Section 10. Purpose and applicability

The following rules and regulations will be applicable to mortgage loans which are made or are proposed to be made by the authority to housing sponsors to provide the construction financing of single family housing developments intended for ownership and occupancy by persons and families of low and moderate income (hereinafter referred to as the "development" or "developments"). The term "construction," as used herein, shall include the rehabilitation, preservation or improvement of existing structures.

Mortgage loans may be made or financed pursuant to these rules and regulations only if and to the extent that the authority has made or expects to make funds available therefore.

Notwithstanding anything to the contrary herein, the executive director is authorized with respect to any development to waive or modify any provision herein where deemed appropriate by him for good cause, to the extent not inconsistent with the Act.

All reviews, analyses, evaluations, inspections, determinations and other actions by the authority pursuant to the provisions of these rules and regulations shall be made for the sole and exclusive benefit and protection of the authority and shall not be construed to waive or modify any of the rights, benefits, privileges, duties, liabilities or responsibilities of the authority, the mortgagor, the contractor or other members of the development team under the initial closing documents (as defined in 13VAC10-30-60).

The rules and regulations set forth herein are intended to provide a general description of the authority's processing requirements and are not intended to include all actions involved or required in the processing and administration of mortgage loans under the authority's single family housing construction loan program. These rules and regulations are subject to change at any time by the authority and may be supplemented by policies, rules and regulations adopted by the authority from time to time with respect to any particular development or developments or single family housing program or programs.

Historical Notes

Derived from VR400-02-0002 § 1, eff. July 1, 1989.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.