reglab/statecodes huggingface dataset:
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 IV - Terms and Conditions › Section 13VAC10-150-110 - Interest rate and compounding

Current through Register Vol. 40, No. 24, July 15, 2024
The interest rate to be charged on equity payments
					 disbursed under the program during any calendar year shall be established by
					 the authority prior to January 1 of such year. Any such interest rate shall not
					 apply to equity payments disbursed during prior calendar years. Interest shall
					 be compounded on the first day of each month at the applicable interest
					 rate.
The authority shall establish from time to time a maximum
					 interest rate to be charged on home equity account loans closed subsequent to
					 the establishment of such rate.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 IV - Terms and Conditions › Section 13VAC10-150-120 - Equity payments

Current through Register Vol. 40, No. 24, July 15, 2024
A borrower may from time to time request and receive
					 equity payments under a home equity account, subject to the requirements and
					 limitations set forth in these rules and regulations.
No scheduled equity payments shall be made to a borrower.
					 The borrower is required to request and receive an initial equity payment at
					 the time of closing of the home equity account in an amount of not less than
					 $1,000 for any of the purposes set forth in
					 13VAC10-150-190. Subsequent to the
					 initial equity payment, the borrower may request and receive no more than one
					 equity payment during a single calendar month, and each such equity payment
					 must be in an amount of not less than $250.
All equity payments, other than the initial equity
					 payment, shall be made to the borrower by the authority in the form of a check
					 which will be mailed to the borrower's home.
The authority shall bill the borrower for payment of real
					 property taxes and hazard insurance premiums as they become due. The borrower
					 shall be obligated to submit payment to the authority within 30 days after the
					 date of mailing. If payment is not so made, the authority, at its option, may
					 pay property taxes and insurance premiums from the home equity account, to the
					 extent not fully utilized, or may deem such nonpayment by the borrower to be an
					 act of default under
					 13VAC10-150-140.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 IV - Terms and Conditions › Section 13VAC10-150-130 - Repayments

Current through Register Vol. 40, No. 24, July 15, 2024
The borrower is not required to make any repayments of
					 principal or interest on the home equity account loan until such time as the
					 loan is due and payable as described in
					 13VAC10-150-100 and
					 13VAC10-150-140. The borrower may,
					 at his option, elect to prepay at any time the home equity account loan, in
					 whole or in part, and any such prepayments shall be applied first to accrued
					 interest and then to the outstanding principal amount of the home equity
					 account loan.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 IV - Terms and Conditions › Section 13VAC10-150-140 - Acts of default

Current through Register Vol. 40, No. 24, July 15, 2024
The occurrence of any of the following events will
					 constitute an act of default for which the home equity account loan shall, at
					 the option of the authority, become immediately due and payable:
1. The imposition on the home or any part
				  thereof of any lien or encumbrance (including mechanics' or tax liens) without
				  the authority's prior written consent, if such lien or encumbrance may have
				  priority over the lien of the home equity account loan or any prior or future
				  equity payments thereunder and is not removed within 90 days.
2. Physical deterioration of the home beyond
				  normal wear and tear and failure to repair, replace and maintain the various
				  components of the home when required or necessary, including the failure to
				  repair damage caused by fire or other casualty within a reasonable time after
				  the occurrence as determined by the authority in its sole discretion.
3. Failure to make payment to the authority
				  for taxes and insurance premiums as described in
				  13VAC10-150-120.
4. A borrower's admission of his inability to
				  pay his debts, making any assignment for the benefit of creditors or filing for
				  relief under federal bankruptcy statutes. The filing of a petition in
				  bankruptcy against the borrower without the borrower's consent will not be an
				  act of default if the petition is dismissed within 60 days of filing.
5. Any omission or misrepresentation by the
				  applicant in the application or in any equity payment request.
6. Any other occurrence which constitutes a
				  default under the terms of the deed of trust securing the home equity account
				  loan.
Upon default, the authority shall be entitled to exercise
					 any one or more of the remedies set forth in the home equity account loan
					 documents or available at law or in equity; provided, however, that, except in
					 the case of a default as described in subdivisions 2 and 5 of this section, the
					 authority shall not seek any personal judgment against the borrower but shall
					 look solely to the home for payment of the home equity account
					 loan.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 IV - Terms and Conditions › Section 13VAC10-150-150 - Term and extensions of home equity account

Current through Register Vol. 40, No. 24, July 15, 2024
The term during which the borrower shall have the right to
					 request and receive equity payments under a home equity account shall be (i)
					 five years, if the application shall be received prior to September 1, 1989; or
					 (ii) such period of time as the executive director may establish prior to the
					 closing thereof, if the application shall be received on or after September 1,
					 1989. The executive director may extend such term and any extensions thereof
					 for such period of time and upon such terms and conditions as he may deem
					 appropriate to accomplish the purposes of the program and to best utilize the
					 resources of the authority. The expiration of such term or any extensions
					 thereof shall not in any way affect the then existing principal balance of the
					 home equity account loan or any accrued interest thereon.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 IV - Terms and Conditions › Section 13VAC10-150-160 - Repairs

Current through Register Vol. 40, No. 24, July 15, 2024
The authority shall have the right to inspect the home from
					 time to time, to require the borrower to make such repairs as are determined by
					 the authority to be necessary to maintain the home in good condition, and, if
					 such repairs are not promptly made, to cause such repairs to be made and to
					 disburse equity payments under the borrower's home equity account to the
					 parties performing such repairs in amounts necessary to pay the costs
					 thereof.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 V - Request for and Use of Home Equity Account Loan Payments › Section 13VAC10-150-170 - Requests for equity payments

Current through Register Vol. 40, No. 24, July 15, 2024
In order to receive an equity payment from the authority
					 under a home equity account, the borrower must submit a request to the
					 authority on a form prescribed by the authority. Such form must be completed
					 and signed by the borrower and delivered to the authority by hand delivery or
					 through the U.S. mail.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 V - Request for and Use of Home Equity Account Loan Payments › Section 13VAC10-150-180 - Optional notification of third parties

Current through Register Vol. 40, No. 24, July 15, 2024
At closing, the applicant may, at his option, choose to
					 participate in a voluntary third party notification system. Under this system,
					 the applicant requests that the authority send notification by mail to a third
					 party of his or her choice at least three days prior to the authority's making
					 any equity payment to the applicant of $2,500 or greater. The notification
					 letter shall state that the authority intends to make the equity payment and
					 that such notification is being given to the third party at the request of the
					 applicant. The authority shall make such payment to the applicant if the
					 request is otherwise in compliance with these rules and regulations. Third
					 party notification shall not apply to the applicant's initial equity payment at
					 closing, but only to subsequent equity payments. It is the applicant's
					 responsibility to give the authority an accurate address for the third party;
					 to notify the authority in writing in order to terminate his participation in
					 this notification program; to change his designated third party; or to notify
					 the authority of a change in address for the third party. Nothing contained in
					 this section shall be deemed (i) to impose any liability on the authority for
					 failure to send any notification or (ii) to affect the validity of the equity
					 payment, the obligation of the borrower to repay such equity payment, together
					 with interest thereon, or the rights and remedies of the authority upon any act
					 of default as set forth in
					 13VAC10-150-140.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 V - Request for and Use of Home Equity Account Loan Payments › Section 13VAC10-150-190 - Allowable use of funds

Current through Register Vol. 40, No. 24, July 15, 2024
All equity payments requested by borrowers shall be for
					 purposes which are expressly permitted under these rules and regulations or
					 which directly benefit the applicant and demonstrably contribute to enhancing
					 their quality of life, especially their ability to continue to live
					 independently. Such uses shall include, but shall not be limited to, home
					 repairs and maintenance, real estate taxes and insurance, medical expenses
					 (including in-home health care and medical insurance premiums), travel and
					 normal living expenses which the applicant is unable to meet from other
					 sources. Equity payments may not be used for any type of investment or
					 commercial purposes, for the acquisition or construction of another residence,
					 or for any purpose which primarily benefits someone other than the borrower.
					 The authority shall have the right to deny any equity payment request which
					 does not, in its sole discretion, comply with the provisions of this
					 section.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 VI - Application and Processing › Section 13VAC10-150-200 - Application

Current through Register Vol. 40, No. 24, July 15, 2024
An interested applicant may obtain information about the
					 program through any participating AAA. Informational material about the program
					 may also be made available through senior centers and other agencies and
					 organizations which provide services to the elderly.
If a prospective applicant wishes to submit an application,
					 he shall do so through the local AAA or other organizations designated by the
					 authority. The staff from the AAA will provide the applicant with an
					 application form and will assist him or her in completing the application form.
					 This form will contain any information which the authority deems necessary in
					 order to determine the eligibility of the applicant and the home. This
					 application must be signed and dated by the applicant.
The staff of the AAA will also provide program information
					 to applicants as part of their normal agency responsibilities. Such information
					 will include a description and explanation of the program. Applicants will be
					 encouraged by the AAA to seek advice from others as well, including family
					 members, attorneys and financial advisors. The authority assumes no
					 responsibility for the performance of such services by the
					 AAA.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 VI - Application and Processing › Section 13VAC10-150-210 - AAA review

Current through Register Vol. 40, No. 24, July 15, 2024
Following completion of the application, the AAA staff
					 shall undertake a preliminary review. The purpose of this review shall be to
					 determine if the applicant and the home are eligible under these rules and
					 regulations, subject to final review and approval by the authority. If on the
					 basis of such review the AAA determines that the applicant or the home is not
					 eligible, the applicant shall be so informed and his application shall be
					 terminated. A copy of this application shall be retained by the AAA and
					 provided to the authority upon its request.
Applications which meet all of the eligibility criteria in
					 these rules and regulations shall be forwarded to the authority for review and
					 final approval.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 VI - Application and Processing › Section 13VAC10-150-220 - Authority review and commitment

Current through Register Vol. 40, No. 24, July 15, 2024
Upon receipt of the application, the authority shall review
					 it to determine the eligibility of the applicant and the home. If the applicant
					 and the home are eligible, then the executive director may issue, on behalf of
					 the authority, a commitment to the applicant with respect to such home equity
					 account subject to the approval or ratification thereof by the authority's
					 board. The maximum amount available under the home equity account and the
					 interest rate or rates to be charged thereon, the terms and conditions relating
					 to repayment thereof, and such other terms, conditions and requirements as the
					 executive director deems necessary or appropriate shall be set forth in the
					 commitment. Such maximum amount and interest rate may be subject to adjustment
					 in the manner provided in these rules and regulations. Such commitment shall be
					 issued only upon the determination of the authority that such a home equity
					 account loan is not otherwise available from private lenders upon reasonably
					 equivalent terms and conditions, and such determination shall be set forth in
					 the commitment. This commitment shall be mailed to the applicant with
					 instructions that it must be executed and returned to the authority within such
					 period of time as shall be specified therein. Failure to return the executed
					 commitment agreement within such period of time shall result in the expiration
					 of the commitment, unless the applicant has received a written extension from
					 the authority.
The authority may, at its option, not approve an otherwise
					 eligible application for any of the following reasons:
1. The application contains any untrue
				  statement of a material fact or omits any material fact necessary to make the
				  statement therein not misleading; or
2. The authority has determined that
				  sufficient funds are not available for 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 150 - RULES AND REGULATIONS FOR THE VIRGINIA SENIOR HOME EQUITY ACCOUNT PROGRAM › Part VI - Application and Processing › Section 13VAC10-150-230 - Closing and fees

Current through Register Vol. 40, No. 24, July 15, 2024
If the commitment is signed by the applicant and returned
					 to the authority within the requisite time period, the applicant and the
					 authority shall establish a mutually acceptable place and date for the purpose
					 of executing and delivering all necessary home equity account documents and
					 such other documents as may be required under federal and state law.
At the time of closing, the authority shall collect from
					 the applicant an application and commitment fee in the amount of $100. All
					 other fees and charges associated with the closing, including title search,
					 title insurance, legal fees, and recording costs, must be paid by the
					 applicant. Such fees may, at the option of the applicant, be funded from the
					 initial equity payment from the home equity account.
Subsequent to the closing, the home equity account and
					 equity payments pursuant thereto shall be governed by the terms and conditions
					 set forth herein and in the home equity account loan
					 documents.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
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 VI - Application and Processing › Section 13VAC10-150-240 - Right to terminate program

Current through Register Vol. 40, No. 24, July 15, 2024
Home equity accounts may be 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 authority shall have the right, at any time, to
					 discontinue accepting new applications for home equity accounts. Such
					 discontinuance shall not, however, affect the terms and conditions of any then
					 existing home equity account.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-20 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The following rules and regulations will govern the
				  allocation and administration of tax credits by the authority pursuant to the
				  state code.
Notwithstanding anything to the contrary herein, acting at
				  the request or with the consent of the owner, the executive director is
				  authorized to waive or modify any provision herein where deemed appropriate by
				  him for good cause, to the extent not inconsistent with the state code.
The rules and regulations set forth herein are intended to
				  provide a general description of the authority's processing and administration
				  requirements and are not intended to include all actions involved or required
				  in the processing and administration of the tax credits. 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.
Notwithstanding anything to the contrary herein, all
				  procedures and requirements in the state code must be complied with and
				  satisfied.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-30 - General description

Current through Register Vol. 40, No. 24, July 15, 2024
The state code was amended by adding sections numbered
				  58.1-339 and 58.1-339.9 relating to a tax credit for owners providing rent
				  reduction for eligible tenants.
For taxable years beginning on or after January 1, 1991,
				  through December 31, 2010, any individual or corporation receiving an
				  allocation of tax credits pursuant to § 58.1-339 or § 58.1-339.9, as
				  applicable, of the Code of Virginia shall, subject to the provisions of the
				  state code and these rules and regulations, be entitled to a credit against the
				  tax levied pursuant to § 58.1-320 or § 58.1-400 of the Code of
				  Virginia, provided that the following requirements are satisfied:
1. The individual or corporation is engaged
				in the business of the rental of dwelling units (as hereinafter specified) and
				is subject to the Virginia Residential Landlord and Tenant Act, § 55-248.2
				et seq. of the Code of Virginia, either by virtue of the provisions thereof or
				by virtue of the owner's providing for the applicability thereof pursuant to
				§ 55-248.5B of the Code of Virginia;
2. The owner provides a reduced rent to
				eligible tenants;
3. The rent
				charged to the eligible tenants is at least 15% less than the market
				rent;
4. To claim a credit under
				§ 58.1-339 of the Code of Virginia for reduction of rents charged to a
				tenant on or after July 1, 1996, and before January 1, 2000:
(i) a credit for rental reductions must have
				been validly claimed on the tax credit unit for all or part of the month of
				June 1996 and such tenant must have been an occupant of such tax credit unit on
				June 30, 1996, or
(ii) the tenant
				must have been previously homeless;
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-55 - Review and selection of application; allocation of tax credits

Current through Register Vol. 40, No. 24, July 15, 2024
After January 1, 2000, no tax credits shall be allocated by
				  the authority, except allocations made prior to January 1, 2000, may be
				  increased as provided in
				  13VAC10-160-120.
Upon compliance with the state code and these rules and
				  regulations, the owner to whom an allocation has been made prior to January 1,
				  2000, shall be entitled to tax credits annually, in such amount as is
				  determined by the authority pursuant to these rules and regulations, for each
				  year beginning in the year for which such allocation is made and ending
				  December 31, 2010, unless sooner terminated or reduced pursuant to these rules
				  and regulations.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-80 - Tax credit period

Current through Register Vol. 40, No. 24, July 15, 2024
Each period for which an owner may claim tax credits for any
				  tax credit unit shall commence upon the date that the tax credit unit is
				  occupied by an eligible tenant pursuant to a lease providing for a 12-month
				  term and for the payment of rent in the amount of the tax credit rent. Such
				  period shall not commence prior to the allocation of the tax credits by the
				  authority to the owner, except that if the tax credit unit is so occupied from
				  the first day of the month in which the allocation of tax credits is made, such
				  period shall commence on such first day of the month. Such period shall
				  continue until termination of occupancy as described in
				  13VAC10-160-90 or until December
				  31, 2010, whichever occurs first. However, in no event shall any such period
				  commence and continue unless the tax credit unit is and remains in a state of
				  repair and condition satisfactory to the authority, all documentation required
				  by 13VAC10-160-60 has been and is
				  submitted to the authority in accordance herewith, and all other applicable
				  requirements of the state code and these rules and regulations have been and
				  are satisfied. If the owner shall be entitled to claim tax credits on any tax
				  credit unit for a portion of a month during such period, the rent reduction
				  shall be calculated pro rata based upon the number of days in such month that
				  the owner is so entitled to claim tax credits or, with respect to the
				  termination of occupancy, shall be calculated as provided in
				  13VAC10-160-90.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-100 - Certification to the Virginia Department of Taxation

Current through Register Vol. 40, No. 24, July 15, 2024
On or before March 15 of each calendar year, the authority
				  shall certify to the Virginia Department of Taxation the name of each owner
				  entitled to claim a tax credit for the preceding calendar year and the total
				  amount of tax credits which each such owner is entitled to claim under the
				  state code and these rules and regulations and shall further certify that each
				  such owner claiming a credit provided the rent reductions as authorized under
				  the state code and these rules and regulations. The owner shall be entitled to
				  claim tax credits for such preceding calendar year only in the amount for which
				  the authority makes such certifications.
Statutory Authority
§§ 36-55.30:3 and 58.1-339 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-110 - Notification to the Virginia Department of Taxation of noncompliance with state code or these rules and regulations

Current through Register Vol. 40, No. 24, July 15, 2024
If subsequent to the certification in
				  13VAC10-160-100 the executive
				  director shall become aware of noncompliance with any of the provisions of the
				  state code or these rules and regulations by any owner for whom such
				  certification was made and if such noncompliance would result in a reduction in
				  amount of tax credits that such owner claimed or could have claimed, the
				  executive director shall, within 90 days, notify the Virginia Department of
				  Taxation of such noncompliance. Such notification shall shall identify the
				  owner and shall describe the noncompliance.
Statutory Authority
§§ 36-55.30:3 and 58.1-339 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-120 - Authority to increase allocation of credits

Current through Register Vol. 40, No. 24, July 15, 2024
Notwithstanding anything to the contrary herein, the
				  executive director may, in his discretion and without ratification or approval
				  by the board, increase the amount of credits allocated to a tax credit unit for
				  the purpose of allowing the owner to continue to comply with the requirement in
				  the state code and these rules and regulations that the rent charged to the
				  eligible tenant be at least 15% less than the market rent. Any request for such
				  increase shall include such information, opinions, certifications and
				  documentation as the executive director may require.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 170 - RULES AND REGULATIONS FOR HUD-INSURED HOME EQUITY CONVERSION MORTGAGE LOANS TO ELDERLY PERSONS OF LOW AND MODERATE INCOME [REPEALED] › Section 13VAC10-170-10 to 13VAC10-170-80 - Repealed

Current through Register Vol. 40, No. 24, July 15, 2024
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 180 - RULES AND REGULATIONS FOR ALLOCATION OF LOW-INCOME HOUSING TAX CREDITS › Section 13VAC10-180-20 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The following rules and regulations will govern the
				  allocation by the authority of credits pursuant to § 42 of the IRC.
Notwithstanding anything to the contrary herein, the
				  executive director is authorized to waive or modify any provision herein where
				  deemed appropriate by him for good cause to promote the goals and interests of
				  the Commonwealth in the federal low-income housing tax credit program, to the
				  extent not inconsistent with the IRC.
The rules and regulations set forth herein 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 the credits. 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.
Any determination made by the authority pursuant to this
				  chapter as to the financial feasibility of any development or its viability as
				  a qualified low-income development shall not be construed to be a
				  representation or warranty by the authority as to such feasibility or
				  viability.
Notwithstanding anything to the contrary herein, all
				  procedures and requirements in the IRC must be complied with and
				  satisfied.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 180 - RULES AND REGULATIONS FOR ALLOCATION OF LOW-INCOME HOUSING TAX CREDITS › Form - FORMS (13VAC10-180)

Current through Register Vol. 40, No. 24, July 15, 2024
1995 Annual Owners Certification
Building Information Report
Project Information Report
Occupancy Status Report
Previous Participation Certification
2019
				  Federal Low Income Housing Tax Credit Program, Application for Reservation,
				  Version 2019-v1 (undated, filed 12/19/2018)
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-20 - Description of the program

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may establish one or more programs pursuant to
				  IRC § 25. Each program will be established by the authority when the
				  executive director elects not to issue an amount of private activity bonds that
				  the authority could have issued from its allocation of private activity bonds
				  pursuant to IRC § 146 and to utilize that allocation to issue MCCs. Each
				  instance of the executive director making that determination will result in a
				  separate 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 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-30 - Purpose, applicability, and scope of regulations

Current through Register Vol. 40, No. 24, July 15, 2024
A. All programs described in
				13VAC10-190-20
				and all of the MCCs issued by the authority pursuant to such programs are
				subject to this chapter.
B. This
				chapter is intended to provide a general description of the authority's
				requirements and processing and is not intended to include all actions involved
				or required in the processing and administration of MCCs. This chapter is
				subject to amendment by the authority at any time and may be supplemented by
				policies, rules, and regulations adopted by the authority from time to time
				with respect to all of the programs.
C. Notwithstanding anything to the contrary
				in this chapter, the executive director is authorized with respect to any MCC
				program to waive or modify any provision of this chapter where deemed
				appropriate by him for good cause, to the extent not inconsistent with the
				IRC.
D. Notwithstanding anything to
				the contrary in this chapter, MCCs can only be issued when and to the extent
				permitted by the IRC and the applicable federal laws, rules, and regulations
				governing the issuance of MCCs.
E.
				Notwithstanding anything to the contrary in this chapter, the federal laws,
				rules, and regulations governing the MCCs shall control over any inconsistent
				provision in this chapter, and applicants to whom MCCs have been issued shall
				be entitled to the privileges and benefits thereof only to the extent permitted
				by the IRC.
F. Wherever appropriate
				in this chapter, the singular shall include the plural; the plural shall
				include the singular; and the masculine shall include the feminine.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-40 - Eligible persons

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may only issue an MCC to an applicant if the
				  applicant meets the requirements the authority establishes for the program,
				  which include requirements that ensure the applicant qualifies under
				  26 CFR
				  1.25-3 T so that the MCC would be a qualified
				  mortgage credit certificate pursuant to
				  26 CFR
				  1.25-3 T.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-50 - Eligible properties

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may issue an MCC to an applicant only if his
				  application for the MCC is based upon his purchasing a principal residence that
				  qualifies under
				  26 CFR
				  1.25-3 T so that the MCC would be a qualified
				  mortgage credit certificate pursuant to
				  26 CFR
				  1.25-3 T.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-60 - Eligible lenders

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may issue an MCC to an applicant only if his
				  application for the MCC is based upon his obtaining a loan from a participating
				  lender.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-70 - Eligible loans

Current through Register Vol. 40, No. 24, July 15, 2024
The authority may issue an MCC to an applicant only if his
				  application for the MCC is based upon a loan that:
1. Is not funded in whole or in part from the
				proceeds of a qualified mortgage bond or a qualified veteran's mortgage
				bond,
2. Is incurred by the
				applicant to acquire his principal residence,
3. Is not being assumed from another
				borrower,
4. Is not a refinancing
				of other indebtedness of the applicant, except in the case of construction
				period loans, bridge loans, or similar temporary financing that has a term of
				24 months or less,
5. Is not a
				qualified home improvement loan or a qualified rehabilitation loan,
				and
6. Otherwise satisfies the
				requirements of 26 CFR 1.25-2 T(c)(1).
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-80 - Determination of the amount of each program

Current through Register Vol. 40, No. 24, July 15, 2024
The executive director shall determine the amount, if any,
				  of private activity bonds that the authority will elect not to issue and the
				  amount, if any, of each program (program amount) as determined pursuant to the
				  applicable portions of 26 CFR 1.25-4 T, 26 CFR 1.25-5 T, and 26 CFR 1.25-7 T,
				  subject to revocation, in whole or in part, by the executive director pursuant
				  to 26 CFR 1.25-4 T(c)(3). Nothing contained in this chapter shall be construed
				  to require the commitment for or issuance of any MCC or to entitle any
				  applicant to an MCC if no program amount is available for such
				  MCC.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-90 - Portions of each program amount to be set aside

Current through Register Vol. 40, No. 24, July 15, 2024
For each program, the executive director may set aside a
				  portion of the program amount, in an amount determined by the executive
				  director to be appropriate, that will not be used to issue MCCs until such time
				  and in such amount as may be determined by the executive director to be
				  appropriate to comply with the requirements of IRC § 25 and the related
				  U.S. Department of the Treasury regulations.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-100 - Determination of certificate credit rate

Current through Register Vol. 40, No. 24, July 15, 2024
For each program, the executive director shall establish the
				  certificate credit rate in accordance with the limits set by IRC § 25(d),
				  subject to change from time to time as he shall deem necessary or appropriate
				  to accomplish the purpose of the program. The certificate credit rate shall be
				  specified on each MCC issued under 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 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-110 - Certification of lenders

Current through Register Vol. 40, No. 24, July 15, 2024
A. For
				each program, the executive director shall establish criteria for lenders to be
				approved by the authority as participating lenders, which criteria may include
				one or more of the following:
(i) completion
				of required training;
(ii)
				agreement to follow the authority's policies and procedures relating to the
				issuance of MCCs;
(iii) agreement
				to be subject to penalties, including disqualification as participating
				lenders, or liabilities for violating the authority's policies and procedures;
				and
(iv) payment of participation
				fees. The executive director may specify the circumstances under which the
				satisfaction of such criteria shall remain valid for subsequent
				programs.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-120 - Fees

Current through Register Vol. 40, No. 24, July 15, 2024
For each program, the executive director shall establish (i)
				  the fees charged lenders to participate in such program and (ii) the fees
				  charged each applicant for the processing of the application and the issuance
				  of the applicant's MCC. The executive director may establish lower fees for
				  participating lenders that are approved by the authority as loan originators
				  under 13VAC10-40 and for MCC applicants whose loans will be purchased 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 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-130 - Terms of each program

Current through Register Vol. 40, No. 24, July 15, 2024
For each program, the executive director may establish a
				  deadline for the receipt of applications for MCCs for any purpose determined by
				  the executive director to be necessary or appropriate for the administration of
				  the program, including so the authority can safeguard against issuing any MCCs
				  after the expiration of its authority to do so pursuant to IRC §
				  25(e)(3)(B).
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-140 - Priority of applications

Current through Register Vol. 40, No. 24, July 15, 2024
Subject to (i) the set asides described in
				  13VAC10-190-90 and 13VAC10-190-150
				  and(ii) the deadline for receipt of applications described in
				  13VAC10-190-130, the authority
				  shall process applications in the order the authority receives
				  them.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-150 - Targeted areas

Current through Register Vol. 40, No. 24, July 15, 2024
For each program, the authority may set aside 20% of the
				  program amount for use in targeted areas, as specified by IRC § 25 and the
				  related U.S. Department of the Treasury regulations for a period of one year
				  from the date on which the MCCs under that program are first made available. In
				  addition, the authority may take all other necessary steps to comply with the
				  targeted area requirements imposed by IRC § 25 and the related U.S.
				  Department of the Treasury regulations.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-160 - Discretion to allocate

Current through Register Vol. 40, No. 24, July 15, 2024
Notwithstanding anything to the contrary in this chapter, in
				  administering each program, the executive director may make allocations and may
				  impose limitations or restrictions on the allocation of MCCs in order to insure
				  a broad geographic dispersal of MCCs throughout the Commonwealth of Virginia or
				  to facilitate collaboration with other governmental entities of the
				  Commonwealth of Virginia to increase the affordability of homeownership in
				  Virginia.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-170 - MCCs not transferable

Current through Register Vol. 40, No. 24, July 15, 2024
No person to whom the authority issues an MCC may transfer
				  his MCC to any other person.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-180 - Applications for MCCs

Current through Register Vol. 40, No. 24, July 15, 2024
1.
				Participating lenders shall forward to the authority, in the manner and
				procedure required by the authority, applications from borrowers applying for
				MCCs.
2. Except for borrowers whose
				loans are originated directly by the authority, the authority shall not accept
				applications directly from borrowers.
3. Applications for MCCs must include such
				forms, documents, information, and fees as the executive director may require.
				Such requirements may change for each program and may include documentation
				necessary for the authority to comply with reporting requirements imposed by
				the IRC, in addition to documentation necessary to determine the applicant's
				eligibility for an MCC. The authority may also require additional documentation
				and information regarding applicants that the executive director determines to
				be appropriate for measuring the performance of the program.
4. The authority shall review each
				application and, if the authority determines that the application complies with
				these rules and regulations and applicable federal laws, rules, and
				regulations, then the authority shall issue a commitment to the applicant,
				either directly or through the participating lender, with respect to such
				MCC.
5. The maximum principal
				amount, amortization period, and interest rate on the applicant's loan and such
				other terms, conditions, and requirements as the executive director deems
				necessary or appropriate shall be set forth in each commitment. Each commitment
				term shall be for a term of 60 days, except that the term may be extended for
				good cause in the sole discretion of the authority.
6. Based upon the application, this chapter,
				and all applicable federal laws, rules, and regulations, the authority shall
				determine whether an MCC shall be issued and shall determine the certificate
				credit rate and the certified indebtedness amount applicable to the
				MCC.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.