Section 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.

Historical Notes

Derived from VR400-02-0012 § 1.2, eff. August 18, 1987; amended, Volume 04, Issue 12, eff. February 16, 1988; Volume 04, Issue 23, eff. July 19, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 23, Issue 05, eff. November 1, 2006.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.