reglab/statecodes huggingface dataset:
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 13VAC10-40-110 - Calculation of maximum loan amount

Current through Register Vol. 40, No. 24, July 15, 2024
A maximum of 100% or in the case of an FHA, VA, Rural
					 Development, Fannie Mae, or Freddie Mac loan or a loan with private mortgage
					 insurance, such other percentage as may be permitted by FHA, VA, Rural
					 Development, Fannie Mae, Freddie Mac, or the private mortgage insurance
					 provider of the lesser of the sales price or appraised value. However, the
					 executive director may establish other percentages if the executive director
					 determines that other percentages are necessary to protect the authority's
					 financial interests or to enable the authority to effectively and efficiently
					 allocate its current and anticipated financial resources so as to best meet the
					 current and future housing needs of the citizens throughout the
					 Commonwealth.
In the case of an FHA, VA, or Rural Development loan, the
					 FHA, VA, or Rural Development insurance fees or guarantee fees charged in
					 connection with such loan, and other costs as allowed by the applicable insurer
					 or guarantor, may be included in the calculation of the maximum loan amount in
					 accordance with applicable FHA, VA or Rural Development requirements. However,
					 in no event shall this revised maximum loan amount, which includes such fees
					 and closing costs, be permitted to exceed the authority's maximum allowable
					 sales price limits set forth in this chapter.
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 13VAC10-40-120 - Mortgage insurance requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. Unless the loan is an FHA, VA, or Rural
				  Development loan, all borrowers are required to purchase at time of loan
				  closing private mortgage insurance in such amount as required by the applicable
				  investor or such other amount as required by the executive director. Such
				  insurance shall be issued by a company acceptable to the authority. The
				  originating lender is required to escrow for annual payment of mortgage
				  insurance, unless an alternative payment plan is approved by the authority. If
				  the authority requires FHA, VA, or Rural Development insurance or guarantee,
				  the loan will be closed in the originating lender's name and purchased by the
				  authority once the FHA Certificate of Insurance, VA Guaranty, or Rural
				  Development Guarantee has been obtained. For assumptions of conventional loans
				  (i.e., loans other than FHA, VA, or Rural Development loans), private mortgage
				  insurance as described in this subsection is required unless waived by the
				  authority.
B. The executive
				  director may waive the requirements for private mortgage insurance in
				  subsection A of this section for a loan having a principal amount in excess of
				  80% of the lesser of sales price or appraised value of the property to be
				  financed if the executive director otherwise determines that the financial
				  integrity of the program is protected by the financial strength of an applicant
				  or the terms of the financing.
C.
				  If the executive director determines it to be necessary to protect the
				  authority's financial interests, the executive director may require that the
				  company issuing such private mortgage insurance have a Moody's Investors
				  Service Insurance Financial Strength rating not lower than Aa3 or a Standard
				  & Poor's Ratings Services Financial Strength rating not lower than
				  AA-.
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 13VAC10-40-130 - Underwriting

Current through Register Vol. 40, No. 24, July 15, 2024
A. In general, to
				  be eligible for authority financing, an applicant must satisfy the following
				  underwriting criteria, which demonstrate the willingness and ability to repay
				  the mortgage debt and adequately maintain the financed property.
1. An applicant must document the receipt of
				  a stable current income that indicates that the applicant will receive future
				  income that is sufficient to enable the timely repayment of the mortgage loan
				  as well as other existing obligations and living expenses.
2. Each applicant must possess a credit
				  history that reflects the ability to successfully meet financial obligations
				  and a willingness to repay obligations in accordance with established credit
				  repayment terms.
3. Applicants with
				  prior significant mortgage events (foreclosure, deed in lieu, or short sale)
				  must meet the applicable insurer, guarantor, or investor requirements in
				  addition to any additional requirements imposed by the executive director. The
				  authority has complete discretion to decline to finance a loan when a previous
				  foreclosure is involved.
4. The
				  applicants must document that sufficient funds will be available for required
				  down payment and closing costs. Sweat equity, the imputed value of services
				  performed by an eligible borrower or members of the borrower's family
				  (siblings, spouse, ancestors, and lineal descendants) in constructing or
				  completing the residence, generally is not an acceptable source of funds for
				  down payment and closing costs. Any sweat equity allowance must be approved by
				  the authority prior to loan approval.
5. Proposed monthly housing expenses compared
				  to current monthly housing expenses will be reviewed. If there is a substantial
				  increase in such expenses, an applicant must demonstrate his ability to pay the
				  additional expenses.
6. All
				  applicants are encouraged to attend a home ownership educational program to be
				  better prepared to deal with the home buying process and the responsibilities
				  related to homeownership. The authority may require all applicants applying for
				  certain authority loan programs to complete an authority approved homeownership
				  education program prior to loan approval.
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 13VAC10-40-140 - Loan assumptions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The
				  authority may from time to time, in its discretion, permit assumptions of all
				  or some of its single family mortgage loans, subject to satisfaction of (i) the
				  requirements of the insurer, guarantor, or investor with respect to the
				  applicable authority loan program and (ii) the requirements of the tax code if
				  the mortgage loan was funded with the proceeds of tax-exempt bonds; provided,
				  however, that assumptions shall be permitted when required by the mortgage
				  insurer, guarantor, or investor rules or applicable law.
B. If the authority permits an assumption,
				  the authority will determine whether or not the applicable requirements in
				  subsection A of this section for assumption of the loan have been met and will
				  advise the originating lender of such determination in writing. The authority
				  will further advise the originating lender of all other requirements necessary
				  to complete the assumption process. Such requirements may include the
				  submission of satisfactory evidence of hazard insurance coverage on the
				  property, approval of the deed of assumption, satisfactory evidence of mortgage
				  insurance or mortgage guaranty, submission of an escrow transfer letter, and
				  execution of the programs disclosure and borrower affidavit (Exhibit E2)
				  containing a recapture tax notice.
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 13VAC10-40-150 - Loan term and owner occupancy

Current through Register Vol. 40, No. 24, July 15, 2024
A. No loan terms may exceed 30
				  years.
B. No loan will be made
				  unless the residence is to be occupied by the owner as the owner's principal
				  residence.
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 13VAC10-40-160 - Loan lock-in and fees

Current through Register Vol. 40, No. 24, July 15, 2024
A. Authority loans may be locked-in by
				  originating lenders for specific borrowers and properties. The interest rate is
				  locked-in after loan application and after the originating lender has
				  determined that the borrower meets the eligibility requirements and guidelines
				  for the loan program. No substitutions of borrower, property, or originating
				  lender are permitted. A change in loan program may require the loan to be
				  relocked-in at different terms.
B.
				  Loans may be locked-in at an interest rate for different periods of time. The
				  loan must close by the lock-in expiration date.
C. The originating lender may request
				  extensions to the rate lock-in period, up to a maximum period of time. Lock-in
				  extension requests must be submitted on or before the lock-in expiration date.
				  Each extension may be subject to a fee. This cost will be deducted from the net
				  price of the loan. Extensions will not be processed on expired
				  lock-ins.
D. Unless otherwise
				  stated in specific program guidelines, the originating lender may not earn
				  compensation in excess of such amount set forth in the origination guide,
				  including any points charged and the service release premium, on each loan. Any
				  excess compensation must be applied as a lender credit to the borrower. In
				  addition, the originating lender may collect fees for reimbursement of costs
				  incurred, such as credit reports, appraisals, tax service fees, or flood
				  certification fees, as applicable.
E. Unless otherwise stated in specific
				  program guidelines, a service release premium will be paid to the originating
				  lender by the authority at the time of purchase in such amount set forth in the
				  origination guide. The premium will be for both first and second mortgages if
				  applicable. This will be included in the net price of the loan when purchased
				  by the authority.
F. For all loan
				  programs, originating lenders are allowed to collect customary miscellaneous
				  fees (i.e., underwriting, document review fees) that have been properly
				  disclosed to the applicant at the time of loan application.
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 13VAC10-40-170 - Loan decision

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Nondelegated lenders or delegated lenders submitting loans for programs that
				  are not eligible for the delegated process will submit loans to the authority
				  for approval. Upon approval of an applicant, the authority will send a loan
				  approval to the originating lender. If a loan is denied, the authority will
				  send a notification to the originating lender.
B. Delegated lenders will approve the loan
				  without prior review by the authority.
C. For mortgage loans to be made by the
				  authority directly to borrowers in underserved markets, the authority will
				  issue the loan approval or loan denial directly to the loan
				  applicant.
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 13VAC10-40-180 - Buy-down mortgage loans

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may permit buy-down mortgage loan options.
					 Such buy-down mortgage loan options must meet all applicable insurer,
					 guarantor, or investor requirements.
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 13VAC10-40-190 - Property guidelines

Current through Register Vol. 40, No. 24, July 15, 2024
For each application the authority must make the
					 determination that the property will constitute adequate security for the loan.
					 That determination may be based in whole or in part upon a real estate
					 appraisal's determination of the value and condition of the property, unless an
					 appraisal is not required based upon the applicable insurer, guarantor, or
					 investor program requirements. Such appraisal must be performed by an appraiser
					 licensed in the Commonwealth of Virginia.
When the residence is located in an area experiencing a
					 decline in property values as determined by the appraiser or the executive
					 director based upon objective quantitative data, the executive director may
					 establish additional requirements, including lower loan to value ratios, for
					 such loan as determined necessary by the executive director to protect the
					 financial interests of the authority.
All properties must be structurally sound and in adequate
					 condition to preserve the continued marketability of the property and to
					 protect the health and safety of the occupants. Eligible properties must
					 possess features that are acceptable to typical purchasers in the subject
					 market area and provide adequate amenities. Eligible properties must meet the
					 property guidelines of the applicable insurer, guarantor, or investor.
In addition, manufactured housing, both new construction
					 and certain existing, may be financed only if the loan meets the requirements
					 of the applicable insurer, guarantor, or investor. Manufactured housing must
					 also meet federal manufactured home construction and safety standards
					 administered by the U.S. Department of Housing and Urban Development; be
					 permanently attached to the land and anchored per manufacturer specifications
					 or state and local building codes; and have the wheels, axles, and trailer
					 hitches removed. In addition, the property must be assessed and taxed as real
					 estate, and there must be evidence that the title has been surrendered to DMV
					 and all personal property liens released. The authority may also impose other
					 property requirements and offer other financing terms for manufactured housing,
					 provided that the executive director determines that such property requirements
					 and financing terms adequately protect the financial integrity of the
					 program.
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 13VAC10-40-200

Current through Register Vol. 40, No. 24, July 15, 2024
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 13VAC10-40-210 - Condominium requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. For
				  conventional loans, the originating lender must provide evidence that the
				  condominium meets the eligibility requirements of either Fannie Mae or Freddie
				  Mac, as determined by the loan program. The originating lender must submit
				  evidence of eligibility to the authority.
B. For FHA, VA, or Rural Development loans,
				  the authority will accept a loan to finance a condominium if the condominium is
				  approved by FHA, in the case of an FHA loan; by VA, in the case of a VA loan;
				  or by Rural Development, in the case of a Rural Development loan.
C. The executive director may impose
				  additional condominium requirements if necessary to protect the financial
				  interests of the authority. The executive director may waive any requirements
				  in subsections A and B of this section if he determines that any additional
				  risk as a result of such waiver is adequately compensated or otherwise covered
				  by the terms of the mortgage loan or the financial strength or credit of the
				  applicant .
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 13VAC10-40-230 - Mortgage loan programs funded by taxable bonds

Current through Register Vol. 40, No. 24, July 15, 2024
The executive director may establish mortgage loan programs
					 funded by taxable bonds or other resources.
					 13VAC10-40-10
					 through
					 13VAC10-40-220
					 shall apply to such mortgage loan programs, with the following
					 modifications:
1. The following
				  requirements shall not apply:
(i) the
				  requirement as to maximum allowable sales price of the property to be financed;
(ii) the requirement that each
				  applicant shall not have had a present ownership interest in his principal
				  residence within the preceding three years (the first-time homebuyer or
				  three-year requirement);
(iii) the
				  net worth requirement; and
(iv) the
				  lot size restriction in
				  13VAC10-40-50
				  C 3.
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 13VAC10-40-240 - Down payment and closing cost assistance grants

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may make or finance down payment or closing
					 cost assistance grants in connection with authority first mortgage loans. Such
					 grants must meet the applicable insurer, guarantor, or investor requirements
					 applicable to the first mortgage loan in addition to any additional
					 requirements imposed by the executive director. Any such grants made or
					 financed by the authority are not loans and no repayment shall be required. The
					 executive director may establish lower maximum income limits in connection with
					 such grants that enable the authority to effectively and efficiently allocate
					 its current and anticipated financial resources so as to best meet the current
					 and future housing needs of low and moderate income
					 Virginians.
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 13VAC10-40-250 - Government-sponsored enterprises programs

Current through Register Vol. 40, No. 24, July 15, 2024
A. The authority may make or finance mortgage
				  loans pursuant to the requirements of Fannie Mae or Freddie Mac and may
				  securitize and sell such mortgage loans to Fannie Mae or Freddie Mac, as
				  applicable.
B. The following
				  requirements shall not apply to government-sponsored enterprises programs:
(i) 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);
(ii) the maximum allowable sales
				  prices in
				  13VAC10-40-80;
				  and
(iii) the net worth
				  requirements in
				  13VAC10-40-90.
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 13VAC10-40-260 - FHA, VA, or Rural Development streamline refinance program

Current through Register Vol. 40, No. 24, July 15, 2024
A. The authority
				  may make or finance streamline refinance loans that refinance existing
				  authority FHA, VA, and Rural Development loans pursuant to the requirements of
				  FHA for streamline refinances, the requirements of the VA for interest rate
				  reduction refinance loans, and the requirements of Rural Development for
				  streamlined refinances, as applicable.
B. The following requirements shall not apply
				  to streamline refinance programs:
(i) 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);
(ii) the maximum allowable sales prices in
				  13VAC10-40-80;
(iii) the net worth requirements in
				  13VAC10-40-90; and
(iv) the underwriting requirement
				  regarding income verification set forth in
				  13VAC10-40-130 A
				  1.
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 13VAC10-40-270 - Real estate owned condo program

Current through Register Vol. 40, No. 24, July 15, 2024
A. The authority may make or finance mortgage
				  loans on authority real estate owned (REO) condominiums pursuant to the loan
				  program provisions set forth in
				  13VAC10-40-230
				  (mortgage loan programs funded by taxable bonds), except as altered by the
				  provisions of this section.
B. The
				  new mortgage requirement shall apply to REO condo loans (refinances are not
				  permitted under this program).
C.
				  For purposes of subdivision 2 of
				  13VAC10-40-230,
				  the income limits for applicants for REO condo loans shall be (i) for
				  applicants with a household size of one person, 120% of the greater of the
				  applicable area or statewide median family income and (ii) for applicants with
				  a household size of two or more persons, 150% of the greater of the applicable
				  area or statewide median family income.
D. The requirement in subdivision 4 of
				  13VAC10-40-230
				  that a condominium unit must be approved by Fannie Mae or Freddie Mac or
				  satisfy the requirements for their financing shall not apply.
E. The maximum loan amount for REO condo
				  loans shall be 97% of the lesser of the sales price or appraised
				  value.
F. The minimum credit score
				  shall be 660 for all applicants, regardless of loan-to-value ratios.
G. The maximum debt ratios for REO condo
				  loans shall be 35% and 45%.
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 13VAC10-40-280 - Reduced rate financing

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may make or finance mortgage loans with an
					 allocation of reduced rate funding to local governments, nonprofits, and
					 housing industry partners to support special housing needs. Such reduced rate
					 funding must meet the applicable insurer, guarantor, or investor requirements
					 applicable to the first mortgage loan in addition to any additional
					 requirements imposed by the executive director.
NOTICE: Forms used in administering the regulation have
					 been filed by the agency. The forms are not being published; however, online
					 users of this issue of the Virginia Register of Regulations may click on the
					 name of a form with a hyperlink to access it. The forms are also available from
					 the agency contact or may be viewed at the Office of the Registrar of
					 Regulations, 900 East Main Street, 11th Floor, Richmond, Virginia
					 23219.
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 › Form - FORMS (13VAC10-40)

Current through Register Vol. 40, No. 24, July 15, 2024
Uniform
					 Residential Loan Application, Freddie Mac Form 65 /Fannie Mae Form 1003 (rev.
					 6/2009)
Statutory Authority: §
												36-55.30:3
						of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 70 - RULES AND REGULATIONS FOR SECTION 8 EXISTING HOUSING ASSISTANCE PAYMENT PROGRAM › Section 13VAC10-70-20 - Implementation of the program

Current through Register Vol. 40, No. 24, July 15, 2024
The authority shall contact local governments throughout the
				  Commonwealth to determine their interest in participating in the program. If a
				  local government desires to participate in the program, the governing body
				  shall adopt a resolution accepting the program and designating a local
				  governmental agency or entity to act as the administrative agent. In the event
				  that funds are not provided by HUD in an amount sufficient to fund all of the
				  reservations by the localities, the authority shall allocate the available
				  funds among the localities in such manner and amounts as the authority shall
				  deem to best serve the purposes of the program. Upon notification from HUD of
				  the availability of funds for the authority, an application for the
				  participation by the locality in the program shall be submitted to HUD for
				  review and approval. If HUD approves the application, the authority and HUD
				  enter into an annual contributions contract ("ACC") which shall set forth the
				  terms and conditions relating to the funding and administration of the program.
				  The authority and the administrative agent shall thereupon sign an
				  administrative services agreement ("ASA") for a term of one year. The ASA shall
				  be renewable annually during the term of the ACC, provided that the
				  administrative agent has complied with the ASA and has otherwise performed to
				  the satisfaction of the authority. After execution of the ASA, the
				  administrative agent shall initiate the administration of the
				  program.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 70 - RULES AND REGULATIONS FOR SECTION 8 EXISTING HOUSING ASSISTANCE PAYMENT PROGRAM › Section 13VAC10-70-40 - Program funding

Current through Register Vol. 40, No. 24, July 15, 2024
Under the ACC, funding shall be made available for (i)
				  housing assistance payments and (ii) administrative expenses incurred for
				  operation of the program. The ASA shall provide two types of funds which may be
				  used by the administrative agent to pay for expenses incurred for operation of
				  the program:
1. Preliminary expense
				reimbursement. An administrative agent shall be allowed preliminary expense
				reimbursement during the first 12 months and any extensions of the operation of
				the program or until each rental housing unit is leased, whichever comes first.
				To be eligible for reimbursement, the expense must be directly related to the
				first year of the operation of the program, e.g., the purchase of nonexpendable
				equipment, salaries, employee benefits, office supplies, rent, telephone
				charges, copying costs, etc. Prior to implementation of the program, the local
				administrative agency shall prepare a proposed budget setting forth the
				allocation of funds among the various categories. This proposed budget is
				reviewed by the authority. Preliminary expenses shall be reimbursable only if,
				and to the extent that, actual expenses are incurred. Payments shall be made in
				by the authority based on the leasing of the units as documented by the
				administrative agent.
2.
				Administrative fee income. Administrative fee income is a set fee paid by the
				authority to the administrative agent for each rental housing unit under lease
				each month. Adequate records shall be maintained by the administrative agent
				evidencing costs incurred in the administration of the program. Adjustments to
				the administrative fee will be made if a surplus of income over expenses
				occurs. Annually, on July 1 or such other date as shall be agreed to by the
				authority and the administrative agent, redetermination shall be made regarding
				the amount of fee income which will be required to fund expenses expected to be
				incurred in the operation of the program. Such redetermination shall be made
				based upon a budget which may be submitted by the administrative agent and
				approved 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 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-20 - Eligible rental housing

Current through Register Vol. 40, No. 24, July 15, 2024
The housing to be assisted must be eligible under the
				  applicable section 8 rules and regulations. In addition, housing assisted under
				  the programs must be located within an area for which the authority has
				  received funding from HUD. The authority must have also been requested by the
				  local governmental entity to make section 8 funding
				  available.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-30 - Eligible owners

Current through Register Vol. 40, No. 24, July 15, 2024
All owners of eligible property may participate in the
				  programs with the exception of the following (who are excluded during their
				  tenure and for one year thereafter from participation because their
				  relationship with the authority or the program would constitute a prohibited
				  interest under federal regulations):
(i) present or former members or officers of
				the authority or the administrative agent,
(ii) employees of the authority or the
				administrative agent who formulate policy or influence decisions with respect
				to the program, and
(iii) public
				officials or members of a governing body or state or local legislators who
				exercise functions or responsibilities with respect to the program. In
				addition, current members of or delegates to the Congress of the United States
				of America or resident commissioners are not eligible property
				owners.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-40 - Eligibility of initial tenants of units to be rehabilitated

Current through Register Vol. 40, No. 24, July 15, 2024
In the case of a unit to be rehabilitated, any tenant
				  occupying such a unit at the time of submission of the application must satisfy
				  the eligibility criteria in the section 8 rules and regulations in order for
				  that unit to be assisted (subject to certain exceptions in the section 8 rules
				  and regulations).
Owners may not combine two or more units, if that
				  rehabilitation activity will result in fewer units than tenants currently in
				  residence and therefore require displacement.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-60 - Determination of contract rents for units

Current through Register Vol. 40, No. 24, July 15, 2024
The contract rent for a unit under the project-based
				  certificate assistance program plus the allowance to be paid by the tenant may
				  not exceed the section 8 existing fair market rent.
The contract rent for a unit under the moderate
				  rehabilitation program is calculated using a two-step process. The authority
				  first computes a "base rent" for the owner's unit and then adds to it the
				  monthly cost of amortizing the owner's rehabilitation expenditure in the
				  following manner.
1. The base rent
				shall be calculated in accordance with whichever of the following methods
				produces the higher rent:
a. The average rent
				collected for the unit during the 18 months preceding the owner's proposal,
				plus an adjustment factor for inflation and trending; or
b. A rent based on the anticipated costs of
				owning, managing and maintaining the rehabilitated unit. The formula used to
				calculate this base rent takes into account all operating expenses and allows a
				return (not to exceed 8.0%) on owner equity.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-70 - Fair market rents for units

Current through Register Vol. 40, No. 24, July 15, 2024
The moderate rehabilitation fair market rents (in the case
				  of the moderate rehabilitation program) and section 8 existing fair market
				  rents (in the case of project-based certificate assistance program), including
				  the cost of utilities, for units assisted under the program are established
				  from time to time by HUD.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-90 - Federal requirements which the owner must meet during rehabilitation or construction and management

Current through Register Vol. 40, No. 24, July 15, 2024
An owner shall comply with the section 8 rules and
				  regulations and all other applicable federal requirements under the program. In
				  addition, the authority may take into account applicable environmental laws and
				  requirements in evaluating and selecting owner proposals.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 80 - RULES AND REGULATIONS FOR SECTION 8 MODERATE REHABILITATION AND PROJECT-BASED CERTIFICATE ASSISTANCE PROGRAMS › Section 13VAC10-80-110 - Requirements following rehabilitation and construction

Current through Register Vol. 40, No. 24, July 15, 2024
Subsequent to completion of the required improvements or new
				  construction (as applicable) for any rental housing unit, the authority and its
				  administrative agent shall perform their respective administrative functions
				  and responsibilities with respect to the section 8 subsidy and HAP contract for
				  such unit as set forth in the authority's rules and regulations for section 8
				  existing certificate and voucher housing assistance payments program. Following
				  initial leasing of the assisted unit and during the entire period of the HAP
				  contract, the owner must fill all vacancies with section 8 eligible families
				  referred by the authority or its administrative agent, and where required by
				  the authority, the owner shall develop and utilize tenant selection procedures
				  and standards acceptable to the authority. The owner also must maintain the
				  unit in its rehabilitated or newly constructed condition, as applicable, less
				  normal wear and tear, and such maintenance of the unit will be monitored
				  through annual inspections. The owner may not terminate a tenant lease except
				  for tenant failure to comply with the lease or obligations under state
				  law.
Annually, the authority will process requests by the owner
				  for annual rent adjustments in accordance with the HAP contract. Special rent
				  adjustments may also be approved by the authority and HUD in certain
				  circumstances authorized by the HAP contract. The owner is also eligible to
				  receive payments for vacancy losses, tenant damages and unpaid rent.
In the case of the moderate rehabilitation program, the
				  maximum annual return or profit which the owner may receive from the rental of
				  the assisted unit(s) shall not exceed 8.0% of the owner's equity as determined
				  in accordance with HUD's requirements.
The owner must comply with all terms and conditions of the
				  HAP contract and with the section 8 rules and regulations. Any successive owner
				  shall be subject to the terms and conditions of the HAP contract. The authority
				  shall have the right to terminate the HAP contract in accordance with its terms
				  in the event of noncompliance by the owner with its
				  provisions.
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 13VAC10-90-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used herein, shall have
				  the following meanings, unless the context indicates otherwise.
"Grantee" means any unit of local government that enters
				  into a grant agreement with the authority to administer a rental rehabilitation
				  grant.
"HUD" means the U.S. Department of Housing and Urban
				  Development.
" Section 8 " means Section 8 of the United States Housing Act
				  of 1937 ( 42 USCS § 1437 et seq.), as amended, and the applicable rules
				  and regulations promulgated thereunder.
These definitions supplement those contained in
				  24 CFR
				  511.2 and other applicable sections of the
				  Code of Federal Regulations. Only those terms not defined in the Code of
				  Federal Regulations or used differently herein have been
				  defined.
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 13VAC10-90-20 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
These rules and regulations are adopted pursuant to §
				  36-55.30:3 of the Code of Virginia.
The following rules and regulations are applicable to all
				  grants made by the authority to units of local government with funds allocated
				  to the authority by HUD for the purpose of carrying out local rental
				  rehabilitation programs for the benefit of lower income families and persons.
				  Such grants are referred to herein as "rental rehabilitation grants."
Rental rehabilitation grants may be made to Grantees
				  pursuant to these rules and regulations only if and to the extent that the
				  authority has received from HUD grant funds available therefor.
These rules and regulations supplement and clarify rather
				  than supercede federal program requirements. The authority and all local
				  grantees are fully bound by the applicable requirements of 24 CFR Part 511, as
				  well as governing federal and state laws in the administration and use of funds
				  received from HUD under the federal Rental Rehabilitation Program.
Notwithstanding anything to the contrary herein, the
				  Executive Director is authorized with respect to any rental rehabilitation
				  grant to waive or modify any provisions herein where deemed appropriate by him
				  for good cause, to the extent not inconsistent with the Act and any applicable
				  federal regulations.
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 or the grantee under the agreements and
				  documents executed in connection with a rental rehabilitation grant.
The rules and regulations set forth herein are intended to
				  provide a general description of the authority's requirements and are not
				  intended to include all actions involved or required in the administration of
				  grants under the Virginia Rental Rehabilitation 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 the Virginia Rental Rehabilitation
				  Program.
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 13VAC10-90-30 - Program eligibility

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Eligible localities. The authority will accept applications for rental
				rehabilitation grants from any city, town or county determined by HUD to be
				eligible for participation in the Virginia Rental Rehabilitation Program. The
				authority will maintain a current listing of eligible local
				governments.
B. Eligible
				neighborhoods. Applicants must document that each neighborhood in which rental
				rehabilitation grants are used meets the following two conditions:
1. Neighborhood income level. The median
				household income in the neighborhood must be at or below 80% of the median
				income for the Metropolitan Statistical Area (MSA) in which it is located, or,
				in the case of a neighborhood not within a MSA, at or below 80% of the median
				income for the state's nonmetropolitan areas.
2. Rent stability/affordability. Rents in the
				neighborhood must be stable and generally affordable to lower income persons.
				An applicant must document rent stability/affordability in one of the following
				three ways:
a. Rent trends. An applicant may
				document that, according to the U.S. Census, the increase in average contract
				rent in the neighborhood between 1970 and 1980 was equal to or less than the
				increase in average contract rent in the housing market area;
b. Current rent survey. An applicant may
				survey current neighborhood rents to document that rents are generally at or
				below the Section 8 Fair Market Rent limits for existing housing; or
c. Other evidence. An applicant may document
				that, according to the 1980 U. S. Census, the median gross rent in the
				neighborhood was at or below the Section 8 Fair Market Rent limit for an
				existing two-bedroom unit that was applicable for the housing market area in
				April, 1980, and provide some type of evidence that the neighborhood housing
				market has been stable since 1980 (e.g., assessed property values or building
				permit activity have not increased more rapidly than in the housing market area
				as a whole).
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 90 - RULES AND REGULATIONS FOR VIRGINIA RENTAL REHABILITATION PROGRAM › Section 13VAC10-90-40 - Allocation of funds

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Types of allocations. The authority will accept the following two types of
				applications from eligible local governments for rental rehabilitation grants:
1. General allocations. The authority will
				make allocations of funds to local governments on a first-come, first-served
				basis for use in carrying out locally-designed rental rehabilitation programs.
				The following conditions will apply:
a. Each
				local allocation will be limited to a specific dollar amount.
b. Once a local government has committed 80%
				of its funds to specific projects, it will be eligible to apply for an
				additional general allocation.
c.
				An initial allocation to a grantee will expire on a date determined by the
				authority which shall be no less than six months and no more than 18 months
				after the date the authority enters into a grant agreement with the grantee
				with respect to such allocation; provided, however, that the authority may, in
				its discretion, extend the term of an allocation one or more times for a period
				not to exceed 12 months for each such extension.
d. Upon the expiration of an allocation, any
				uncommitted grant funds will be recaptured.
e. The authority will reserve the right to
				recapture monies from an additional general allocation prior to its expiration,
				if necessary, due to poor local performance and the need to commit state
				program funds in a timely manner.