Virginia Housing Development Authority Act

Virginia · 36 · §§ 36-55.24 to 36-55.52 · 42 sections

Overview

This act establishes a state housing development authority, governed by appointed commissioners subject to eligibility, term, political-balance, and conflict-of-interest requirements, and gives it broad powers to finance residential housing. The authority may make mortgage loans, purchase mortgages and securities from mortgage lenders, lend to those lenders to fund new residential mortgages, acquire and dispose of real property, and finance sponsors of multifamily units and ancillary facilities such as day care, subject to eligibility criteria for both the obligations it acquires and the sponsors it assists. It also grants exemptions from taxes, recording fees, and transfer taxes, protects the confidentiality of applicant financial information while requiring certified applications, authorizes rulemaking over borrowers and occupant admission, and supplies remedies — court enforcement, foreclosure, receivership, and oversight of a distressed sponsor's reorganization — to protect the authority's loans.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 9 court decisions.

Most-cited authority: 545 F. Supp. 852 - Atkins v. Robinson

Sections covered

Va. Code Ann. § 36-55.24Short title
Va. Code Ann. § 36-55.25Finding and declaration of necessity3 cites
Va. Code Ann. § 36-55.26Definitions1 cite
Va. Code Ann. § 36-55.27Virginia Housing Development Authority continued; constituted a public instrumentality
Va. Code Ann. § 36-55.27:1Programs and regulations to implement the Consolidated Plan
Va. Code Ann. § 36-55.28Appointment and tenure of commissioners; officers; quorum; compensation; liability
Va. Code Ann. § 36-55.29Executive director
Va. Code Ann. § 36-55.30Powers of HDA generally1 cite
Va. Code Ann. § 36-55.30:1Repealed
Va. Code Ann. § 36-55.30:2Housing revitalization areas; economically mixed projects
Va. Code Ann. § 36-55.30:3Regulations; adoption procedures
Va. Code Ann. § 36-55.31Powers relative to making mortgage loans and temporary construction loans to housing sponsors and persons and families of low and moderate income2 cites
Va. Code Ann. § 36-55.31:1Loans for installation of certain energy-saving devices
Va. Code Ann. § 36-55.32Powers relative to purchase and sale to mortgage lenders of mortgage loans; loans to mortgage lenders
Va. Code Ann. § 36-55.33Repealed
Va. Code Ann. § 36-55.33:1Mortgage loan terms and conditions
Va. Code Ann. § 36-55.33:2Powers relative to acquisition, development and ownership by HDA of multi-family residential housing
Va. Code Ann. § 36-55.34Repealed
Va. Code Ann. § 36-55.34:1Power to supervise housing sponsors
Va. Code Ann. § 36-55.34:2Power to enter into agreements with owners of housing developments eligible for federal low-income housing credits
Va. Code Ann. § 36-55.35Terms and conditions of purchase from and sale to mortgage lenders of mortgage loans; loans to mortgage lenders
Va. Code Ann. § 36-55.36Terms and conditions of mortgage insurance
Va. Code Ann. § 36-55.36:1Power to create insurance funds and form corporations for the purpose of insuring HDA mortgage loans
Va. Code Ann. § 36-55.37Exemption from taxation
Va. Code Ann. § 36-55.37:1Repealed
Va. Code Ann. § 36-55.38Admission and income limitations relative to housing developments
Va. Code Ann. § 36-55.39Procedure prior to financing of housing developments undertaken by housing sponsors2 cites
Va. Code Ann. § 36-55.40Notes and bonds
Va. Code Ann. § 36-55.41Reserve funds and appropriations
Va. Code Ann. § 36-55.42Refunding obligations; issuance
Va. Code Ann. § 36-55.43Same; sale
Va. Code Ann. § 36-55.44Deposit and investment of moneys of HDA
Va. Code Ann. § 36-55.44:1Swap agreements by HDA authorized
Va. Code Ann. § 36-55.45Agreement with Commonwealth
Va. Code Ann. § 36-55.46Commonwealth not liable on notes and bonds
Va. Code Ann. § 36-55.47Remedies of noteholders and bondholders
Va. Code Ann. § 36-55.48Grants from Commonwealth
Va. Code Ann. § 36-55.49Notes and bonds as legal investments
Va. Code Ann. § 36-55.50Liberal construction
Va. Code Ann. § 36-55.51Reports
Va. Code Ann. § 36-55.51:1Annual audit
Va. Code Ann. § 36-55.52Inconsistent provisions in other laws superseded

Enacted in other states

South Dakota

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