Administrative Code

Virginia Administrative Code
7/3/2022

Part I. Purpose and Applicability

13VAC10-120-10. Definitions.

"Application" or "proposal" means a written request to the authority by a prospective borrower for a loan or a written request to the authority by an applicant requesting the establishment of a loan program or other assistance under these rules and regulations.

"Loan" means any extension of credit which is made or financed or is to be made or financed pursuant to these rules and regulations.

"Loan program" means any program requested to be developed or implemented by the authority for the purpose of providing loans pursuant to these rules and regulations.

"REACH Virginia" means the funding from the authority net assets that are dedicated to reduce the interest rates or otherwise provide housing subsidies under its programs.

"VHF" means the housing fund created by the authority in 1989 and continued through June 30, 2005, from moneys in its general fund.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 1.1, eff. August 18, 1987; amended, Virginia Register Volume 4, Issue 12, eff. February 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 23, Issue 5, eff. November 1, 2006.

13VAC10-120-20. Applicability and purpose.

The rules and regulations that follow will be applicable to loans or programs for loans which are made or financed or are proposed to be made or financed by the authority to borrowers who have presented proposals or applications for loans or loan programs from REACH Virginia.

The principal purpose of REACH Virginia is to create new housing opportunities for lower income Virginians. The highest priority is placed upon serving the elderly, disabled, and homeless as well as families in need of affordable housing not otherwise being serviced by other housing programs. REACH Virginia will also seek to provide support for comprehensive programs of neighborhood revitalization.

There will be special emphasis placed upon using REACH Virginia to attract and leverage other housing aid of all kinds including, but not limited to, financial, in kind, tax incentives and subsidies. REACH Virginia shall be used to encourage partnerships with both public and private interests including state agencies, localities and nonprofit organizations. The goal is to maximize the participation in, and resources devoted to, solving housing problems of lower income Virginians.

There will be an emphasis on creative uses of REACH Virginia which will result in the most effective use of its resources and advancement of the state of the art in providing decent housing at an affordable cost to lower income Virginians.

Notwithstanding anything to the contrary herein, the executive director is authorized to waive or modify any provision herein, where deemed appropriate by him, for good cause, to the extent not inconsistent with the Act.

All reviews, analyses, evaluations, inspections, determinations and other actions by the authority pursuant to the provisions of these rules and regulations shall be made for the sole and exclusive benefit and protection of the authority and shall not be construed to waive or modify any of the rights, benefits, privileges, duties, liabilities or responsibilities of the authority, the borrower, any contractors or any other parties under any agreements or documents relating to the loan.

These rules and regulations are intended to provide a general description of the authority's processing requirements for loans or loan programs under REACH Virginia and are not intended to include all actions involved or required in the processing and administration of such loans or loan programs. Because REACH Virginia is an experimental venture, in order to refine and improve its implementation, it is the intention of the authority to be flexible in its interpretation of the principles set forth herein for loans or loan programs of special merit. These rules and regulations are subject to change at any time by the authority and may be supplemented by additional policies, rules and regulations adopted by the authority from time to time. The authority reserves the right to change the amount of funds available under REACH Virginia or their uses as circumstances may reasonably dictate.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 1.2, eff. August 18, 1987; amended, Virginia Register Volume 4, Issue 12, eff. February 16, 1988; Volume 4, Issue 23, eff. July 19, 1988; Volume 5, Issue 21, eff. July 1, 1989; Volume 23, Issue 5, eff. November 1, 2006.

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.