Section 90. Construction loan, permanent loan and purchase price increases

The authority may consider and, where appropriate, approve an increase in the purchase price, an increase in the principal amount of the construction loan or an increase in the principal amount of the permanent loan, or both, if determined by the authority to be in its best interest in accomplishing the acquisition or in protecting its security. Nothing contained in this section shall impose any duty or obligation on the authority to increase any purchase price or the principal amount of any construction loan or permanent loan, as the decision as to whether to grant a purchase price, construction loan or permanent loan increase shall be within the sole and absolute description of the authority.

Historical Notes

Derived from VR400-02-0014 § 9, eff. March 16, 1988; amended, Volume 05, Issue 21, eff. July 1, 1989; Volume 08, Issue 06, November 15, 1991; Volume 11, Issue 06, eff. November 16, 1994.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.