Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

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

13VAC10-150-220. Authority review and commitment.

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.

Historical Notes

Derived from VR400-02-0015 § 6.3, eff. July 19, 1988; amended, Virginia Register Volume 5, Issue 6, eff. November 21, 1988; Volume 5, Issue 21, eff. July 1, 1989.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.