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Virginia Administrative Code
Title 13. Housing
11/21/2024

13VAC10. Virginia Housing Development Authority

VAC AGENCY NO. 10

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

AGENCY SUMMARY

The Virginia Housing Development Authority is authorized to promulgate regulations in accordance with the Virginia Housing Development Authority Act. The authority is authorized to make mortgage loans to individuals and to public and private entities to finance (i) the construction, rehabilitation, ownership, and operation of multi-family housing developments intended for occupancy by low and moderate income persons and (ii) the construction, rehabilitation, or improvement of single-family housing developments intended for ownership or occupancy by such persons. The authority is authorized to make mortgage loans to low and moderate income persons to finance the purchase, refinancing, construction, rehabilitation, or improvement of their own single-family homes. The authority is also authorized to purchase mortgage loans from mortgage lenders; to make loans to mortgage lenders; to provide mortgage insurance; to form a mortgage insurance corporation or fund for the purpose of insuring the authority's mortgage loans under certain terms and conditions; to participate in federal housing programs; to acquire, develop and own multi-family housing developments; and to provide financing for the purchase and installation of insulation and other energy saving devices. Under certain conditions it may exercise the foregoing powers to finance economically mixed projects. The authority obtains funds for its mortgage loan programs through the issuance of its notes and bonds. The authority has the power to supervise the owners' operation of housing developments financed by the authority, including the establishment of rents and tenant selection criteria, the maintenance and repair of the developments, and the keeping of books, accounts, and records for the developments. Code of Virginia, Title 36, Chapter 1.2.

The authority has issued regulations and has available for distribution a description of its structure and programs, official statements relative to the sale of its notes and bonds, and forms, including various loan closing documents, agreements, commitments and processing documents. Originals of such regulations and other materials are maintained and are available for inspection and copying at the offices of the authority at 601 South Belvidere Street, Richmond, VA 23220 (804-782-1986). Official copies may be obtained upon request at such offices for a fee of $.10 per page. Internet address: http://www.vhda.com/

Rev. 7/2024

 

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