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 13VAC10-140-20 - Income limits and general restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
All of the units in each development acquired under this
				  chapter shall be occupied or held available for occupancy by persons and
				  families whose adjusted family incomes, as of the date of their initial
				  occupancy of such units, do not exceed 150% of the area median gross income as
				  determined by the authority; provided, however, that in the case of any
				  development which is subject as of April 30, 1998, to the income limit of seven
				  times the rents, including utilities except telephone, applicable to the units
				  therein (or the lesser of such income limit and any other income limit), all of
				  the units in such development shall be occupied or held available for occupancy
				  by persons and families whose adjusted family incomes, as of the date of their
				  initial occupancy of such units, do not exceed seven times the rents, including
				  utilities except telephone, applicable to the units therein, unless the
				  authority and the owner shall agree to apply the income limit of 150% of the
				  area median gross income as described above or unless the authority is the sole
				  owner of the development and determines to apply such income limit. The
				  applicable income limit set forth in the preceding sentence shall also apply to
				  persons and families at the time of reexamination and redetermination of their
				  adjusted family incomes and eligibility subsequent to their initial occupancy.
				  The foregoing income limits shall apply to all developments for which the board
				  approves the acquisition thereof on or after May 1, 1998, and all developments
				  for which the board has approved the acquisition thereof prior to May 1, 1998,
				  notwithstanding the inclusion of other income limits in the resolutions
				  authorizing such acquisitions or in any agreements executed prior to May 1,
				  1998, by and between the authority and the mortgagors of such
				  developments.
The board may establish, in the resolution authorizing the
				  acquisition of any development under this chapter, income limits lower than
				  those provided herein for occupancy of the units in such development.
Furthermore, in the case of developments which are subject
				  to federal mortgage insurance or assistance or are financed by notes or bonds
				  exempt from federal income taxation, federal regulations may establish lower
				  income limitations which in effect supersede the authority's income limits as
				  described above.
If federal law or rules and regulations impose limitations
				  on the incomes of the persons or families who may occupy all or any of the
				  units in a development, the adjusted family incomes (as defined in the
				  authority's rules and regulations) of applicants for occupancy of all of the
				  units in the development shall be computed, for the purpose of determining
				  eligibility for occupancy thereof under this chapter, in the manner specified
				  in such federal law and rules and regulations, subject to such modifications as
				  the executive director shall require or approve in order to facilitate
				  processing, review and approval of such applications.
Notwithstanding anything to the contrary herein, all
				  developments and the processing thereof under the terms hereof must comply with
				  (i) the Act, (ii) the applicable federal laws and regulations governing the
				  federal tax exemption of the notes or bonds, if any, issued by the authority to
				  finance such developments, (iii) in the case of developments subject to federal
				  mortgage insurance or other assistance, all applicable federal laws and
				  regulations relating thereto and (iv) the requirements set forth in the
				  resolutions pursuant to which the notes or bonds are issued by the authority to
				  finance the developments. Copies of the authority's note and bond resolutions
				  are available upon request.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.