Code of Virginia - Title 36 Housing - Chapter 1.2 Virginia Housing Development Authority Act
- 36-55.24 Short title
This chapter shall be known and may be cited as the "Virginia Housing Development Authority Act." (1972, c. 830.) ...
- 36-55.25 Finding and declaration of necessity
It is hereby declared: (i) that there exists within this Commonwealth a serious shortage of sanitary and safe residential housing at prices or rentals which ...
- 36-55.26 Definitions
As used in this chapter the following words and terms have the following meanings, unless a different meaning clearly appears from the context: "Bonds," "notes," ...
- 36-55.27 Virginia Housing Development Authority continued; constituted a public instrumentality
There is hereby continued within the Department of Housing and Community Development, for the purpose of § 36-55.51, a political subdivision of the Commonwealth of ...
- 36-55.27:1 Programs and regulations to implement the Consolidated Plan
The HDA shall be responsible for implementing, to the extent and in the manner determined by the HDA to be reasonable and proper and consistent ...
- 36-55.28 Appointment and tenure of commissioners; officers; quorum; compensation; liability
A. The powers of HDA shall be vested in the commissioners of HDA as follows: a representative of the Board of Housing and Community Development, ...
- 36-55.29 Executive director
(a) The commissioners shall employ an executive director who shall also be the secretary and who shall administer, manage and direct the affairs and business ...
- 36-55.30 Powers of HDA generally
The HDA is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, ...
- 36-55.30:1 Description unavailable
Repealed by Acts 1979, c. 374. ...
- 36-55.30:2 Housing revitalization areas; economically mixed projects
A. For the sole purpose of empowering the HDA to provide financing in accordance with this chapter, the governing body of any city or county ...
- 36-55.30:3 Regulations; adoption procedures
A. The HDA shall have the power to adopt, amend and repeal regulations, not inconsistent with this chapter or other applicable laws, to carry into ...
- 36-55.31 Powers relative to making mortgage loans and temporary construction loans to housing sponsors and p...
The HDA shall have all the powers necessary or convenient to carry out and effectuate the purpose and provisions of this chapter, including the following ...
- 36-55.31:1 Loans for installation of certain energy-saving devices
The Virginia Housing Development Authority shall establish a program of loans for financing the purchase and installation of insulation, storm windows and doors and solar ...
- 36-55.32 Powers relative to purchase and sale to mortgage lenders of mortgage loans; loans to mortgage lende...
The HDA shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following ...
- 36-55.33 Description unavailable
Repealed by Acts 1975, c. 536. ...
- 36-55.33:1 Mortgage loan terms and conditions
A. All mortgage loans made by HDA pursuant to § 36-55.31 of this chapter shall be subject to the following terms and conditions: 1. The ...
- 36-55.33:2 Powers relative to acquisition, development and ownership by HDA of multi-family residential housin...
A. HDA shall have all the powers necessary or convenient to purchase, acquire, construct, rehabilitate, own, operate, improve, repair, maintain, encumber, mortgage, lease, sell and ...
- 36-55.34 Description unavailable
Repealed by Acts 1975, c. 536. ...
- 36-55.34:1 Power to supervise housing sponsors
Subject to such limitations and conditions as may be agreed to by HDA, HDA shall have the power to supervise a housing sponsor and its ...
- 36-55.34:2 Power to enter into agreements with owners of housing developments eligible for federal low-income ...
HDA may enter into agreements with the owners of housing developments which are or will be eligible for low-income housing credits under the United States ...
- 36-55.35 Terms and conditions of purchase and sale to mortgage lenders of mortgage loans; loans to mortgage ...
A. No obligation shall be eligible for purchase or commitment to purchase by HDA from a mortgage lender hereunder if the date of said obligation ...
- 36-55.36 Terms and conditions of mortgage insurance
(1) For mortgage payments to be eligible for insurance under the provisions of this chapter, the underlying mortgage loan shall: (a) be one which is ...
- 36-55.36:1 Power to create insurance funds and form corporations for the purpose of insuring HDA mortgage loan...
HDA shall have the power to create one or more insurance funds and to form one or more corporations for the purpose of providing replacement ...
- 36-55.37 Exemption from taxation
(1) As set forth in the declaration of finding and purpose herein, HDA will be performing an essential governmental function in the exercise of the ...
- 36-55.37:1 Description unavailable
Repealed by Acts 1996, c. 298. ...
- 36-55.38 Admission and income limitations relative to housing developments
(1) Admission to housing developments financed pursuant to the provisions of this chapter shall be limited to persons or families of low or moderate income ...
- 36-55.39 Procedure prior to financing of housing developments undertaken by housing sponsors
A. Notwithstanding any other provision of this chapter, HDA is not empowered to finance any housing development undertaken by a housing sponsor pursuant to §§ ...
- 36-55.40 Notes and bonds
A. 1. HDA shall have power and is hereby authorized to issue from time to time its negotiable notes and bonds in conformity with applicable ...
- 36-55.41 Reserve funds and appropriations
A. 1. HDA may create and establish one or more special funds (herein referred to as "capital reserve funds"), and shall pay into each such ...
- 36-55.42 Refunding obligations; issuance
HDA may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions ...
- 36-55.43 Same; sale
Refunding obligations issued as provided in § 36-55.42 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds ...
- 36-55.44 Deposit and investment of moneys of HDA
A. All moneys of HDA except as otherwise authorized or provided in this chapter shall be deposited as soon as practicable in a separate account ...
- 36-55.44:1 Swap agreements by HDA authorized
In connection with, or incidental to, the issuance or carrying of notes or bonds or the acquisition or carrying of any investments, HDA may enter ...
- 36-55.45 Agreement with Commonwealth
The Commonwealth does hereby pledge to and agree with the holders of any notes or bonds issued under this chapter that the Commonwealth will not ...
- 36-55.46 Commonwealth not liable on notes and bonds
The notes, bonds or other obligations of HDA shall not be a debt or grant or loan of credit of the Commonwealth of Virginia, and ...
- 36-55.47 Remedies of noteholders and bondholders
(1) In the event that HDA shall default in the payment of principal of or interest on any issue of notes and bonds after the ...
- 36-55.48 Grants from Commonwealth
The Commonwealth may make grants of money or property to HDA for the purpose of enabling it to carry out its corporate purposes and for ...
- 36-55.49 Notes and bonds as legal investments
The notes and bonds of HDA shall be legal investments in which all public officers and public bodies of this Commonwealth, its political subdivisions, all ...
- 36-55.50 Liberal construction
Neither this chapter nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which HDA might otherwise have ...
- 36-55.51 Reports
A. HDA shall submit to the Governor within ninety days after the end of its fiscal year a complete and detailed report setting forth: (1) ...
- 36-55.51:1 Annual audit
An annual audit shall be conducted on the accounts of HDA by an independent certified public accountant, and such audit shall be reviewed by the ...
- 36-55.52 Inconsistent provisions in other laws superseded
Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special or local, the provisions of this chapter ...
Last modified: April 3, 2009