Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part I - Purpose and Applicability › Section 13VAC10-150-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used in this chapter,
					 shall have the following meaning, unless the context clearly indicates
					 otherwise:
"Applicant" means a person or family, as defined in the
					 authority's rules and regulations, who submits an application for a home equity
					 account. An applicant may be an individual applicant or a joint applicant, as
					 defined herein.
"Application" means a request to the authority by an
					 applicant for a home equity account.
"Application date" means the date on which a completed
					 application is received by the authority.
"Appraised value" means the value of a home as determined
					 by an independent fee appraiser retained by the authority.
"Area agency on aging" or "AAA" means one of the local area
					 agencies on aging which have been established on a local and regional basis
					 throughout the Commonwealth pursuant to § 2.1-373 of the Code of
					 Virginia.
"Area median income" means the area median income, adjusted
					 for family size, for areas within the Commonwealth as established and published
					 from time to time by the United States Department of Housing and Urban
					 Development.
"Assessed value" means the value of the home as determined
					 by the real estate assessment office of the local government body for tax
					 purposes. The applicable assessed value shall be that value which is in effect
					 as of the application date.
"Borrower" means a person or family, as defined in the
					 authority's rules and regulations, to whom a home equity account loan is made
					 by the authority. If a home equity account loan is made to more than one
					 individual, such individuals are sometimes referred to herein as joint
					 borrowers.
"Eligible applicant" means an applicant who satisfies the
					 criteria set forth in Part II of this chapter (13VAC10-150-30 et seq.).
"Equity payment" means a loan disbursement made by the
					 authority to a borrower pursuant to an equity payment request.
"Equity payment request" means a request completed and
					 signed by a borrower for the purpose of requesting an equity payment by the
					 authority pursuant to the borrower's home equity account. Such payment request
					 shall be on such form as prescribed by the authority and shall be mailed or
					 delivered to the authority.
"Home" means single family residential housing, as defined
					 in the Act, which meets the requirements set forth in Part III of this chapter
					 (13VAC10-150-40 et seq.).
"Home equity account" means a line of credit made available
					 by the authority to an eligible applicant which is secured by a first mortgage
					 lien upon the applicant's home and, pursuant to which the authority agrees to
					 make equity payments to the applicant in accordance with the applicant's equity
					 payment requests, in amounts not to exceed the maximum established therefor and
					 in accordance with the terms and conditions set forth in Part IV of this
					 chapter (13VAC10-150-80 et seq.).
"Home equity account loan" means the disbursements of
					 equity payments to be repaid, together with interest thereon, as provided in
					 these rules and regulations.
"Income" means gross family income as defined in the
					 authority's rules and regulations, including all salary, wages, bonuses,
					 commissions, income from self employment, interest, dividends, alimony, rental
					 income, pensions, business income, annuities, social security payments, cash
					 public assistance, support payments, retirement income and any other sources of
					 cash income which are being received by the applicant as of the application
					 date. All such earnings, provided they are not temporary, shall be computed on
					 an annual basis to determine income for the purpose of program
					 eligibility.
"Individual applicant" means a single person who submits an
					 application pursuant to these rules and regulations.
"Joint applicant" means any two or more persons who submit
					 an application pursuant to these rules and regulations.
"Maximum amount available under the home equity account"
					 shall mean the maximum principal amount which may be outstanding at any time
					 under the home equity account.
"Program" means the Virginia senior home equity account
					 program as described in these rules and regulations.
"Value of home" or "home value" means the fair market value
					 of the home as determined by the authority in accordance with these rules and
					 regulations.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.