Statutes, codes, and regulations
Virginia Administrative Code
Title 13 - HOUSINGAgency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITYChapter 40 - RULES AND REGULATIONS FOR SINGLE FAMILY MORTGAGE LOANS TO PERSONS AND FAMILIES OF LOW AND MODERATE INCOME
Part II - Program Requirements
Section 13VAC10-40-60 - Eligible dwellings

13 Va. Admin. Code § 10-40-60

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Current through Register Vol. 41, No. 9, December 16, 2024
Section 13VAC10-40-60 - Eligible dwellings

In order to qualify as an eligible dwelling for which an authority loan may be made, the residence must:

1. Be located in the Commonwealth;
2. Be a single family detached residence, a single family attached residence, or one unit of a condominium meeting the requirements of the authority; and
3. Be owned or to be owned by the applicant in the form of fee simple interest.

The authority may decline to finance more than 25% of the units in any one condominium project, planned unit development (PUD), or subdivision if the executive director determines that financing additional units would be detrimental to the authority's financial interests after taking into consideration the current and expected demand and supply of housing in the applicable geographic region.

The authority may finance a dwelling located on land owned by a community land trust, provided that (i) the first mortgage loan is secured by a leasehold estate on the property owned by the community land trust and a fee simple interest in the improvements on the property; (ii) the dwelling and the first mortgage loan meet all applicable insurer, guarantor, or investor requirements; and (iii) the term of the leasehold estate created by the ground lease must extend for at least five years beyond the maturity date of the first mortgage loan.

13 Va. Admin. Code § 10-40-60

Derived from VR400-02-0003 § 2.2.2, eff. July 16, 1985; amended, Virginia Register Volume 2, Issue 3, eff. October 15, 1985; Volume 2, Issue 10, eff. January 21, 1986; Volume 2, Issue 18, eff. May 20, 1986; Volume 3, Issue 3, eff. December 10, 1986; Volume 3, Issue 23, eff. August 10, 1987; Volume 4, Issue 14, eff. March 16, 1988; Volume 5, Issue 3, eff. October 19, 1988; Volume 5, Issue 12, eff. March 1, 1989; Volume 5, Issue 21, eff. July 1, 1989; Volume 6, Issue 10, eff. January 16, 1990; Volume 7, Issue 10, eff. January 16, 1991; Volume 7, Issue 23, eff. July 18, 1991; Volume 8, Issue 6, eff. December 1, 1991; Volume 8, Issue 17, eff. April 23, 1992; Volume 9, Issue 20, eff. July 1, 1993; Volume 10, Issue 15, eff. March 16, 1994; Volume 10, Issue 21, eff. June 21, 1994; Volume 11, Issue 19, eff. June 1, 1995; Volume 19, Issue 25, eff. August 1, 2003; Volume 24, Issue 7, eff. November 13, 2007; Amended, Virginia Register Volume 35, Issue 14, eff. 3/4/2019.

Statutory Authority: § 36-55.30:3 of the Code of Virginia.