Section 90. Mortgage loan increases

The authority may consider and, where appropriate, approve a mortgage loan increase if determined by the authority to be in its best interests in protecting its security for the mortgage loan. Any such mortgage loan increase shall require the approval of the board, or if authorized by resolution of the board, the executive director, and shall be subject to such terms and conditions as the board or the executive director may require. Nothing contained in this section shall impose any duty or obligation on the authority to increase any mortgage loan, as the decision as to whether to grant a mortgage loan increase shall be within the sole and absolute discretion of the authority.

Historical Notes

Derived from VR400-02-0001 § 9, eff. July 1, 1987; amended, Volume 04, Issue 12, eff. February 16, 1988; Volume 04, Issue 16, eff. April 20, 1988; Volume 05, Issue 08, eff. December 16, 1988; Volume 05, Issue 21, eff. July 1, 1989; Volume 08, Issue 06, eff. November 15, 1991; Volume 11, Issue 06, eff. November 16, 1994; Volume 19, Issue 02, eff. September 20, 2002.

Statutory Authority

§ 36-55.30.3 of the Code of Virginia.