Section 20. General description

The authority may make mortgage loans secured by a lien on real property in order to finance the construction of developments intended for ownership and occupancy by persons and families of low and moderate income. The board establishes, from time to time, income limits for ownership and occupancy of single family homes financed by the authority. For the purpose of these rules and regulations, a person or family shall be deemed to be of low and moderate income if the gross family income of such person or family does not exceed the applicable income limit established by the board. Furthermore, the board may establish, in the resolution authorizing any mortgage loan to finance a development under these rules and regulations, lower income limits for the purchasers of single family dwelling units in such development. In the case of developments which are subject to federal mortgage insurance or assistance, federal regulations may establish lower income limitations which in effect supersede the authority's income limits as described above.

Notwithstanding anything to the contrary herein, all developments must comply with (i) the Act and the authority's rules and regulations, (ii) the applicable federal laws and regulations governing the federal tax exemption of any notes or bonds issued by the authority to finance such developments, (iii) in the case of developments subject to federal mortgage insurance or other assistance, all applicable federal laws and regulations relating thereto and (iv) the requirements set forth in the resolutions pursuant to which the notes or bonds, if any, are issued by the authority to finance the developments. Copies of the authority's note and bond resolutions shall be available upon request.

Historical Notes

Derived from VR400-02-0002 § 2, eff. July 1, 1989.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.