reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 13 - HOUSING › Agency 6 - VIRGINIA MANUFACTURED HOUSING BOARD › Chapter 20 - MANUFACTURED HOUSING LICENSING AND TRANSACTION RECOVERY FUND REGULATIONS › Part VII - Transaction Recovery Fund › Section 13VAC6-20-440 - Appeals of the board's decision

Current through Register Vol. 40, No. 24, July 15, 2024
Appeals of the decision of the board shall be to a circuit
					 court with jurisdiction in the Commonwealth. The appeal shall be filed by the
					 regulant within 30 days of the date of the board's order, and shall stay the
					 board's order for payment of the awarded amount. Neither the regulant nor the
					 board shall be required to pay damages to the claimant until such time as the
					 final order of the court is issued. In accordance with § 36-85.35 of the
					 Code of Virginia, the court may award reasonable attorney's fees and court
					 costs to be paid by the recovery fund.
Statutory Authority
§ 36-85.18 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 6 - VIRGINIA MANUFACTURED HOUSING BOARD › Chapter 20 - MANUFACTURED HOUSING LICENSING AND TRANSACTION RECOVERY FUND REGULATIONS › Part VII - Transaction Recovery Fund › Section 13VAC6-20-450 - Payment of damages; limitations; conditions

Current through Register Vol. 40, No. 24, July 15, 2024
A. If a regulant has not paid the awarded
				  amount within 30 days as provided in
				  13VAC6-20-430
				  or filed an appeal to the circuit court as provided in
				  13VAC6-20-440,
				  the board shall, upon request of the claimant pay the awarded amount to the
				  claimant from the recovery fund under the following conditions:
1. The maximum claim of one claimant against
				  the fund because of a single or multiple violations by one or more regulants
				  shall be limited to $40,000;
2. The
				  fund balance is sufficient to pay the awarded amount;
3. The claimant has assigned the board all
				  rights and claims against the regulant; and
4. The claimant agrees to subrogate to the
				  board all rights of the claimant to the extent of payment.
Virginia Administrative Code › Title 13 - HOUSING › Agency 6 - VIRGINIA MANUFACTURED HOUSING BOARD › Chapter 20 - MANUFACTURED HOUSING LICENSING AND TRANSACTION RECOVERY FUND REGULATIONS › Part VII - Transaction Recovery Fund › Section 13VAC6-20-460 - Revocation of license

Current through Register Vol. 40, No. 24, July 15, 2024
Upon payment to a claimant from the fund, the board shall
					 immediately revoke the license of the regulant whose conduct resulted in the
					 payment from the fund. Any regulant whose license is revoked under this section
					 shall not be eligible to apply for a new license, renewal, or reinstatement of
					 license until he has repaid the fund the full amount of the payments from the
					 fund on his amount, plus interest, calculated at the rate of interest the
					 recovery fund was earning at the time of the payment from the
					 fund.
Statutory Authority
§§ 36-85.18 and 36-85.36 of the Code of
						Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 6 - VIRGINIA MANUFACTURED HOUSING BOARD › Chapter 20 - MANUFACTURED HOUSING LICENSING AND TRANSACTION RECOVERY FUND REGULATIONS › Part VII - Transaction Recovery Fund › Section 13VAC6-20-470 - Other disciplinary action not voided

Current through Register Vol. 40, No. 24, July 15, 2024
The board may take other disciplinary actions against any
					 regulant for any violation of Chapter 4.2 (§§ 36-85.16 et seq.) of
					 Title 36 of the Code of Virginia, or this chapter. Full repayment of the amount
					 paid from the fund for the regulant's actions shall not nullify, modify or
					 prohibit the affect of any disciplinary proceeding by the board against that
					 regulant for any violations.
Statutory Authority
§ 36-85.18 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-30 - Forms

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-40 - Interest rates

Current through Register Vol. 40, No. 24, July 15, 2024
The executive director shall establish the interest rate or
				  rates to be charged in connection with any loan made or financed under this
				  chapter. To the extent permitted by the documents relating to the loan, the
				  executive director may adjust at any time and from time to time the interest
				  rate or rates charged on such loan. Without limiting the foregoing, the
				  interest rate or rates may be adjusted if such adjustment is determined to be
				  necessary or appropriate by the executive director as a result of any
				  allocation or reallocation of such loan to or among the authority's note or
				  bond funds or any other funds of the authority. Any interest rate or rates
				  established pursuant to this section shall reflect the intent expressed in
				  subdivision 3 of subsection A of § 36-55.33:1 of the Code of
				  Virginia.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-50 - Federally assisted loans

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-60 - Administration of state and federal programs; acceptance of aid and guarantees

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-70 - Assistance of mortgage lenders

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-90 - Waiver

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-100 - Amendment

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 10 - RULES AND REGULATIONS - GENERAL PROVISIONS FOR PROGRAMS OF THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Section 13VAC10-10-110 - Separability

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-50 - 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 therein complete, accurate and
				  current.
If not previously obtained, an appraisal of the land and any
				  improvements to be retained and used as a part of the 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
				  13VAC10-20-40 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 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-70 - 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
				  mortgage 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 mortgage 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 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 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-90 - Mortgage loan increases

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may consider and, where appropriate, approve a
				  mortgage loan increase if determined by the authority to be in its best
				  interests in protecting its security for the mortgage loan. Any such mortgage
				  loan increase shall require the approval of the board, or if authorized by
				  resolution of the board, the executive director, 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 mortgage loan, as the decision as to whether to grant
				  a mortgage 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 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-110 - Transfers of ownership

Current through Register Vol. 40, No. 24, July 15, 2024
A. It
				is the authority's policy to evaluate requests for transfers of ownership on a
				case-by-case basis. The primary goal of the authority is the continued
				existence of low and moderate income rental housing stock maintained in a
				financially sound manner and in safe and sanitary condition. Any changes which
				would, in the opinion of the authority, detrimentally affect this goal will not
				be approved.
The provisions set forth in this section shall apply only to
				  transfers of ownership to be made subject to the authority's deed of trust and
				  regulatory agreement. Such provisions shall not be applicable to transfers of
				  ownership of developments subject to FHA mortgage insurance, it being the
				  policy of the authority to consent to any such transfer approved by FHA and
				  permitted by the Act and applicable note or bond resolutions.
For the purposes hereof, the terms "transfer of ownership"
				  and "transfer" shall include any direct or indirect transfer of a partnership
				  or other ownership interest (including, without limitation, the withdrawal or
				  substitution of any general partner) or any sale, conveyance or other direct or
				  indirect transfer of the development or any interest therein; provided,
				  however, that if the owner is not then in default under the deed of trust or
				  regulatory agreement, such terms shall not include:
(i) any sale, transfer, assignment or
				substitution of limited partnership interests prior to final closing of the
				mortgage loan or;
(ii) any sale,
				transfer, assignment or substitution of limited partnership interests which in
				any 12 month period constitute in the aggregate 50% or less of the partnership
				interests in the owner. The term "proposed ownership entity," as used herein,
				shall mean:
(i) in the case of a transfer of
				a partnership interest, the owner of the development as proposed to be
				restructured by such transfer; and
(ii) in the case of a transfer of the
				development, the entity which proposes to acquire the development.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-10 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The following rules and regulations will be applicable to
				  mortgage loans which are made or are proposed to be made by the authority to
				  housing sponsors to provide the construction financing of single family housing
				  developments intended for ownership and occupancy by persons and families of
				  low and moderate income (hereinafter referred to as the "development" or
				  "developments"). The term "construction," as used herein, shall include the
				  rehabilitation, preservation or improvement of existing structures.
Mortgage loans may be made or financed pursuant to these
				  rules and regulations only if and to the extent that the authority has made or
				  expects to make funds available therefore.
Notwithstanding anything to the contrary herein, the
				  executive director is authorized with respect to any development to waive or
				  modify any provision herein where deemed appropriate by him for good cause, to
				  the extent not inconsistent with the Act.
All reviews, analyses, evaluations, inspections,
				  determinations and other actions by the authority pursuant to the provisions of
				  these rules and regulations shall be made for the sole and exclusive benefit
				  and protection of the authority and shall not be construed to waive or modify
				  any of the rights, benefits, privileges, duties, liabilities or
				  responsibilities of the authority, the mortgagor, the contractor or other
				  members of the development team under the initial closing documents (as defined
				  in 13VAC10-30-60 ).
The rules and regulations set forth herein are intended to
				  provide a general description of the authority's processing requirements and
				  are not intended to include all actions involved or required in the processing
				  and administration of mortgage loans under the authority's single family
				  housing construction loan program. These rules and regulations are subject to
				  change at any time by the authority and may be supplemented by policies, rules
				  and regulations adopted by the authority from time to time with respect to any
				  particular development or developments or single family housing program or
				  programs.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-20 - General description

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may make mortgage loans secured by a lien on
				  real property in order to finance the construction of developments intended for
				  ownership and occupancy by persons and families of low and moderate income. The
				  board establishes, from time to time, income limits for ownership and occupancy
				  of single family homes financed by the authority. For the purpose of these
				  rules and regulations, a person or family shall be deemed to be of low and
				  moderate income if the gross family income of such person or family does not
				  exceed the applicable income limit established by the board. Furthermore, the
				  board may establish, in the resolution authorizing any mortgage loan to finance
				  a development under these rules and regulations, lower income limits for the
				  purchasers of single family dwelling units in such development. In the case of
				  developments which are subject to federal mortgage insurance or assistance,
				  federal regulations may establish lower income limitations which in effect
				  supersede the authority's income limits as described above.
Notwithstanding anything to the contrary herein, all
				  developments must comply with (i) the Act and the authority's rules and
				  regulations, (ii) the applicable federal laws and regulations governing the
				  federal tax exemption of any 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, if any, are issued by the
				  authority to finance the developments. Copies of the authority's note and bond
				  resolutions shall be available upon request.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-30 - Terms of mortgage loans

Current through Register Vol. 40, No. 24, July 15, 2024
The term of the mortgage loan shall be equal to the period
				  determined by the executive director to be necessary to complete construction
				  of the development and to sell and convey the housing units to persons and
				  families of low and moderate income, but in no event shall such period exceed
				  five years.
Mortgage loans may be made in amounts not to exceed the
				  lesser of the maximum principal amount specified in the mortgage loan
				  commitment or such percentage of the estimated housing development costs of the
				  development as is established in such commitment, but in no event shall such
				  percentage exceed 95% in the case of for-profit housing sponsors and 100% in
				  the case of nonprofit housing sponsors.
In determining the estimated total development costs, the
				  categories of costs which shall be includable therein shall be those set forth
				  in the authority's rules and regulations for multi-family housing developments
				  (including a reasonable profit to the mortgagor), to the extent deemed by the
				  executive director to be applicable to the development, and such other costs as
				  the executive director shall deem reasonable and necessary for the sale and
				  conveyance of the units in the proposed development.
The maximum principal amount and percentage of estimated
				  housing development costs specified or established in the mortgage loan
				  commitment shall be determined by the authority in such manner and based upon
				  such factors as it deems relevant to the security of the mortgage loan and the
				  fulfillment of its public purpose.
The board may establish from time to time maximum sales
				  prices which will be applicable to units financed hereunder; provided, that the
				  board may establish, in the resolution authorizing any mortgage loan to finance
				  a development under these rules and regulations, lower maximum sales prices for
				  the units in such development.
The interest rate on the mortgage loan shall be established
				  at the initial closing and may be thereafter adjusted in accordance with the
				  authority's rules and regulations and the terms of the deed of trust note. The
				  authority shall charge a nonrefundable processing fee of $500 and a financing
				  fee equal to 1-1/2% (less the $500 processing fee) of the mortgage loan amount,
				  unless the executive director shall for good cause require the payment of a
				  different processing or financing fee. Such fee shall be payable at such times
				  as hereinafter provided or at such other times as the executive director shall
				  for good cause require.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-40 - Solicitation of 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 for the
				  financing of developments. 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 of proposals and the selection of developments 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 funds of the
				  authority are to be allocated and such other matters as he shall deem
				  appropriate relating to the selection of proposals. The authority may also
				  consider and approve proposals for financing of developments 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 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-60 - Initial 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 "initial
				  closing documents") required by the commitment within the time period
				  specified. When the initial closing documents have been submitted and approved
				  by the authority staff and all other requirements in the commitment have been
				  satisfied, the initial closing of the mortgage loan shall be held. At this
				  closing, the initial closing documents shall be, where required, executed and
				  recorded, and the mortgagor will pay to the authority the balance owed on the
				  financing fee, will make any initial equity investment required by the initial
				  closing documents and will fund such other deposits, escrows and reserves as
				  required by the commitment. The initial disbursement of mortgage loan proceeds
				  will be made by the authority, if appropriate under the commitment and the
				  initial closing documents.
The actual interest rate on the mortgage loan shall be
				  established by the executive director at the time of the execution of the deed
				  of trust note at initial 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 for the satisfactory construction, completion and sale of the
				  development. 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 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-70 - 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
				  mortgage 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 the mortgage 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 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 30 - RULES AND REGULATIONS FOR SINGLE FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-30-90 - Sale of housing units; supervision by the authority

Current through Register Vol. 40, No. 24, July 15, 2024
The sale of units in the development shall be subject to a
				  regulatory agreement executed at the initial closing by the authority and the
				  mortgagor. Such regulatory agreement shall govern the construction of the
				  development, the marketing and sale of the units, the maximum sales prices for
				  such units, eligibility of purchasers of such units, the use and disposition of
				  the development, the payment of any penalty described below for sale to a
				  person or family not of low and moderate income, and such other matters as the
				  executive director shall deem appropriate. Only sales prices established or
				  approved on behalf of the authority pursuant to the regulatory agreement may be
				  charged for units in the development. The mortgagor shall execute such other
				  documents with regard to the regulation of the development as the executive
				  director may determine to be necessary or appropriate to protect the interests
				  of the authority and to permit fulfillment of the authority's duties and
				  responsibilities under the Act and these rules and regulations.
In the event that a single family dwelling unit shall be
				  sold to a purchaser who is not of low or moderate income as described in
				  13VAC10-30-20 of this chapter, the
				  authority shall have the right to require the mortgagor to pay a penalty in
				  such amount as shall be prescribed in the resolution authorizing the mortgage
				  loan or in the commitment issued pursuant to such resolution.
The authority shall have the power to supervise the
				  mortgagor and the development in accordance with § 36-55.34:1 of the Code
				  of Virginia. The authority shall have the right to inspect the development,
				  conduct audits of all books and records of the development and to require such
				  reports as the authority deems reasonable.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part I - General › Section 13VAC10-40-20 - Origination and servicing of mortgage loans

Current through Register Vol. 40, No. 24, July 15, 2024
A. The originating of mortgage loans and the
				  processing of applications for the making or financing thereof in accordance
				  with this chapter shall, except as noted in subsection L of this section, be
				  performed through originating lenders. The servicing of mortgage loans shall be
				  performed by the authority.
B. To
				  be initially approved as an originating lender and to continue to be so
				  approved, the applicant must meet the following qualifications:
1. Be authorized to do business in the
				  Commonwealth of Virginia and be licensed as a mortgage lender or broker, as
				  applicable, under the Virginia Mortgage Lender and Broker Act as set forth in
				  Chapter 16 (§
											6.2-1600 et seq.) of
				  Title 6.2 of the Code of Virginia (including nonprofit corporations that may be
				  exempt from licensing when making mortgage loans on their own behalf under
				  subdivision 4 of §
											6.2-1602
				  of the Code of Virginia); provided, however, that such licensing requirement
				  shall not apply to persons exempt from licensure under:
a. Subdivision 2 of §
												6.2-1602
				  of the Code of Virginia (any person subject to the general supervision of or
				  subject to examination by the Commissioner of the Bureau of Financial
				  Institutions of the Virginia State Corporation Commission);
b. Subdivision 3 of §
												6.2-1602
				  of the Code of Virginia (any lender authorized to engage in business as a bank,
				  savings institution, or credit union under the laws of the United States or any
				  state, and subsidiaries and affiliates of such entities which lender,
				  subsidiary or affiliate is subject to the general supervision or regulation of
				  or subject to audit or examination by a regulatory body or agency of the United
				  States or any state); or
c.
				  Subdivision 5 of §
												6.2-1602
				  of the Code of Virginia (agencies of the federal government, or any state or
				  municipal government, or any quasi-governmental agency making or brokering
				  mortgage loans under the specific authority of the laws of any state or the
				  United States);
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-30 - Eligible persons and citizenship

Current through Register Vol. 40, No. 24, July 15, 2024
A. One person or multiple persons are
				  eligible to be a borrower of a single family loan if such person or all such
				  persons satisfy the criteria and requirements in this chapter. All references
				  in this chapter to an applicant or borrower shall, in the case of multiple
				  applicants or borrowers, be deemed to refer to each applicant or borrower
				  individually, unless the provision containing such reference expressly refers
				  to the applicants or borrowers collectively.
B. Each applicant for an authority mortgage
				  loan must either be a United States citizen, a lawful permanent resident alien
				  as determined by the U.S. Citizenship and Immigration Services or a
				  nonpermanent resident alien provided the applicant has a social security number
				  and is eligible to work in the United States. In addition, applicants must meet
				  any stricter citizenship or residency requirements of the insurer, guarantor,
				  or investor with respect to the applicable authority loan program.
C. Each applicant must be 18 years of age or
				  older or have been declared emancipated by order or decree of a court having
				  jurisdiction.
Statutory Authority: §
												36-55.30:3
						of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-40 - Compliance with certain requirements of the tax code

Current through Register Vol. 40, No. 24, July 15, 2024
A. The tax code imposes certain requirements
				  and restrictions on the eligibility of mortgagors and residences for (i) the
				  financing with the proceeds of tax-exempt bonds (as well as requirements and
				  restrictions on the assumption of mortgage loans so financed); and (ii) the
				  issuance of mortgage credit certificates.
B. The authority requires the following:
1. The mortgage revenue bond residence
				  requirements;
2. The requirement
				  that each applicant must not have had a present ownership interest in his
				  principal residence within the preceding three years (the first-time homebuyer
				  or three-year requirement); and
3.
				  The mortgage revenue bond income requirements.
Notwithstanding the foregoing, certain authority loan
					 programs described in
					 13VAC10-40-230,
					 13VAC10-40-250, 13VAC10-40-260, and 13VAC10-40-270 contain exceptions to the
					 mortgage revenue bond requirements in this subsection.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-50 - Eligible borrowers

Current through Register Vol. 40, No. 24, July 15, 2024
A. In
				  order to be considered eligible for an authority mortgage loan, an applicant
				  must, among other things, meet all of the following criteria:
1. Each applicant must not have had a present
				  ownership interest in his principal residence within the three years preceding
				  the date of execution of the mortgage loan documents (see subsection B of this
				  section);
2. Each applicant must
				  agree to occupy and use the residential property to be purchased as his
				  permanent, principal residence within 60 days, or such longer amount of time as
				  the executive director determines is reasonable in the case of a purchase and
				  rehabilitation loan, after the date of the closing of the mortgage loan (see
				  subsection C of this section);
3.
				  Each applicant must have contracted to purchase an eligible dwelling (see
				  13VAC10-40-60,
				  Eligible dwellings);
4. Each
				  applicant must execute an affidavit of borrower (Exhibit E2) at the time of
				  loan application; and
5. No
				  applicant may receive income in an amount in excess of the applicable federal
				  income limit imposed by the tax code (see
				  13VAC10-40-100,
				  Maximum gross income).
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-60 - Eligible dwellings

Current through Register Vol. 40, No. 24, July 15, 2024
In order to qualify as an eligible dwelling for which an
					 authority loan may be made, the residence must:
1. Be located in the Commonwealth;
2. Be a single family detached residence, a
				  single family attached residence, or one unit of a condominium meeting the
				  requirements of the authority; and
3. Be owned or to be owned by the applicant
				  in the form of fee simple interest.
The authority may decline to finance more than 25% of the
					 units in any one condominium project, planned unit development (PUD), or
					 subdivision if the executive director determines that financing additional
					 units would be detrimental to the authority's financial interests after taking
					 into consideration the current and expected demand and supply of housing in the
					 applicable geographic region.
The authority may finance a dwelling located on land owned
					 by a community land trust, provided that (i) the first mortgage loan is secured
					 by a leasehold estate on the property owned by the community land trust and a
					 fee simple interest in the improvements on the property; (ii) the dwelling and
					 the first mortgage loan meet all applicable insurer, guarantor, or investor
					 requirements; and (iii) the term of the leasehold estate created by the ground
					 lease must extend for at least five years beyond the maturity date of the first
					 mortgage 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 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-70 - Targeted areas

Current through Register Vol. 40, No. 24, July 15, 2024
Mortgage loans for eligible dwellings located in targeted
					 areas do not need to meet the three-year requirement described in
					 13VAC10-40-50
					 B.
Statutory Authority: §
												36-55.30:3
						of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-80 - Sales price limits

Current through Register Vol. 40, No. 24, July 15, 2024
A. The
				  executive director shall, from time to time, establish the applicable maximum
				  allowable sales prices. Each such maximum allowable sales price shall be
				  expressed as a percentage of the applicable maximum purchase price permitted or
				  approved by the U.S. Department of the Treasury pursuant to the federal tax
				  code or as a dollar amount, which percentage or dollar amount may vary by loan
				  program and geographic region as determined by the executive director, after
				  taking into consideration such factors as he deems appropriate, including,
				  without limitation, the following factors:
1.
				  The current and anticipated financial resources available to the authority to
				  make mortgage loans;
2. The current
				  and anticipated financial resources available to potential applicants from
				  sources other than the authority to finance mortgage loans;
3. The current and anticipated demand for
				  mortgage loans;
4. The prevailing
				  mortgage loan terms available to potential applicants; and
5. The current and anticipated need for
				  targeted or subsidized lending in each region based upon financial conditions
				  and the housing market in such region.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME › Part II - Program Requirements › Section 13VAC10-40-90 - Net worth

Current through Register Vol. 40, No. 24, July 15, 2024
To be eligible for authority financing, no applicant may
					 have a net worth exceeding 50% of the sales price of the eligible dwelling.
					 (The value of life insurance policies, retirement plans, furniture, and
					 household goods shall not be included in determining net worth.) In addition,
					 the portion of an applicant's liquid assets that are used to make the down
					 payment and to pay closing costs, up to a maximum of 25% of the sale price,
					 will not be included in the net worth calculation.
Any income producing assets needed as a source of income in
					 order to meet the minimum income requirements for an authority loan will not be
					 included in an applicant's net worth for the purpose of determining whether
					 this net worth limitation has been violated. The executive director may modify
					 or waive the net worth requirement if he determines that it is reasonable or
					 necessary to do so and that the financial interests of the authority are
					 adequately protected.
Statutory Authority: §
												36-55.30:3
						of the Code of Virginia.