Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-20 - Income limits and general restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
All of the units in each development financed 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 mortgagor shall agree to apply the income limit of 150% of
				  the area median gross income as described above. 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 or the executive
				  director approves mortgage loans on or after May 1, 1998, and all developments
				  for which the board has approved mortgage loans prior to May 1, 1998,
				  notwithstanding the inclusion of other income limits in the resolutions
				  authorizing such mortgage loans 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 any
				  mortgage loan to finance a development under this chapter, or the executive
				  director may require, in the commitment for such mortgage loan, income limits
				  lower than those provided herein or in the authority's rules and regulations
				  for the occupants 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 of applicants for occupancy of
				  all of the units in the development shall be computed, for the purpose of
				  determining eligibility for occupancy thereof hereunder and under the
				  authority's rules and regulations, 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 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.