Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 10. Virginia Housing Development Authority
Chapter 190. Rules and Regulations for Qualified Mortgage Credit Certificate Programs
8/11/2020

13VAC10-190-70. Eligible Loans.

The authority may issue an MCC to an applicant only if his application for the MCC is based upon a loan that:

1. Is not funded in whole or in part from the proceeds of a qualified mortgage bond or a qualified veteran's mortgage bond,

2. Is incurred by the applicant to acquire his principal residence,

3. Is not being assumed from another borrower,

4. Is not a refinancing of other indebtedness of the applicant, except in the case of construction period loans, bridge loans, or similar temporary financing that has a term of 24 months or less,

5. Is not a qualified home improvement loan or a qualified rehabilitation loan, and

6. Otherwise satisfies the requirements of 26 CFR 1.25-2T(c)(1).

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from Volume 31, Issue 09, eff. January 1, 2015; amended, Virginia Register Volume 35, Issue 14, eff. March 4, 2019.

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