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 13VAC10-10-10 - 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:
"Act" means the Virginia Housing Development Authority Act,
				  Chapter 1.2 (§ 36-55.24 et seq.) of Title 36 of the Code of
				  Virginia.
"Adjusted family income" means the total annual income of a
				  person or all members of a family residing or intending to reside in a dwelling
				  unit, from whatever source derived and before taxes or withholdings, less the
				  total of the credits applicable to such person or family, computed in
				  accordance with the following:
(i) a
				credit in an amount equal to $1,000 for each dependent family member other than
				such a family member qualifying under (vi) below; (ii) a credit in an amount
				equal to the lesser of $1,000 or 10% of such total annual income; (iii) a
				credit in an amount equal to all income of such person or any such family
				member of an unusual or temporary nature and not related to such person's or
				family member's regular employment, to the extent approved by the executive
				director; (iv) a credit in an amount equal to all earnings of any family member
				who is a minor under 18 years of age or who is physically or mentally
				handicapped, as determined on the basis of medical evidence from a licensed
				physician or other appropriate evidence satisfactory to the executive director;
				(v) a credit in an amount equal to such person or family's medical expenses,
				not compensated for or covered by insurance, in excess of 3.0% of such total
				annual income; and (vi) a credit in an amount equal to 1/2 of the total annual
				income of all family members over 18 years of age who are secondary wage
				earners in the family, provided, however, that such credit shall not exceed the
				amount of $2,500. If federal law or rules and regulations impose limitations on
				the incomes of the persons or families who may own or occupy a single family
				dwelling unit or multi-family residential housing development, the authority
				may provide in its rules and regulations that the adjusted family income shall
				be computed, for the purpose of determining eligibility for ownership or
				occupancy of such single family dwelling unit or the dwelling units in such
				multi-family residential housing development (or, if so provided in the
				applicable rules and regulations of the authority, only those dwelling units in
				such development which are subject to such federal income limitations), in the
				manner specified by such federal law or rules and regulations (subject to such
				modifications as may be provided in or authorized by the applicable rules and
				regulations of the authority) rather than in the manner provided in the
				preceding sentence.
"Applicant" means an individual, corporation, partnership,
				  limited partnership, joint venture, trust, firm, association, public body or
				  other legal entity or any combination thereof, making application to receive an
				  authority mortgage loan or other assistance under the Act.
"Application" means a request for an authority mortgage loan
				  or other assistance under the Act.
"Authority" means the Virginia Housing Development
				  Authority.
"Authority mortgage loan" or "mortgage loan" means a loan
				  that is made or financed or is to be made or financed, in whole or in part, by
				  the authority pursuant to these rules and regulations and is secured or is to
				  be secured by a mortgage.
"Board" means the Board of Commissioners of the
				  authority.
"Dwelling unit" or "unit" means a unit of living
				  accommodations intended for occupancy by one or more persons or by a
				  family.
"Executive director" means the executive director of the
				  authority or any other officer or employee of the authority who is authorized
				  to act on his behalf or on behalf of the authority pursuant to a resolution of
				  the board.
"Family" means, in the context of the financing of a single
				  family dwelling unit, two or more individuals related by blood, marriage or
				  adoption or by legal custodial relationship, living together on the premises as
				  a single nonprofit-housekeeping unit. In all contexts other than the financing
				  of a single family dwelling unit, "family" means two or more individuals living
				  together in accordance with law.
"FHA" means the Federal Housing Administration and any
				  successor entity.
"For-profit housing sponsor" means a housing sponsor which is
				  organized for profit and may be required by the authority to agree to limit its
				  profit in connection with the sponsorship of authority financed housing in
				  accordance with the terms and conditions of the Act and these rules and
				  regulations and subject to the regulatory powers of the authority.
"Gross family income" or "gross income" means the combined
				  annualized gross income of all persons residing or intending to reside in a
				  dwelling unit, from whatever source derived and before taxes or withholdings.
				  For the purpose of this definition, annualized gross income means gross monthly
				  income multiplied by 12. Gross monthly income is the sum of monthly gross pay
				  plus any additional income from overtime, part-time employment, bonuses,
				  dividends, interest, royalties, pensions, Veterans Administration compensation,
				  net rental income plus other income (such as alimony, child support, public
				  assistance, sick pay, social security benefits, unemployment compensation,
				  income received from trusts, and income received from business activities or
				  investments).
"Legal custodial relationship" means
(i) a parent or other person having, or in
				the process of securing, legal custody of any individual or individuals with
				whom such parent or other person is domiciled and who have not attained the age
				of 18 years, or
(ii) the designee
				of such parent or other person having, or in the process of securing, legal
				custody with the written permission of such parent or other person. For the
				purpose of this definition, the phrase "in the process of securing" means
				having filed an appropriate petition to obtain legal custody in a court of
				competent jurisdiction.
"Multi-family dwelling unit" means a dwelling unit in
				  multi-family residential housing.
"Nonprofit housing sponsor" means a housing sponsor which is
				  organized not for profit and may be required by the authority to agree not to
				  receive any limited dividend distributions from the ownership and operation of
				  a housing development.
"Person" means:
1.
				An individual who is 62 or more years of age;
2. An individual who is handicapped or
				disabled, as determined by the executive director on the basis of medical
				evidence from a licensed physician or other appropriate evidence satisfactory
				to the executive director; or
3. An
				individual who is neither handicapped nor disabled nor 62 or more years of age;
				provided that the board may from time to time by resolution (i) limit the
				number of, fix the maximum number of bedrooms contained in, or otherwise impose
				restrictions and limitations with respect to single family dwelling units that
				may be financed by the authority for occupancy by such individuals and (ii)
				limit the percentage of multi-family dwelling units within a multi-family
				residential housing development that may be made available for occupancy by
				such individuals or otherwise impose restrictions and limitations with respect
				to multi-family dwelling units intended for occupancy by such individuals.
"Rent" means the rent or other occupancy charge applicable to
				  a dwelling unit within a housing development operated on a rental basis or
				  owned and operated on a cooperative basis.
"Reservation" means the official action, as evidenced in
				  writing, taken by the authority to designate a specified amount of funds for
				  the financing of a mortgage loan on a single family dwelling unit.
"Single family dwelling unit" means a dwelling unit in single
				  family residential housing.
The foregoing words and terms when used in any other rules
				  and regulations of the authority shall have the same meaning as set forth above
				  unless otherwise defined in such rules and regulations. Terms defined in the
				  Act and used and not otherwise defined herein shall have the same meaning
				  ascribed to them in the Act.