Section 60. Administration of state and federal programs; acceptance of aid and guarantees

A. The board by resolution may authorize the authority to operate and administer any program to provide loans or other housing assistance for persons and families of low and moderate income and, in furtherance thereof, to enter into agreements or other transactions with the federal government, the Commonwealth of Virginia or any governmental agency thereof, any municipality or any other persons or entities and to take such other action as shall be necessary or appropriate for the purpose of operating and administering, on behalf of or in cooperation with any of the foregoing, any such program.

B. The board by resolution may authorize the acceptance by the authority of gifts, grants, loans, contributions or other aid, including insurance and guarantees, from the federal government, the Commonwealth of Virginia or any agency thereof, or any other source in furtherance of the purposes of the Act, do any and all things necessary in order to avail itself of such aid, agree and comply with such conditions upon which such gifts, grants, loans, contributions, insurance, guarantees or other aid may be made, and authorize and direct the execution on behalf of the authority of any instrument or agreement which it considers necessary or appropriate to implement any such gifts, grants, loans, contributions, insurance, guarantees or other aid.

C. Without limitation on the provisions of subsection B of this section, the board by resolution may authorize the acceptance by the authority of any insurance or guarantee or commitment to insure or guarantee its bonds or notes and any grant with respect to such bonds or notes, whether insured, guaranteed or otherwise, and may authorize and direct the execution on behalf of the authority of any instrument or agreement which it considers necessary or appropriate with respect thereto.

Historical Notes

Derived from VR400-01-0001 § 6, eff. July 1, 1987; amended, Volume 03, Issue 23, eff. August 10, 1987; Volume 04, Issue 03, eff. November 1, 1987; Volume 04, Issue 14, eff. March 16, 1988; Volume 04, Issue 23, eff. July 19, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 07, Issue 10, eff. January 16, 1991; Volume 08, Issue 06, eff. November 15, 1991; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 06, eff. November 16, 1994.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.