Section 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.

Historical Notes

Derived from VR400-02-0012 § 4.3, 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.