Section 30. General principles

Part II. Principles Governing REACH Virginia

Project and program proposals will be given preference in the selection process to the extent they address the following:

1. Needs of the user group, which shall be primary;

2. Partnerships which maximize leveraging of REACH Virginia loans;

3. Extent to which the project is either innovative or demonstrates a possible "breakthrough" idea for serving lower income households or both;

4. Potential for the project to the replicable (i.e., demonstration);

5. Financial soundness and experience of the sponsor.

Proposals should seek to maximize the number of persons or projects which are served. Projects which highly leverage REACH Virginia moneys by attracting external subsidies and capital are encouraged.

The authority will seek an equitable geographic distribution of loans made from REACH Virginia.

All loans to be made from REACH Virginia shall comply with all applicable laws and regulations to which the authority is subject and with any rules and regulations of the authority applicable or to be applicable thereto and such other underwriting criteria as the executive director deems necessary to protect the interests of the authority as lender.

Historical Notes

Derived from VR400-02-0012 § 2.1, 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.