Administrative Code

Virginia Administrative Code
7/3/2022

Part IV. Proposals and Loan Applications

13VAC10-120-60. Solicitation of applications and proposals.

The executive director may from time to time take such action as he may deem necessary or proper in order to solicit proposals or applications for REACH Virginia. Such actions may include advertising in newspapers and other media, mailing of information to prospective applicants and other members of the public, and any other methods of public announcement which the executive director may select as appropriate under the circumstances. The executive director may impose requirements, limitations and conditions with respect to the submission and selection of applications and proposals as he shall consider necessary or appropriate. The executive director may cause market studies and other research and analyses to be performed in order to determine the manner and conditions under which available moneys in REACH Virginia are to be allocated and such other matters as he shall deem appropriate relating to the selection of applications and proposals or the establishment of programs. The authority may also consider and approve applications and proposals submitted from time to time to the authority without any solicitation therefor on the part of the authority.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 4.1, 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.

13VAC10-120-70. Authority programs under REACH Virginia.

Programs may be designed and operated by the authority if they are innovative, cannot currently be conventionally funded, or may serve as models for future state or bond funding.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 4.2, 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.

13VAC10-120-80. Application and selection for processing.

Application for a loan or loan program shall be commenced by filing with the authority an application or proposal on such form or forms as the executive director may from time to time prescribe, together with such documents and additional information as may be requested by the authority.

Based on the applications, proposals, documents and any additional information submitted by applicants or obtained from other sources, the authority shall select for processing those applications and proposals which it determines may best satisfy the purposes and principles of REACH Virginia set forth in 13VAC10-120-20 and 13VAC10-120-30 hereof.

Nothing contained herein shall require the authority to select any application or proposal which, in the judgment of the authority, does not adequately satisfy the purposes and principles of REACH Virginia set forth in 13VAC10-120-20 and 13VAC10-120-30 hereof.

The selection by the authority shall be based only on the documents and information received or obtained by it at that time and shall be subject to modification or reversal upon receipt and further analysis of additional documents or information at a later time.

After selection of an application or proposal for a loan has been made by the authority, such application will then be processed by the authority in accordance with one or both of the following: (i) any applicable rules and regulations of the authority or (ii) such written agreement or agreements with the applicant as the executive director may require to effect the purposes and principles hereof and to protect the authority's interest as lender.

After selection of an application or proposal for a loan program has been made by the authority, the authority may implement such program by one or more of the following: (i) applying any applicable existing rules and regulations of the authority, (ii) promulgating new rules and regulations therefor, or (iii) entering into such written agreement or agreements with the applicant or proposed borrowers as the executive director may require consistent with the purposes and principles hereof and the authority's interest as lender.

Any application or proposal for a loan or loan program to be assisted with the VHF shall be processed or implemented in accordance with the rules and regulations for the VHF that were in effect prior to November 1, 2006.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from VR400-02-0012 § 4.3, 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.

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