Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 20 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS › Section 13VAC10-20-10 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
The following rules and regulations (13VAC10-20-10 et seq.) 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 or
				  permanent financing, or both, of multi-family housing developments (including
				  any such developments to be owned and operated on a cooperative basis) intended
				  for occupancy by persons and families of low and moderate income ("development"
				  or "developments"). This chapter shall be applicable to the making of such
				  mortgage loans directly by the authority to mortgagors, the purchase of such
				  mortgage loans, the participation by the authority in such mortgage loans with
				  mortgage lenders and any other manner of financing of such mortgage loans under
				  the Act. This chapter shall not, however, apply to any developments which are
				  subject to any other rules and regulations adopted by the authority. If any
				  mortgage loan is to provide either the construction or permanent financing (but
				  not both) of a development, this chapter shall be applicable to the extent
				  determined by the executive director to be appropriate for such financing. If
				  any development is subject to federal mortgage insurance or is otherwise
				  assisted or aided, directly or indirectly, by the federal government, the
				  applicable federal rules and regulations shall be controlling over any
				  inconsistent provision. Furthermore, if the mortgage loan on any development is
				  to be insured by the federal government, the provisions of this chapter shall
				  be applicable to such development only to the extent determined by the
				  executive director to be necessary in order to (i) protect any interest of the
				  authority which, in the judgment of the executive director, is not adequately
				  protected by such insurance or by the implementation or enforcement of the
				  applicable federal rules, regulations or requirements or (ii) to comply with
				  the Act or fulfill the authority's public purpose and obligations thereunder.
				  Developments shall include housing intended to be owned and operated on a
				  cooperative basis. The term "construction," as used herein, shall include the
				  rehabilitation, preservation or improvement of existing structures.
Mortgage loans may be made or financed pursuant to this
				  chapter 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 development to waive or
				  modify any provision herein where deemed appropriated 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
				  this chapter 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 initial closing documents as described in
				  13VAC10-20-60.
This chapter is intended to provide a general description of
				  the authority's processing requirements and not intended to include all actions
				  involved or required in the processing and administration of mortgage loans
				  under the authority's multi-family housing programs. 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 with respect to any
				  particular development or developments or any multi-family housing program or
				  programs.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.