Virginia Law

Agency 10. Virginia Housing Development Authority

Preface

Agency Summary

Chapter 10

Rules and Regulations - General Provisions for Programs of the Virginia Housing Development AuthorityRead all

Section 10

Definitions

Section 20

Eligibility for Occupancy

Section 30

Forms

Section 40

Interest Rates

Section 50

Federally Assisted Loans

Section 60

Administration of State and Federal Programs; Acceptance of Aid and Guarantees

Section 70

Assistance of Mortgage Lenders

Section 80

Purchase of Mortgage Loans

Section 90

Waiver

Section 100

Amendment

Section 110

Separability

Chapter 20

Rules and Regulations for Multi-Family Housing DevelopmentsRead all

Section 10

Purpose and Applicability

Section 20

Income Limits and General Restrictions

Section 30

Terms of Mortgage Loans

Section 40

Application and Acceptance for Processing

Section 50

Feasibility and Commitment

Section 60

Initial Closing

Section 70

Construction

Section 80

Completion of Construction and Final Closing

Section 90

Mortgage Loan Increases

Section 100

Operation, Management and Marketing

Section 110

Transfers of Ownership

Section 120

Prepayments

Section 130

Modification of Regulatory Controls and Mortgage Loan

FORMS

Forms (13VAC10-20)

Chapter 30

Rules and Regulations for Single Family Housing DevelopmentsRead all

Section 10

Purpose and Applicability

Section 20

General Description

Section 30

Terms of Mortgage Loans

Section 40

Solicitation of Proposals

Section 50

Application and Processing

Section 60

Initial Closing

Section 70

Construction

Section 80

Mortgage Loan Increases

Section 90

Sale of Housing Units; Supervision by the Authority

Chapter 40

Rules and Regulations for Single Family Mortgage Loans to Persons and Families of Low and Moderate IncomeRead all

Part I

General

Section 10

General

Section 15

Definitions

Section 20

Origination and Servicing of Mortgage Loans

Part II

Program Requirements

Section 30

Eligible Persons and Citizenship

Section 40

Compliance with Certain Requirements of the Tax Code

Section 50

Eligible Borrowers

Section 60

Eligible Dwellings

Section 70

Targeted Areas

Section 80

Sales Price Limits

Section 90

Net Worth

Section 100

Maximum Gross Income

Section 110

Calculation of Maximum Loan Amount

Section 120

Mortgage Insurance Requirements

Section 130

Underwriting

Section 140

Loan Assumptions

Section 150

Loan Term and Owner Occupancy

Section 160

Loan Lock-In and Fees

Section 170

Loan Decision

Section 180

Buy-Down Mortgage Loans

Section 190

Property Guidelines

Section 200

[Repealed]

Section 210

Condominium Requirements

Section 220

Subordinate Financing Program

Section 230

Mortgage Loan Programs Funded by Taxable Bonds

Section 240

Down Payment and Closing Cost Assistance Grants

Section 250

Government-Sponsored Enterprises Programs

Section 260

Fha, Va, or Rural Development Streamline Refinance Program

Section 270

Real Estate Owned Condo Program

Section 280

Reduced Rate Financing

FORMS

Forms (13VAC10-40)

Chapter 50

Rules and Regulations for Home Rehabilitation Loans [Repealed]Read all

Section 10

[Repealed]

Chapter 60

Rules and Regulations for Energy Loans [Repealed]Read all

Section 10

[Repealed]

Chapter 70

Rules and Regulations for Section 8 Existing Housing Assistance Payment ProgramRead all

Section 10

General Program Description

Section 20

Implementation of the Program

Section 30

Administration of the Program

Section 40

Program Funding

Section 50

Responsibilities of the Authority and the Administrative Agent

Chapter 80

Rules and Regulations for Section 8 Moderate Rehabilitation and Project-Based Certificate Assistance ProgramsRead all

Section 10

General Description of Programs

Section 20

Eligible Rental Housing

Section 30

Eligible Owners

Section 40

Eligibility of Initial Tenants of Units to Be Rehabilitated

Section 50

Rehabilitation and Construction Standards

Section 60

Determination of Contract Rents for Units

Section 70

Fair Market Rents for Units

Section 80

Sources of Financing for Rehabilitation and New Construction

Section 90

Federal Requirements Which the Owner Must Meet During Rehabilitation or Construction and Management

Section 100

Processing of Owner Proposals

Section 110

Requirements Following Rehabilitation and Construction

Chapter 90

Rules and Regulations for Virginia Rental Rehabilitation ProgramRead all

Section 10

Definitions

Section 20

Purpose and Applicability

Section 30

Program Eligibility

Section 40

Allocation of Funds

Section 50

Program Requirements

Section 60

Grant Administration

Section 70

Allocation and Administration of §8 Certificates and Vouchers

Section 80

Annual Performance Review

Chapter 100

Rules and Regulations for Virginia Homesteading Program [Repealed]Read all

Section 10

[Repealed]

Chapter 110

Rules and Regulations for Mortgage Credit Certificate Program [Repealed]Read all

Section 10

[Repealed]

Chapter 112

Rules and Regulations for Allocation of Low-Income Housing Tax Credits [Repealed]Read all

Section 10

[Repealed]

Chapter 120

Rules and Regulations for Reach VirginiaRead all

Part I

Purpose and Applicability

Section 10

Definitions

Section 20

Applicability and Purpose

Part II

Principles Governing REACH Virginia

Section 30

General Principles

Part III

Terms of Loans and Interest Rates

Section 40

Terms of Loans

Section 50

Interest Rates

Part IV

Proposals and Loan Applications

Section 60

Solicitation of Applications and Proposals

Section 70

Authority Programs under Reach Virginia

Section 80

Application and Selection for Processing

Chapter 130

Rules and Regulations for Multi-Family Housing Developments for Mentally Disabled PersonsRead all

Section 10

Definitions

Section 20

Purpose and Applicability

Section 30

Income Limits and General Restrictions

Section 40

Terms of Mortgage Loans

Section 50

Application and Acceptance for Processing

Section 60

Feasibility and Commitment

Section 70

Closing

Section 80

Construction

Section 90

Completion of Construction and Final Closing

Section 100

Seed Money Loans

Section 110

M/D Loan Increases

Section 120

Operation and Management

Section 130

Transfers of Ownership

Section 140

Prepayments

Chapter 140

Rules and Regulations for the Acquisition of Multi-Family Housing DevelopmentsRead all

Section 10

Purpose and Applicability

Section 20

Income Limits and General Restrictions

Section 30

Terms of Acquisition and Construction Loan

Section 40

Application and Acceptance for Processing

Section 50

Feasibility and Commitment

Section 60

Initial Closing

Section 70

Construction

Section 80

Completion of Construction and Final Closing

Section 90

Construction Loan, Permanent Loan and Purchase Price Increases

Section 100

Operation, Management and Marketing

Chapter 150

Rules and Regulations for the Virginia Senior Home Equity Account ProgramRead all

Part I

Purpose and Applicability

Section 10

Definitions

Section 20

Purpose and Applicability

Part II

Eligibility of Applicants

Section 30

Eligible Applicants

Part III

Eligibility of the Home

Section 40

Title

Section 50

Condition of Home

Section 60

Taxes

Section 70

Insurance

Part IV

Terms and Conditions

Section 80

Maximum Amount

Section 90

Adjustments in the Maximum Amount

Section 100

Loan Term

Section 110

Interest Rate and Compounding

Section 120

Equity Payments

Section 130

Repayments

Section 140

Acts of Default

Section 150

Term and Extensions of Home Equity Account

Section 160

Repairs

Part V

Request for and Use of Home Equity Account Loan Payments

Section 170

Requests for Equity Payments

Section 180

Optional Notification of Third Parties

Section 190

Allowable Use of Funds

Part VI

Application and Processing

Section 200

Application

Section 210

Aaa Review

Section 220

Authority Review and Commitment

Section 230

Closing and Fees

Section 240

Right to Terminate Program

Chapter 160

Rules and Regulations for Administration of Rent Reduction Tax CreditsRead all

Section 10

Definitions

Section 20

Purpose and Applicability

Section 30

General Description

Section 40

[Repealed]

Section 41

[Repealed]

Section 50

[Repealed]

Section 51

[Repealed]

Section 55

Review and Selection of Application; Allocation of Tax Credits

Section 60

Eligibility of Tenants and Verification

Section 70

Administration of Allocation of Tax Credits

Section 80

Tax Credit Period

Section 90

Maintenance of Records; Submission Requirements; Termination of Occupancy

Section 100

Certification to the Virginia Department of Taxation

Section 110

Notification to the Virginia Department of Taxation of Noncompliance with State Code or These Rules

Section 120

Authority to Increase Allocation of Credits

Chapter 170

Rules and Regulations for Hud-Insured Home Equity Conversion Mortgage Loans to Elderly Persons of Low and Moderate Income [Repealed]Read all

Section 10

[Repealed]

Chapter 180

Rules and Regulations for Allocation of Low-Income Housing Tax CreditsRead all

Section 10

Definitions

Section 20

Purpose and Applicability

Section 30

General Description

Section 40

Adoption of Allocation Plan; Solicitations of Applications

Section 50

Application

Section 60

Review and Selection of Applications; Reservation of Credits

Section 70

Allocation of Credits

Section 80

[Repealed]

Section 90

Monitoring for IRS Compliance

Section 100

Tax-Exempt Bonds

Section 110

Qualified Contracts

Section 120

[Repealed]

FORMS

Forms (13VAC10-180)

Chapter 190

Rules and Regulations for Qualified Mortgage Credit Certificate ProgramsRead all

Section 10

Definitions

Section 20

Description of the Program

Section 30

Purpose, Applicability, and Scope of Regulations

Section 40

Eligible Persons

Section 50

Eligible Properties

Section 60

Eligible Lenders

Section 70

Eligible Loans

Section 80

Determination of the Amount of Each Program

Section 90

Portions of Each Program Amount to Be Set Aside

Section 100

Determination of Certificate Credit Rate

Section 110

Certification of Lenders

Section 120

Fees

Section 130

Terms of Each Program

Section 140

Priority of Applications

Section 150

Targeted Areas

Section 160

Discretion to Allocate

Section 170

Mccs Not Transferable

Section 180

Applications for McCs

Section 190

Issuance of an McC

Section 200

Compliance Investigations

Chapter 200

Rules and Regulations for the Allocation of Virginia Housing Opportunity Tax CreditsRead all

Section 10

Definitions

Section 20

General

Section 30

Availability and Amount of Hotc

Section 40

Applications, Ranking of Applications and Award of Hotc

Section 50

Eligibility Certificate

Section 60

Recapture of Hotc

Section 70

Fees