Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 130 - RULES AND REGULATIONS FOR MULTI-FAMILY HOUSING DEVELOPMENTS FOR MENTALLY DISABLED PERSONS › Section 13VAC10-130-30 - Income limits and general restrictions

Current through Register Vol. 40, No. 24, July 15, 2024
The amounts payable, if any, by persons occupying M/D
				  developments are deemed not to be rent. As a result, the authority's income
				  limit set forth under its rules and regulations limiting a person's or family's
				  adjusted family income to an amount not greater than seven times the total
				  annual rent is inapplicable. In accordance with the authority's rules and
				  regulations, the income limits for persons occupying such developments shall be
				  as follows: All units of each M/D development, with the sole exception of those
				  units occupied by an employee or agent of the mortgagor, shall be occupied or
				  held available for occupancy by persons who are mentally disabled and who have
				  adjusted family incomes (as defined in the authority's rules and regulations
				  and as determined at the time of their initial occupancy of such units and at
				  the time of reexamination and redetermination of such persons' adjusted family
				  incomes and eligibility subsequent to their initial occupancy of such units)
				  which do not exceed 150% of the applicable area median gross income as
				  determined by the authority. The foregoing income limit shall apply to all
				  developments for which the board approves mortgage loans on or after May 1,
				  1998, and for which the board has approved mortgage loans prior to May 1, 1998,
				  notwithstanding the inclusion of other income limits in the resolutions
				  authorizing such mortgage loans or in any agreements executed prior to May 1,
				  1998, by and between the authority and the mortgagors of such
				  developments.
The board may establish, in the resolution authorizing any
				  mortgage loan to finance an M/D development under these rules and regulations,
				  income limits lower than those provided herein for the occupants of the units
				  in such M/D development.
If federal law or rules and regulations impose limitations
				  on the incomes of the persons or families who may occupy all or any of the
				  units in an M/D development, the occupancy of the M/D development shall comply
				  with such limitations, and the adjusted family incomes (as defined in the
				  authority's rules and regulations) of applicants for occupancy of all of the
				  units in the M/D development shall be computed, for the purpose of determining
				  eligibility for occupancy thereof under these rules and regulations in the
				  manner specified in such federal law and rules and regulations, subject to such
				  modifications as the executive director shall require or approve in order to
				  facilitate processing, review and approval of such applications.
Notwithstanding anything to the contrary herein, all M/D
				  developments and the processing thereof under the terms hereof must comply with
				  (i) the Act and the authority's rules and regulations, (ii) the applicable
				  federal laws and regulations governing the federal tax exemption of the notes
				  or bonds issued by the authority to finance such M/D developments, and (iii)
				  the requirements set forth in the resolutions pursuant to which the notes or
				  bonds, if any, are issued by the authority to finance the M/D developments.
				  Copies of the authority's applicable note and bond resolutions, if any, are
				  available upon request.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.