Section 20. Implementation of the program

The authority shall contact local governments throughout the Commonwealth to determine their interest in participating in the program. If a local government desires to participate in the program, the governing body shall adopt a resolution accepting the program and designating a local governmental agency or entity to act as the administrative agent. In the event that funds are not provided by HUD in an amount sufficient to fund all of the reservations by the localities, the authority shall allocate the available funds among the localities in such manner and amounts as the authority shall deem to best serve the purposes of the program. Upon notification from HUD of the availability of funds for the authority, an application for the participation by the locality in the program shall be submitted to HUD for review and approval. If HUD approves the application, the authority and HUD enter into an annual contributions contract ("ACC") which shall set forth the terms and conditions relating to the funding and administration of the program. The authority and the administrative agent shall thereupon sign an administrative services agreement ("ASA") for a term of one year. The ASA shall be renewable annually during the term of the ACC, provided that the administrative agent has complied with the ASA and has otherwise performed to the satisfaction of the authority. After execution of the ASA, the administrative agent shall initiate the administration of the program.

Historical Notes

Derived from VR400-02-0006 § 2, eff. July 1, 1989; amended, Volume 11, Issue 17, eff. May 1, 1995.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.