Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 120 - RULES AND REGULATIONS FOR REACH VIRGINIA › Part I - Purpose and Applicability › Section 13VAC10-120-20 - Applicability and purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The rules and regulations that follow will be applicable to
					 loans or programs for loans which are made or financed or are proposed to be
					 made or financed by the authority to borrowers who have presented proposals or
					 applications for loans or loan programs from REACH Virginia.
The principal purpose of REACH Virginia is to create new
					 housing opportunities for lower income Virginians. The highest priority is
					 placed upon serving the elderly, disabled, and homeless as well as families in
					 need of affordable housing not otherwise being serviced by other housing
					 programs. REACH Virginia will also seek to provide support for comprehensive
					 programs of neighborhood revitalization.
There will be special emphasis placed upon using REACH
					 Virginia to attract and leverage other housing aid of all kinds including, but
					 not limited to, financial, in kind, tax incentives and subsidies. REACH
					 Virginia shall be used to encourage partnerships with both public and private
					 interests including state agencies, localities and nonprofit organizations. The
					 goal is to maximize the participation in, and resources devoted to, solving
					 housing problems of lower income Virginians.
There will be an emphasis on creative uses of REACH
					 Virginia which will result in the most effective use of its resources and
					 advancement of the state of the art in providing decent housing at an
					 affordable cost to lower income Virginians.
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 the extent not inconsistent with
					 the Act.
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 borrower, any contractors or any other
					 parties under any agreements or documents relating to the loan.
These rules and regulations are intended to provide a
					 general description of the authority's processing requirements for loans or
					 loan programs under REACH Virginia and are not intended to include all actions
					 involved or required in the processing and administration of such loans or loan
					 programs. Because REACH Virginia is an experimental venture, in order to refine
					 and improve its implementation, it is the intention of the authority to be
					 flexible in its interpretation of the principles set forth herein for loans or
					 loan programs of special merit. These rules and regulations are subject to
					 change at any time by the authority and may be supplemented by additional
					 policies, rules and regulations adopted by the authority from time to time. The
					 authority reserves the right to change the amount of funds available under
					 REACH Virginia or their uses as circumstances may reasonably
					 dictate.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.