Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-20 - 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 financed or are proposed to be made or
				  financed by the authority to mortgagors to provide the construction and/or
				  permanent financing of M/D developments. These rules and regulations shall be
				  applicable to the making of such M/D loans directly by the authority to
				  mortgagors, the purchase of such M/D loans, the participation by the authority
				  in such M/D loans with mortgage lenders and any other manner of financing of
				  such M/D loans under the Act. These rules and regulations shall not, however,
				  apply to any M/D developments which are subject to any other rules and
				  regulations adopted by the authority. If any M/D loan is to provide either the
				  construction or permanent financing (but not both) of an M/D development, these
				  rules and regulations shall be applicable to the extent determined by the
				  executive director to be appropriate for such financing. In addition,
				  notwithstanding the foregoing, the executive director may, in his discretion,
				  determine that any M/D loan should be processed under the authority's Rules and
				  Regulations for Multi-Family Housing Developments, whereupon the application
				  for such M/D loan and any other information related thereto shall be
				  transferred to the authority's multi-family division for processing under the
				  aforementioned multi-family rules and regulations.
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 therefor.
Notwithstanding anything to the contrary herein, the
				  executive director is authorized with respect to any M/D 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
				  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 closing documents as described in
				  13VAC10-130-70 of this
				  chapter.
These rules and regulations 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 M/D loans under the authority's multi-family housing programs
				  for M/D developments. 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 any multi-family housing program or
				  programs for M/D developments.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.