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 13VAC10-140-10 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The following chapter will be applicable to the acquisition,
				  ownership and operation by the authority or by any entity formed by the
				  authority, on its own behalf or in conjunction with other parties, of
				  multi-family housing developments intended for occupancy by persons and
				  families of low and moderate income ("development" or "developments"). The
				  developments to be acquired pursuant to this chapter may be existing
				  developments or may be developments to be constructed prior to acquisition. If
				  the authority is to acquire an existing development, the provision of this
				  chapter relating to construction shall, to the extent determined by the
				  executive director, not be applicable to such development. This chapter shall
				  also be applicable to the making of mortgage loans by the authority (i) to
				  finance the construction of such developments prior to the acquisition thereof
				  by the authority (such mortgage loans are referred to herein as construction
				  loans) and (ii) to finance the acquisition and ownership of such developments
				  by entities formed by the authority as described herein. If any development is
				  to be subject to federal mortgage insurance or is otherwise to be assisted or
				  aided, directly or indirectly, by the federal government, the applicable
				  federal rules and regulations shall be controlling over any inconsistent
				  provision herein. Furthermore, if the development is to be subject to mortgage
				  insurance by the federal government, the provisions of this chapter shall be
				  applicable to such development only to the extent determined by the executive
				  director to be necessary in order to (i) protect any interest of the authority
				  which, in the judgment of the executive director, is not adequately protected
				  by such insurance or by the implementation or enforcement of the applicable
				  federal rules, regulations or requirements or (ii) to comply with the Act or
				  fulfill the authority's public purpose and obligations thereunder. The term
				  "construct" or "construction," as used herein, shall include the
				  rehabilitation, preservation or improvement of existing structures.
Developments may be acquired pursuant to this chapter only
				  if and to the extent that the authority has made or expects to make funds
				  available therefor.
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 and covenants and agreements with the
				  holders of its bonds.
All reviews, analyses, evaluations, inspections,
				  determinations and other actions by the authority pursuant to the provisions of
				  this chapter 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 applicant, any mortgagor, or any contractor or other members of the
				  development team under the initial closing documents as described in
				  13VAC10-140-60.
This chapter is intended to provide a general description of
				  the authority's processing requirements and is not intended to include all
				  actions involved or required in the processing and administration of proposals
				  for the authority to acquire developments or to provide financing for such
				  developments under the authority's multi-family housing acquisition program.
				  This chapter is 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.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.