reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 90 - RULES AND REGULATIONS FOR VIRGINIA RENTAL REHABILITATION PROGRAM › Section 13VAC10-90-50 - Program requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Lower income benefit. Each grantee must use at least 70% of its rental
				rehabilitation grant to benefit lower income families in accordance with
				24 CFR
				511.10(a)(2). This benefit
				standard must be maintained by each grantee in its program at all times unless
				waived by the authority. A waiver will only be approved when such a waiver will
				not prevent the authority from achieving an overall 70% benefit standard in the
				Virginia Rental Rehabilitation Program.
B. Family benefit. Each grantee must use at
				least 70% of its rental rehabilitation grant to rehabilitate units containing
				two or more bedrooms in accordance with
				24 CFR
				511.10(b). This standard
				must be maintained by each grantee in its program at all times unless waived by
				the authority. A waiver will only be approved when such a waiver will not
				prevent the authority from achieving an overall 70% standard in the Virginia
				Rental Rehabilitation Program, except in cases where the authority has applied
				for and received from HUD a special waiver from the 70% standard.
C. Funding priorities. Each grantee must
				include the following priorities in its method for selecting projects to
				receive rental rehabilitation funds.
1. Units
				occupied by very low income families. Each grantee must give funding priority
				to projects which contain substandard units which, prior to rehabilitation, are
				occupied by very low income families. This priority may include unoccupied
				units if the units could be expected to be occupied by very low income families
				but for the units' substandard condition.
2. Efficient use of grant funds. Each grantee
				must give funding priority to projects which require a minimum percentage of
				rental rehabilitation grant subsidy.
Proposed projects meeting these priorities, which are
				  financially feasible and which meet all other program requirements, must be
				  selected for funding prior to projects which do not meet the priorities. In
				  cases where these priorities conflict, the first priority must be given
				  precedence by grantees.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 90 - RULES AND REGULATIONS FOR VIRGINIA RENTAL REHABILITATION PROGRAM › Section 13VAC10-90-70 - Allocation and administration of section 8 certificates and vouchers

Current through Register Vol. 40, No. 24, July 15, 2024
A. Allocation of
				rental assistance. Annually the authority will determine how many housing
				vouchers or certificates will be needed for in-place tenants who will require
				assistance for the next calendar year based upon an assessment of all pending
				rental rehabilitation program projects. This information along with an estimate
				of the grantee's turnover will be used to determine the minimum allocation of
				housing vouchers and certificates to be made to grantees under the VHDA Section
				8 rental assistance program. The authority will then allocate at least the
				minimum allocation of housing vouchers and certificates to the grantees pending
				their availability from HUD. Those grantees who participate directly with HUD
				in the Section 8 program will receive their housing vouchers and certificates
				directly from HUD.
B.
				Administration of rental assistance. The authority will enter into Annual
				Contributions Contracts with HUD to administer contract authority for Section 8
				certificates or vouchers allocated to Virginia for use in the Virginia Rental
				Rehabilitation Program. The authority will administer such contract authority
				in accordance with the applicable rules and regulations of the
				authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 90 - RULES AND REGULATIONS FOR VIRGINIA RENTAL REHABILITATION PROGRAM › Section 13VAC10-90-80 - Annual performance review

Current through Register Vol. 40, No. 24, July 15, 2024
A. Performance elements. The authority will
				review the performance of all grantees in carrying out their responsibilities
				under these rules and regulations and under all the applicable requirements of
				24 CFR Part 511 at least every two years. These reviews will analyze whether
				the grantee has:
1. Carried out its
				activities in a timely manner, including the commitment of rental
				rehabilitation grant funds to specific projects;
2. Has carried out its activities in
				accordance with all state and federal requirements; and
3. Has a continuing capacity to carry out its
				activities in a timely manner.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 112 - RULES AND REGULATIONS FOR ALLOCATION OF LOW-INCOME HOUSING TAX CREDITS [REPEALED] › Section 13VAC10-112-10 to 13VAC10-112-100 - Repealed

Current through Register Vol. 40, No. 24, July 15, 2024
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part I - Purpose and Applicability › Section 13VAC10-120-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
"Application" or "proposal" means a written request to the
					 authority by a prospective borrower for a loan or a written request to the
					 authority by an applicant requesting the establishment of a loan program or
					 other assistance under these rules and regulations.
"Loan" means any extension of credit which is made or
					 financed or is to be made or financed pursuant to these rules and
					 regulations.
"Loan program" means any program requested to be developed
					 or implemented by the authority for the purpose of providing loans pursuant to
					 these rules and regulations.
"REACH Virginia" means the funding from the authority net
					 assets that are dedicated to reduce the interest rates or otherwise provide
					 housing subsidies under its programs.
"VHF" means the housing fund created by the authority in
					 1989 and continued through June 30, 2005, from moneys in its general
					 fund.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part II - Principles Governing REACH Virginia › Section 13VAC10-120-30 - General principles

Current through Register Vol. 40, No. 24, July 15, 2024
Project and program proposals will be given preference in
					 the selection process to the extent they address the following:
1. Needs of the user group, which shall be
				  primary;
2. Partnerships which
				  maximize leveraging of REACH Virginia loans;
3. Extent to which the project is either
				  innovative or demonstrates a possible "breakthrough" idea for serving lower
				  income households or both;
4.
				  Potential for the project to the replicable (i.e., demonstration);
5. Financial soundness and experience of the
				  sponsor.
Proposals should seek to maximize the number of persons or
					 projects which are served. Projects which highly leverage REACH Virginia moneys
					 by attracting external subsidies and capital are encouraged.
The authority will seek an equitable geographic
					 distribution of loans made from REACH Virginia.
All loans to be made from REACH Virginia shall comply with
					 all applicable laws and regulations to which the authority is subject and with
					 any rules and regulations of the authority applicable or to be applicable
					 thereto and such other underwriting criteria as the executive director deems
					 necessary to protect the interests of the authority as lender.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part III - Terms of Loans and Interest Rates › Section 13VAC10-120-40 - Terms of loans

Current through Register Vol. 40, No. 24, July 15, 2024
Thirty-five years shall be the maximum loan term, although
					 longer amortization schedules may be utilized.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part III - Terms of Loans and Interest Rates › Section 13VAC10-120-50 - Interest rates

Current through Register Vol. 40, No. 24, July 15, 2024
The interest rate on loans shall be determined from time to
					 time by the authority. Such interest rates are expected to be lower than those
					 which would be available from other sources and, at the same time, will provide
					 continuing support for the authority's currently outstanding and future bond
					 issues. The authority realizes that loans will have higher risks than
					 alternative investments and will have little or no liquidity. If deemed
					 necessary, all or a portion of the principal payments on loans may be deferred
					 by the authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part IV - Proposals and Loan Applications › Section 13VAC10-120-60 - Solicitation of applications and proposals

Current through Register Vol. 40, No. 24, July 15, 2024
The executive director may from time to time take such
					 action as he may deem necessary or proper in order to solicit proposals or
					 applications for REACH Virginia. Such actions may include advertising in
					 newspapers and other media, mailing of information to prospective applicants
					 and other members of the public, and any other methods of public announcement
					 which the executive director may select as appropriate under the circumstances.
					 The executive director may impose requirements, limitations and conditions with
					 respect to the submission and selection of applications and proposals as he
					 shall consider necessary or appropriate. The executive director may cause
					 market studies and other research and analyses to be performed in order to
					 determine the manner and conditions under which available moneys in REACH
					 Virginia are to be allocated and such other matters as he shall deem
					 appropriate relating to the selection of applications and proposals or the
					 establishment of programs. The authority may also consider and approve
					 applications and proposals submitted from time to time to the authority without
					 any solicitation therefor on the part of the authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part IV - Proposals and Loan Applications › Section 13VAC10-120-70 - Authority programs under REACH Virginia

Current through Register Vol. 40, No. 24, July 15, 2024
Programs may be designed and operated by the authority if
					 they are innovative, cannot currently be conventionally funded, or may serve as
					 models for future state or bond funding.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part IV - Proposals and Loan Applications › Section 13VAC10-120-80 - Application and selection for processing

Current through Register Vol. 40, No. 24, July 15, 2024
Application for a loan or loan program shall be commenced
					 by filing with the authority an application or proposal on such form or forms
					 as the executive director may from time to time prescribe, together with such
					 documents and additional information as may be requested by the
					 authority.
Based on the applications, proposals, documents and any
					 additional information submitted by applicants or obtained from other sources,
					 the authority shall select for processing those applications and proposals
					 which it determines may best satisfy the purposes and principles of REACH
					 Virginia set forth in
					 13VAC10-120-20 and
					 13VAC10-120-30 hereof.
Nothing contained herein shall require the authority to
					 select any application or proposal which, in the judgment of the authority,
					 does not adequately satisfy the purposes and principles of REACH Virginia set
					 forth in 13VAC10-120-20 and
					 13VAC10-120-30 hereof.
The selection by the authority shall be based only on the
					 documents and information received or obtained by it at that time and shall be
					 subject to modification or reversal upon receipt and further analysis of
					 additional documents or information at a later time.
After selection of an application or proposal for a loan
					 has been made by the authority, such application will then be processed by the
					 authority in accordance with one or both of the following:
(i) any applicable rules and regulations of
				  the authority or
(ii) such written
				  agreement or agreements with the applicant as the executive director may
				  require to effect the purposes and principles hereof and to protect the
				  authority's interest as lender.
After selection of an application or proposal for a loan
					 program has been made by the authority, the authority may implement such
					 program by one or more of the following:
(i) applying any applicable existing rules
				  and regulations of the authority,
(ii) promulgating new rules and regulations
				  therefor, or
(iii) entering into
				  such written agreement or agreements with the applicant or proposed borrowers
				  as the executive director may require consistent with the purposes and
				  principles hereof and the authority's interest as lender.
Any application or proposal for a loan or loan program to
					 be assisted with the VHF shall be processed or implemented in accordance with
					 the rules and regulations for the VHF that were in effect prior to November 1,
					 2006.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
"Closing" means the time of execution by the mortgagor of
				  the documents evidencing the M/D loan, including the deed of trust note, deed
				  of trust and other documents required by the authority. (In the case of a
				  construction loan, "closing" means the initial closing of the M/D loan.)
"Construction" means construction of new structures and the
				  rehabilitation, preservation or improvement of existing structures.
"DMHMRSAS" means the Department of Mental Health, Mental
				  Retardation and Substance Abuse Services of the Commonwealth of
				  Virginia.
"Final closing" means, for a construction loan, the time of
				  final disbursement of the M/D loan proceeds after satisfaction by the mortgagor
				  of all of the authority's requirements therefor.
"M/D development" means a multi-family housing development
				  intended for occupancy by persons of low and moderate income who are mentally
				  disabled.
"M/D loan" means a mortgage loan made by the authority to
				  finance the development, construction, rehabilitation and/or the ownership and
				  operation of an M/D development.
"Seed loan" means a mortgage loan made by the authority to
				  finance preconstruction or other related costs approved by the authority and
				  the financing of which by the authority is determined by the authority to be
				  necessary to the mortgagor's ability to obtain an M/D loan for the construction
				  of an M/D development.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-70 - Closing

Current through Register Vol. 40, No. 24, July 15, 2024
Upon issuance of the commitment, the applicant shall direct
				  its attorney to prepare and submit the legal documentation (the "closing
				  documents") required by the commitment within the time period specified. When
				  the closing documents have been submitted and approved by the authority staff,
				  the board has approved or ratified the commitment and has determined that the
				  financing of the proposed M/D development meets all the applicable requirements
				  of § 36-55.39 of the Code of Virginia, and all other requirements in the
				  commitment have been satisfied, the closing of the M/D loan shall be held. At
				  this closing, the closing documents shall be, where required, executed and
				  recorded, and the mortgagor will pay to the authority the balance owed on the
				  processing and financing fees, will make any equity investment required by the
				  closing documents and will fund such other deposits, escrows and reserves as
				  required by the commitment. The initial disbursement of M/D loan proceeds will
				  be made by the authority, if appropriate under the commitment and the closing
				  documents.
Prior to the closing of the M/D loan, the executive director
				  shall make the finding, if applicable, required by subsection B of §
				  36-55.39 of the Code of Virginia.
The actual interest rate on the M/D loan shall be
				  established by the executive director prior to or at the time of the execution
				  of the deed of trust note at closing and may thereafter be altered by the
				  executive director in accordance with the authority's rules and regulations and
				  the terms of such note.
The executive director may require such accounts, reserves,
				  deposits, escrows, bonds, letters of credit and other assurances as he shall
				  deem appropriate to assure the satisfactory construction, completion, occupancy
				  and operation of the M/D development, including without limitation one or more
				  of the following: working capital deposits, construction contingency funds,
				  operating reserve accounts, payment and performance bonds or letters of credit,
				  latent construction defect escrows, replacement reserves, and tax and insurance
				  escrows. The foregoing shall be in such amounts and subject to such terms and
				  conditions as the executive director shall require and as shall be set forth in
				  the initial closing documents.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-80 - Construction

Current through Register Vol. 40, No. 24, July 15, 2024
In the case of construction loans, the construction of the
				  M/D development shall be performed in accordance with the closing documents.
				  The authority shall have the right to inspect the M/D development as often as
				  deemed necessary or appropriate by the authority to determine the progress of
				  the work and compliance with the closing documents and to ascertain the
				  propriety and validity of M/D loan disbursements requested by the mortgagor.
				  Such inspections shall be made for the sole and exclusive benefit and
				  protection of the authority. A disbursement of M/D loan proceeds may only be
				  made upon compliance with the terms and conditions of the closing documents
				  with respect to any such disbursement; provided, however, that in the event
				  that such terms and conditions have not been satisfied, the executive director
				  may, in his discretion, permit such disbursement if additional security or
				  assurance satisfactory to him is given. The amount of any disbursement shall be
				  determined in accordance with the terms of the initial closing documents and
				  shall be subject to such retainage or holdback as is therein
				  prescribed.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-90 - Completion of construction and final closing

Current through Register Vol. 40, No. 24, July 15, 2024
In the case of construction loans, the closing documents
				  shall specify those requirements and conditions that shall be satisfied in
				  order for the M/D development to be deemed to have attained final completion.
				  Upon such final completion of the M/D development, the mortgagor, general
				  contractor, and any other parties required to do so by the closing documents
				  shall each diligently commence, complete and submit to the authority for review
				  and approval their cost certification in accordance with the closing documents
				  or in accordance with such other requirements as shall have been agreed to by
				  the authority.
Prior to or concurrently with final closing, the mortgagor,
				  general contractor and other members of the development team shall perform all
				  acts and submit all contracts and documents required by the closing documents
				  in order to attain final completion, make the final disbursement of M/D loan
				  proceeds, obtain any subsidy or assistance and otherwise consummate the final
				  closing.
At the final closing, the authority shall determine the
				  following in accordance with the closing documents:
1. The total development costs, the final
				mortgage loan amount, the balance of M/D loan proceeds to be disbursed to the
				mortgagor, the equity investment of the mortgagor and, if applicable, the
				maximum amount of annual limited dividend distributions;
2. The interest rate to be applied initially
				upon commencement of amortization, the date for commencement and termination of
				the monthly amortization payments of principal and interest, the initial amount
				of such monthly amortization payments, and the initial amounts to be paid
				monthly into the escrow accounts for taxes, insurance, replacement reserves, or
				other similar escrow items; and
3.
				Any other funds due the authority, the mortgagor, general contractor, architect
				or other parties that the authority requires to be disbursed or paid as part of
				the final closing.
The equity investment of the mortgagor shall be the
				  difference between the total housing development costs of the M/D development
				  as finally determined by the authority and the final principal amount of the
				  M/D loan as to such M/D development.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-100 - Seed money loans

Current through Register Vol. 40, No. 24, July 15, 2024
Notwithstanding anything herein to the contrary, the
				  executive director may, in his discretion, approve an application on such forms
				  as he may prescribe for a seed money loan and issue a commitment therefor
				  subject to ratification by the board.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-110 - M/D loan increases

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may consider and, where appropriate, approve a
				  M/D loan increase if determined by the authority to be in its best interests in
				  protecting its security for the M/D loan. Any such M/D loan increase shall
				  require the approval of the board and shall be subject to such terms and
				  conditions as the board or the executive director may require. Nothing
				  contained in this section shall impose any duty or obligation on the authority
				  to increase any M/D loan, as the decision as to whether to grant an M/D loan
				  increase shall be within the sole and absolute discretion of the
				  authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-120 - Operation and management

Current through Register Vol. 40, No. 24, July 15, 2024
The M/D development shall be subject to certain regulatory
				  covenants in closing documents entered into at closing between the authority
				  and the mortgagor. Such regulatory covenants shall govern the occupancy,
				  maintenance, operation, use and disposition of the M/D development and the
				  activities and operation of the mortgagor. The mortgagor shall execute such
				  other documents with regard to the regulation of the M/D development as the
				  executive director may determine to be necessary or appropriate to protect the
				  interests of the authority and to permit the fulfillment of the authority's
				  duties and responsibilities under the Act and these rules and
				  regulations.
The mortgagor shall lease the units in the M/D development
				  only to persons who are eligible for occupancy thereof as described in
				  13VAC10-130-30 of this chapter.
				  The mortgagor shall comply with the provisions of the authority's rules and
				  regulations regarding (i) the examination and determination of the income and
				  eligibility of applicants for initial occupancy of the M/D development and (ii)
				  the periodic reexamination and redetermination of the income and eligibility of
				  residents of the M/D development.
In selecting eligible residents, the mortgagor shall comply
				  with such occupancy criteria and priorities and with the tenant selection plan
				  approved by the authority pursuant to
				  13VAC10-130-50 of this
				  chapter.
The authority shall have the power to supervise the
				  mortgagor and the M/D development in accordance with § 36-55.34:1 of the
				  Code of Virginia and the terms of the closing documents or other agreements
				  relating to the M/D loans. The authority shall have the right to inspect the
				  M/D development, conduct audits of all books and records of the M/D development
				  and to require such reports as the authority deems reasonable to assure
				  compliance with this section.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 140 - RULES AND REGULATIONS FOR THE ACQUISITION OF MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-140-50 - Feasibility and commitment

Current through Register Vol. 40, No. 24, July 15, 2024
In order to continue the processing of the application, the
				  applicant shall file, within such time limit as the executive director shall
				  specify, such forms, documents and information as the executive director shall
				  require with respect to the feasibility of the proposed development, including
				  without limitation any additions, modifications or other changes to the
				  application and documents previously submitted as may be necessary or
				  appropriate to make the information complete, accurate and current.
If not previously obtained, an appraisal of the proposed
				  development will be obtained at this time or as soon as practical thereafter
				  from an independent real estate appraiser selected or approved by the
				  authority. The authority may also obtain such other reports, analyses,
				  information and data as the executive director deems necessary or appropriate
				  to evaluate the proposed development.
If at any time the executive director determines that the
				  applicant is not processing the application with due diligence and best efforts
				  or that the application cannot be successfully processed to commitment and
				  initial closing within a reasonable time, he may, in his discretion, terminate
				  the application and retain any fees previously paid to the authority.
The authority staff shall review and evaluate the
				  application, the documents and information received or obtained pursuant to
				  13VAC10-140-40 and this section.
				  Such review and evaluation shall include, but not be limited to, the
				  following:
1. An analysis of the
				estimates of construction costs and the proposed operating budget and an
				evaluation as to the economic feasibility of the proposed
				development;
2. A market analysis
				as to the present and projected demand for the proposed development in the
				market area, including:
(i) an evaluation of
				existing and future market conditions;
(ii) an analysis of trends and projections of
				housing production, employment and population for the market area;
(iii) a site evaluation (such as access and
				topography of the site, neighborhood environment of the site, public and
				private facilities serving the site and present and proposed uses of nearby
				land); and
(iv) an analysis of
				competitive projects;
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 140 - RULES AND REGULATIONS FOR THE ACQUISITION OF MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-140-70 - Construction

Current through Register Vol. 40, No. 24, July 15, 2024
The construction of the development shall be performed in
				  accordance with the initial closing documents. The authority shall have the
				  right to inspect the development as often as deemed necessary or appropriate by
				  the authority to determine the progress of the work and compliance with the
				  initial closing documents and to ascertain the propriety and validity of any
				  construction loan disbursements requested by the mortgagor. Such inspections
				  shall be made for the sole and exclusive benefit and protection of the
				  authority. If the authority is providing construction financing, a disbursement
				  of construction loan proceeds may only be made upon a determination by the
				  authority that the terms and conditions of the initial closing documents with
				  respect to any such disbursement have been satisfied; provided, however, that
				  in the event that such terms and conditions have not been satisfied, the
				  executive director may, in his discretion, permit such disbursement if
				  additional security or assurance satisfactory to him is given. The amount of
				  any disbursement by the authority shall be determined in accordance with the
				  terms of the initial closing documents and shall be subject to such retainage
				  or holdback as is therein prescribed.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 140 - RULES AND REGULATIONS FOR THE ACQUISITION OF MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-140-90 - Construction loan, permanent loan and purchase price increases

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may consider and, where appropriate, approve
				  an increase in the purchase price, an increase in the principal amount of the
				  construction loan or an increase in the principal amount of the permanent loan,
				  or both, if determined by the authority to be in its best interest in
				  accomplishing the acquisition or in protecting its security. Nothing contained
				  in this section shall impose any duty or obligation on the authority to
				  increase any purchase price or the principal amount of any construction loan or
				  permanent loan, as the decision as to whether to grant a purchase price,
				  construction loan or permanent loan increase shall be within the sole and
				  absolute description of the authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part I - Purpose and Applicability › Section 13VAC10-150-20 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of the program is to permit elderly homeowners
					 who satisfy certain age, residency and income criteria to borrow against the
					 equity in their homes to assist in meeting housing, medical and other living
					 expenses as specified in
					 13VAC10-150-190. Eligible
					 applicants shall receive a commitment from the authority for a home equity
					 account in a maximum amount based upon the interest rate or rates to be charged
					 thereon, the applicant's age and the value of the home. Upon satisfaction of
					 the terms and conditions of such commitment, the authority shall make equity
					 payments to the borrowers upon their request up to the maximum amount. All such
					 equity payments will be made in accordance with the terms and conditions set
					 forth in these rules and regulations. The maximum amount of such home equity
					 account shall be subject to change in the manner set forth in
					 13VAC10-150-90. The term during
					 which the borrower may request and receive equity payments shall be established
					 and may be extended as provided in
					 13VAC10-150-150. Repayment of the
					 home equity account loan is deferred as described herein, and, as a result, the
					 borrowers may utilize the equity in their homes without being required to sell
					 their homes at the end of a fixed term in order to repay the home equity
					 account loans.
The program will be administered by the authority with the
					 participation of the Virginia Department for the Aging and local area agencies
					 on aging. Home equity accounts will be financed entirely with authority
					 funds.
Notwithstanding anything to the contrary herein, the
					 executive director of the authority is authorized with respect to any home
					 equity account to waive or modify any provision herein where deemed appropriate
					 by him for good cause to the extent not inconsistent with the Act and federal
					 statutes and regulations.
The rules and regulations set forth herein are intended to
					 provide a general description of the authority's requirements and procedures
					 and are not intended to include all of the actions involved or required in the
					 processing and administration of the program. These rules and regulations are
					 subject to amendment at any time by the authority and may be supplemented by
					 additional policies, rules and regulations adopted by the authority from time
					 to time with respect to the program. Notwithstanding anything to the contrary
					 herein, all home equity accounts must comply with any applicable state and
					 federal laws, rules and regulations.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part II - Eligibility of Applicants › Section 13VAC10-150-30 - Eligible applicants

Current through Register Vol. 40, No. 24, July 15, 2024
An applicant that, as of the application date, satisfies
					 all of the following criteria shall be eligible for a home equity account under
					 the program:
1. Age. An individual
				  applicant or each joint applicant shall be 62 years of age or older.
2. Residency. An individual applicant or each
				  joint applicant shall be a resident of the Commonwealth.
3. Income. The income of an individual
				  applicant or the aggregate of the incomes of all joint applicants shall not, as
				  of the application date, exceed 80% of the area median income.
4. Ownership. An individual applicant or the
				  joint applicants shall be the sole owner or owners of the home, and no person
				  who is not an owner may be an applicant.
5. Principal residence. An individual
				  applicant or each joint applicant must occupy the home as his principal
				  residence during the term of the home equity account.
6. Relationship of joint applicants. Joint
				  applicants must be related by blood, marriage or adoption.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part III - Eligibility of the Home › Section 13VAC10-150-40 - Title

Current through Register Vol. 40, No. 24, July 15, 2024
At the time of recordation of the deed of trust securing
					 the home equity account, fee simple title to the home shall be vested in the
					 applicant free and clear of all liens, encumbrances, assessments or other
					 defects which might affect the priority of the authority's lien or are
					 otherwise unacceptable to the authority. Notwithstanding the foregoing, the
					 home may be subject to liens securing outstanding balances in an aggregate
					 amount not greater than one third of the maximum amount available under the
					 account; provided, however, that the initial equity payment from the home
					 equity account shall be used at the closing thereof to pay off such outstanding
					 balances in full. If the spouse of an individual applicant has an inchoate
					 dower or curtesy interest in the home, such spouse shall execute the deed of
					 trust securing the home equity account for the purpose of conveying such dower
					 or curtesy interest as security for the home equity account
					 loan.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part III - Eligibility of the Home › Section 13VAC10-150-50 - Condition of home

Current through Register Vol. 40, No. 24, July 15, 2024
The home and all fixtures attached thereto shall be in a
					 state of repair and condition satisfactory to the authority; provided, however,
					 that the authority may require the applicant to use at settlement all or a
					 portion of the initial equity payment on the home equity account to make
					 necessary repairs and improvements to the home in a manner acceptable to the
					 authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part III - Eligibility of the Home › Section 13VAC10-150-60 - Taxes

Current through Register Vol. 40, No. 24, July 15, 2024
All real estate taxes and assessments due and payable
					 against the home as of the the date of recordation of the deed of trust
					 securing the home equity account shall have been paid by the applicant;
					 provided, however, that the authority may require the applicant to use their
					 initial equity payment to pay such taxes and assessments.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part III - Eligibility of the Home › Section 13VAC10-150-70 - Insurance

Current through Register Vol. 40, No. 24, July 15, 2024
At the time of recordation of the deed of trust securing
					 the home equity account, the home shall be insured against such loss and by
					 such insurers as the authority shall approve or require and in an amount at
					 least equal to the value of the home or such other amount as the authority may
					 approve.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part IV - Terms and Conditions › Section 13VAC10-150-80 - Maximum amount

Current through Register Vol. 40, No. 24, July 15, 2024
The authority shall provide to an eligible applicant a
					 maximum amount available under the home equity account based upon the interest
					 rate or rates to be charged thereon, the age of an individual applicant or of
					 the youngest joint applicant as of the application date, and the value of the
					 home.
The value of the home shall be determined by the authority
					 based on the home's assessed value, unless the authority, at its option and at
					 its cost, elects to have the home appraised and to use the appraised value
					 rather than the assessed value in so determining the value of the home. Also,
					 if requested by the applicant, the authority may, at its option and at the cost
					 of such applicant, obtain an appraisal of the home for use by the authority, in
					 lieu of the assessed value, in determining the value of the home.
Prior to September 1, 1988, and on or about January 1 of
					 each subsequent year, the executive director shall establish a schedule which
					 sets the maximum percentages of the home value by age group based upon the
					 interest rate to be in effect for such year. The maximum amount of the home
					 equity account during such year shall be equal to such maximum percentage
					 applicable to the age group of the applicant (or, in the case of joint
					 applicants, the youngest applicant) as of the application date times the value
					 of the home.
The maximum amount which may be disbursed under any home
					 equity account shall in no event exceed $50,000.
The applicant may, at its option, request a lower maximum
					 amount than may be approved by the authority, in which case the maximum amount
					 shall be the amount so requested.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part IV - Terms and Conditions › Section 13VAC10-150-90 - Adjustments in the maximum amount

Current through Register Vol. 40, No. 24, July 15, 2024
The maximum amount available under a home equity account
					 shall be adjusted annually in accordance with the schedule then established
					 pursuant to
					 13VAC10-150-80 hereof. For the
					 purpose of determining such adjusted maximum amount, the age of the borrower
					 shall be his age (or, in the case of joint borrowers, the youngest borrower's
					 age) as of January 1 of such year. Notwithstanding the foregoing, such maximum
					 amount shall not be increased if (i) the authority has determined not to make
					 funds available for such increase, or (ii) the applicant requests that the
					 maximum amount not be increased.
If on or after five years from the date of extension of
					 the home equity account the borrower has utilized the maximum amount available
					 thereunder, he may request the authority to approve an increase in the value of
					 the home. Such increase may be granted only if such increase is due to
					 appreciation or improvements. Any such increase shall be determined by the
					 authority based upon the then current assessed value, except that the authority
					 may, at its option and at the request and cost of the borrower, obtain an
					 appraisal for use by the authority, in lieu of the assessed value, in so
					 determining the value of the home. The maximum amount available under the home
					 equity account, as so increased, shall be calculated in accordance with the
					 schedule established pursuant to
					 13VAC10-150-80 using the age of
					 the borrower (or, in the case of joint borrowers, the age of the youngest
					 borrower) as of January 1 of the year in which the request was made. Increases
					 in such maximum amount are subject to the determination by the authority to
					 make funds available therefor and shall be at the sole discretion of the
					 authority.
In the event that the borrower had originally requested
					 and received a home equity account in a maximum amount less than the maximum
					 amount for which he was eligible under the schedule established pursuant to
					 13VAC10-150-80, the authority may,
					 at its option and upon the written request of the borrower, increase the
					 maximum amount available under the home equity account up to the maximum amount
					 for which the borrower would then be eligible. Such an increase may be granted
					 at any time upon the request of the borrower and without a determination of a
					 new assessed or appraised value, subject to the authority's determination to
					 make funds available therefor and shall be at the sole discretion of the
					 authority.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part IV - Terms and Conditions › Section 13VAC10-150-100 - Loan term

Current through Register Vol. 40, No. 24, July 15, 2024
The term of a home equity account loan shall not be a fixed
					 period of time; provided, however, that the term of such loan shall in no event
					 exceed 50 years. Such loan shall be due and payable upon the occurrence of any
					 of the following events:
1. A sale or
				  transfer (whether voluntary or involuntary) of the home or any interest therein
				  (other than a transfer to a joint borrower) without the authority's prior
				  written consent.
2. Failure by the
				  borrower and, in the case of joint borrowers, all borrowers to occupy the home
				  as his or their principal residence. Absence from the home for a period of more
				  than 180 consecutive days, without the prior written consent of the authority,
				  shall be deemed to be such a failure.
3. The use of the home, in whole or in part,
				  for purposes other than as a principal residence without the prior written
				  consent of the authority.
4.
				  Failure to pay the home equity balance in full within nine months after the
				  death of the borrower or, in the case of joint borrowers, within nine months
				  after the death of the last surviving borrower.
The home equity account loan may also be declared
					 immediately due and payable in full, at the option of the authority, upon the
					 occurrence of any of the acts of default set forth in
					 13VAC10-150-140 of this
					 chapter.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.