwise defined in such rules and regulations. Terms defined in the Act and used and not otherwise defined herein shall have the same meaning ascribed to them in the Act.
Derived from VR400-01-0001 § 1, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994; Volume 12, Issue 11, eff. February 5, 1996; Volume 19, Issue 25, eff. August 1, 2003.
13VAC10-10-20. Eligibility for occupancy.
A. The board shall from time to time establish, by resolution or by rules and regulations, income limitations with respect to single family dwelling units financed or to be financed by the authority. Such income limits may vary based upon the area of the state, type of program, the size and circumstances of the household, the type and characteristics of the single-family dwelling unit, and any other factors determined by the board to be necessary or appropriate for the administration of its programs. Such resolution or rules and regulations shall specify whether the applicant's or applicants' income shall be calculated as adjusted family income or gross income. To be considered eligible for the financing of a single family dwelling unit, the applicant or applicants shall not have an adjusted family income or gross income, as applicable, which exceeds the applicable limitation established by the board. It shall be the responsibility of each applicant for the financing of a single family dwelling unit to report accurately and completely his adjusted family income or gross income, as applicable, household composition and such other information relating to eligibility for occupancy as the executive director may require and to provide the authority with verification thereof.
B. To be considered eligible for occupancy of a multi-family dwelling unit financed by an authority mortgage loan, a person or family shall not have an adjusted family income greater than the applicable income limit established by or pursuant to rules and regulations of the authority.
C. It shall be the responsibility of the housing sponsor to examine and determine the income and eligibility of applicants for occupancy of multi-family dwelling units, report such determinations to the authority in such form as the executive director may require, reexamine and redetermine the income and eligibility of all occupants of such dwelling units every three years or at more frequent intervals if required by the executive director, and report such redeterminations to the authority in such form as the executive director may require. It shall be the responsibility of each applicant for occupancy of a multi-family dwelling unit, and of each occupant of such dwelling units, to report accurately and completely his adjusted family's income, family composition and such other information relating to eligibility for occupancy as the executive director may require and to provide the housing sponsor and the authority with verification thereof at the times of examination and reexamination of income and eligibility as aforesaid.
D. With respect to a person or family occupying a multi-family dwelling unit, if a periodic reexamination and redetermination of the adjusted family's income and eligibility as provided in subsection C of this section establishes that such person's or family's adjusted family income then exceeds the maximum limit for occupancy of such dwelling unit applicable at the time of such reexamination and redetermination, such person or family shall be permitted to continue to occupy such dwelling unit; provided, however, that during the period that such person's or family's adjusted family income exceeds such maximum limit, such person or family may be required by the executive director to pay such rent, carrying charges or surcharge as determined by the executive director in accordance with a schedule prescribed or approved by him. If such person's or family's adjusted family income shall exceed such maximum limit for a period of six months or more, the executive director may direct or permit the housing sponsor to terminate the tenancy or interest by giving written notice of termination to such person or family specifying the reason for such termination and giving such person or family not less than 90 days (or such longer period of time as the authority shall determine to be necessary to find suitable alternative housing) within which to vacate such dwelling unit. If any person or family residing in a housing development which is a cooperative is so required to be removed from the housing development, such person or family shall be discharged from any liability on any note, bond or other evidence of indebtedness relating thereto and shall be reimbursed for all sums paid by such person or family to the housing sponsor on account of the purchase of stock or debentures as a condition of occupancy in such cooperative and any additional sums payable to such person or family in accordance with a schedule prescribed or approved by the authority, subject however to the terms of any instrument or agreement relating to such cooperative or the occupancy thereof.
Derived from VR400-01-0001 § 2, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994; Volume 12, Issue 11, eff. February 5, 1996; Volume 14, Issue 17, eff. May 1, 1998; Volume 19, Issue 25, eff. August 1, 2003.
13VAC10-10-30. Forms.
Forms of documents, instruments and agreements to be employed with respect to the processing of applications, the making or financing of loans under this chapter, the issuance and sale of authority notes and bonds, and any other matters relating to such loans and the implementation and administration of the authority's programs shall be prepared, revised and amended from time to time under the direction and control of the executive director.
Derived from VR400-01-0001 § 3, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
Derived from VR400-01-0001 § 4, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-50. Federally assisted loans.
When a housing development or dwelling unit financed by a loan under this chapter or otherwise assisted by the authority is subject to federal mortgage insurance or is otherwise assisted or aided, directly or indirectly, by the federal government or where the authority assists in the administration of any federal program, the applicable federal law and rules and regulations shall be controlling over any inconsistent provision hereof.
Derived from VR400-01-0001 § 5, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-60. Administration of state and federal programs; acceptance of aid and guarantees.
A. The board by resolution may authorize the authority to operate and administer any program to provide loans or other housing assistance for persons and families of low and moderate income and, in furtherance thereof, to enter into agreements or other transactions with the federal government, the Commonwealth of Virginia or any governmental agency thereof, any municipality or any other persons or entities and to take such other action as shall be necessary or appropriate for the purpose of operating and administering, on behalf of or in cooperation with any of the foregoing, any such program.
B. The board by resolution may authorize the acceptance by the authority of gifts, grants, loans, contributions or other aid, including insurance and guarantees, from the federal government, the Commonwealth of Virginia or any agency thereof, or any other source in furtherance of the purposes of the Act, do any and all things necessary in order to avail itself of such aid, agree and comply with such conditions upon which such gifts, grants, loans, contributions, insurance, guarantees or other aid may be made, and authorize and direct the execution on behalf of the authority of any instrument or agreement which it considers necessary or appropriate to implement any such gifts, grants, loans, contributions, insurance, guarantees or other aid.
C. Without limitation on the provisions of subsection B of this section, the board by resolution may authorize the acceptance by the authority of any insurance or guarantee or commitment to insure or guarantee its bonds or notes and any grant with respect to such bonds or notes, whether insured, guaranteed or otherwise, and may authorize and direct the execution on behalf of the authority of any instrument or agreement which it considers necessary or appropriate with respect thereto.
Derived from VR400-01-0001 § 6, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-70. Assistance of mortgage lenders.
The authority may, at its option, utilize the assistance and services of mortgage lenders in the processing, originating, disbursing and servicing of loans under this chapter. The executive director is authorized to take such action and to execute such agreements and documents as he shall deem necessary or appropriate in order to procure, maintain and supervise such assistance and services. In the case of authority mortgage loans to be financed from the proceeds of obligations issued by the authority pursuant to § 36-55.37:1 of the Code of Virginia, the authority shall, if and to the extent required thereby, utilize such assistance and services of mortgage lenders in the origination and servicing of such authority mortgage loans.
Derived from VR400-01-0001 § 7, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-80. Purchase of mortgage loans.
A. The authority may from time to time, pursuant and subject to its rules and regulations, purchase mortgage loans from mortgage lenders, including, without limitation, the purchase of single family mortgage loans pursuant to 13VAC10-40. In furtherance thereof, the executive director may request mortgage lenders to submit offers to sell mortgage loans to the authority in such manner, within such time period and subject to such terms and conditions as he shall specify in such request. The executive director may take such action as he shall deem necessary or appropriate to solicit offers to sell mortgage loans, including mailing of the request to mortgage lenders, advertising in newspapers or other publications and any other methods of public announcement which he may select as appropriate under the circumstances. The executive director may also consider and accept offers for sale of individual mortgage loans submitted from time to time to the authority without any solicitation therefor by the authority.
B. The authority shall require as a condition of the purchase of any mortgage loans from a mortgage lender pursuant to this section that such mortgage lender within 180 days from the receipt of proceeds of such purchase shall enter into written commitments to make, and shall thereafter proceed as promptly as practical to make and disburse from such proceeds, residential mortgage loans in the Commonwealth of Virginia having a stated maturity of not less than 20 years from the date thereof in an aggregate principal amount equal to the amount of such proceeds. The requirement in subsection B of this section shall not apply to the purchase by the authority of a mortgage loan that, when made by the mortgage lender, is to be purchased by the authority or that is held, insured, or assisted by the federal government or any agency or instrumentality thereof.
C. At or before the purchase of any mortgage loan pursuant to this section, the mortgage lender shall certify to the authority that the mortgage loan would in all respects be a prudent investment and that the proceeds of the purchase of the mortgage loan shall be invested as provided in subsection B of this section or invested in short-term obligations pending such investment; provided, however, that such certification shall not be required in the case of the purchase by the authority of a mortgage loan that, when made by the mortgage lender, is to be purchased by the authority or that is held, insured, or assisted by the federal government or any agency or instrumentality thereof.
D. The purchase price for any mortgage loan to be purchased by the authority pursuant to this section shall be established or determined in accordance with subsection B of § 36-55.35 of the Code of Virginia.
Derived from VR400-01-0001 § 8, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994; Volume 12, Issue 23, eff. July 17, 1996; Volume 27, Issue 22, eff. July 1, 2011.
13VAC10-10-90. Waiver.
The executive director may for good cause in any particular case waive or vary any of the provisions of this chapter to the extent not inconsistent with the Act or with other applicable provisions of law.
Derived from VR400-01-0001 § 9, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-100. Amendment.
This chapter may be amended and supplemented by the board at such times and in such manner as it may determine, to the extent not inconsistent with the Act or with other applicable provisions of law.
Derived from VR400-01-0001 § 10, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.
13VAC10-10-110. Separability.
If any clause, sentence, paragraph, section or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Derived from VR400-01-0001 § 11, eff. July 1, 1987; amended, Virginia Register Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 3, eff. November 1, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 7, Issue 10, eff. January 16, 1991; Volume 8, Issue 6, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 6, eff. November 16, 1994.