It is hereby declared: (i) that there exists within this Commonwealth aserious shortage of sanitary and safe residential housing at prices orrentals which persons and families of low and moderate income can afford;that this shortage has contributed to and will contribute to the creation andpersistence of substandard living conditions and is inimical to the health,welfare and prosperity of the residents of this Commonwealth; (ii) that it isimperative that the supply of residential housing for such persons andfamilies and for persons and families displaced by public actions or naturaldisaster be increased; (iii) that private enterprise and investment have beenunable, without assistance, to produce the needed construction orrehabilitation of sanitary and safe residential housing at prices or rentalswhich persons and families of low and moderate income can afford and toprovide sufficient long-term mortgage financing for residential housing foroccupancy by such persons and families; (iv) that a concentration of personsand families of low and moderate income even in standard structures does noteliminate undesirable social conditions; (v) that the governing body of acity or county may in its discretion determine that it is necessary to thepreservation of the financial viability of such city or county and thehealth, welfare and prosperity of its residents that the population of suchcity or county be maintained as economically mixed by providing housing forpersons and families of other than low and moderate income in order tobroaden the tax bases of such areas; (vi) that in providing sanitary and saferesidential housing at prices or rentals which persons and families of lowand moderate income can afford it may at times be necessary or desirable toprovide housing for persons and families of other than low and moderateincome; (vii) that it is critical to the success, prosperity and viability ofareas being revitalized that financing be made available for nonhousingbuildings that are incidental to residential housing for low and moderateincome persons and families and other persons and families in order toprovide products and services to those living in residential housing or thatare necessary or appropriate for the revitalization of such areas or for theindustrial, commercial or other economic development of such areas; (viii)that the financing of residential housing for low and moderate income personsand families and other persons and families may be appropriate to promote theindustrial, commercial or other economic development of certain areas in acity or the county by inducing manufacturing, industrial, commercial,governmental, educational, entertainment, community development, healthcareor nonprofit enterprises or undertakings to locate or remain in such area;and (ix) that private enterprise and investment be encouraged both to sponsorland development and build and rehabilitate residential housing for suchpersons and families of low and moderate income and to build housing whichwill prevent the recurrence of slum conditions by housing persons of variedeconomic means in the same projects or area, and that private financing besupplemented by financing as provided in this chapter in order to helpprevent the creation and recurrence of substandard living conditions and toassist in their permanent elimination throughout Virginia.
It is further declared that in order to provide a fully adequate supply ofsanitary and safe dwelling accommodations at rents, prices, or other costswhich such persons or families can afford and to stabilize or recover anappropriate economic mix in certain areas of the Commonwealth the legislaturefinds that it is necessary to create and establish a state housingdevelopment authority for the purpose of encouraging the investment ofprivate capital and stimulating the construction and rehabilitation ofresidential housing to meet the needs of such persons and families or tostabilize such areas through the use of public financing, to provideconstruction and mortgage loans and to make provision for the purchase ofmortgage loans and otherwise.
It is hereby further declared to be necessary and in the public interest thatsuch state housing development authority provide for predevelopment costs,temporary financing, land development expenses and residential housingconstruction or rehabilitation by private sponsors for sale or rental topersons and families of low and moderate income and others; further, toprovide mortgage financing for the purposes of supplying sanitary and safedwelling accommodations at rents, prices or other costs which such persons orfamilies can afford or of stabilizing urban areas, including withoutlimitation, long-term federally insured mortgages; further, in revitalizationareas designated in or pursuant to § 36-55.30:2, to provide financing fornonhousing buildings that are incidental to residential housing financed orto be financed in such areas pursuant to this chapter for low and moderateincome persons and families and for other persons and families or that arenecessary or appropriate for the revitalization of such areas or theindustrial, commercial or other economic development of such areas; further,to increase the construction and rehabilitation of low and moderate incomehousing through the purchase from mortgage lenders authorized to make loansin the Commonwealth of mortgage loans for residential housing for persons andfamilies of low and moderate income in this Commonwealth; further, toacquire, develop and own multifamily residential housing for occupancy bypersons and families of low and moderate income; further, to providetechnical, consultative and project assistance services to private sponsors;further, to assist in coordinating federal, state, regional and local publicand private efforts and resources; to guarantee to the extent provided hereinthe repayment of certain loans secured by residential mortgages; and further,to promote wise usage of land and other resources in order to preserve thequality of life we value so highly in Virginia.
It is hereby further declared that all of the foregoing are public purposesand uses for which public moneys may be borrowed, expended, advanced, loaned,or granted, and that such activities serve a public purpose in improving orotherwise benefiting the people of this Commonwealth; that the necessity ofenacting the provisions hereinafter set forth is in the public interest andis hereby so declared as a matter of express legislative determination.
(1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254; 2004,c. 187.)
It is hereby declared: (i) that there exists within this Commonwealth aserious shortage of sanitary and safe residential housing at prices orrentals which persons and families of low and moderate income can afford;that this shortage has contributed to and will contribute to the creation andpersistence of substandard living conditions and is inimical to the health,welfare and prosperity of the residents of this Commonwealth; (ii) that it isimperative that the supply of residential housing for such persons andfamilies and for persons and families displaced by public actions or naturaldisaster be increased; (iii) that private enterprise and investment have beenunable, without assistance, to produce the needed construction orrehabilitation of sanitary and safe residential housing at prices or rentalswhich persons and families of low and moderate income can afford and toprovide sufficient long-term mortgage financing for residential housing foroccupancy by such persons and families; (iv) that a concentration of personsand families of low and moderate income even in standard structures does noteliminate undesirable social conditions; (v) that the governing body of acity or county may in its discretion determine that it is necessary to thepreservation of the financial viability of such city or county and thehealth, welfare and prosperity of its residents that the population of suchcity or county be maintained as economically mixed by providing housing forpersons and families of other than low and moderate income in order tobroaden the tax bases of such areas; (vi) that in providing sanitary and saferesidential housing at prices or rentals which persons and families of lowand moderate income can afford it may at times be necessary or desirable toprovide housing for persons and families of other than low and moderateincome; (vii) that it is critical to the success, prosperity and viability ofareas being revitalized that financing be made available for nonhousingbuildings that are incidental to residential housing for low and moderateincome persons and families and other persons and families in order toprovide products and services to those living in residential housing or thatare necessary or appropriate for the revitalization of such areas or for theindustrial, commercial or other economic development of such areas; (viii)that the financing of residential housing for low and moderate income personsand families and other persons and families may be appropriate to promote theindustrial, commercial or other economic development of certain areas in acity or the county by inducing manufacturing, industrial, commercial,governmental, educational, entertainment, community development, healthcareor nonprofit enterprises or undertakings to locate or remain in such area;and (ix) that private enterprise and investment be encouraged both to sponsorland development and build and rehabilitate residential housing for suchpersons and families of low and moderate income and to build housing whichwill prevent the recurrence of slum conditions by housing persons of variedeconomic means in the same projects or area, and that private financing besupplemented by financing as provided in this chapter in order to helpprevent the creation and recurrence of substandard living conditions and toassist in their permanent elimination throughout Virginia.
It is further declared that in order to provide a fully adequate supply ofsanitary and safe dwelling accommodations at rents, prices, or other costswhich such persons or families can afford and to stabilize or recover anappropriate economic mix in certain areas of the Commonwealth the legislaturefinds that it is necessary to create and establish a state housingdevelopment authority for the purpose of encouraging the investment ofprivate capital and stimulating the construction and rehabilitation ofresidential housing to meet the needs of such persons and families or tostabilize such areas through the use of public financing, to provideconstruction and mortgage loans and to make provision for the purchase ofmortgage loans and otherwise.
It is hereby further declared to be necessary and in the public interest thatsuch state housing development authority provide for predevelopment costs,temporary financing, land development expenses and residential housingconstruction or rehabilitation by private sponsors for sale or rental topersons and families of low and moderate income and others; further, toprovide mortgage financing for the purposes of supplying sanitary and safedwelling accommodations at rents, prices or other costs which such persons orfamilies can afford or of stabilizing urban areas, including withoutlimitation, long-term federally insured mortgages; further, in revitalizationareas designated in or pursuant to § 36-55.30:2, to provide financing fornonhousing buildings that are incidental to residential housing financed orto be financed in such areas pursuant to this chapter for low and moderateincome persons and families and for other persons and families or that arenecessary or appropriate for the revitalization of such areas or theindustrial, commercial or other economic development of such areas; further,to increase the construction and rehabilitation of low and moderate incomehousing through the purchase from mortgage lenders authorized to make loansin the Commonwealth of mortgage loans for residential housing for persons andfamilies of low and moderate income in this Commonwealth; further, toacquire, develop and own multifamily residential housing for occupancy bypersons and families of low and moderate income; further, to providetechnical, consultative and project assistance services to private sponsors;further, to assist in coordinating federal, state, regional and local publicand private efforts and resources; to guarantee to the extent provided hereinthe repayment of certain loans secured by residential mortgages; and further,to promote wise usage of land and other resources in order to preserve thequality of life we value so highly in Virginia.
It is hereby further declared that all of the foregoing are public purposesand uses for which public moneys may be borrowed, expended, advanced, loaned,or granted, and that such activities serve a public purpose in improving orotherwise benefiting the people of this Commonwealth; that the necessity ofenacting the provisions hereinafter set forth is in the public interest andis hereby so declared as a matter of express legislative determination.
(1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254; 2004,c. 187.)
It is hereby declared: (i) that there exists within this Commonwealth aserious shortage of sanitary and safe residential housing at prices orrentals which persons and families of low and moderate income can afford;that this shortage has contributed to and will contribute to the creation andpersistence of substandard living conditions and is inimical to the health,welfare and prosperity of the residents of this Commonwealth; (ii) that it isimperative that the supply of residential housing for such persons andfamilies and for persons and families displaced by public actions or naturaldisaster be increased; (iii) that private enterprise and investment have beenunable, without assistance, to produce the needed construction orrehabilitation of sanitary and safe residential housing at prices or rentalswhich persons and families of low and moderate income can afford and toprovide sufficient long-term mortgage financing for residential housing foroccupancy by such persons and families; (iv) that a concentration of personsand families of low and moderate income even in standard structures does noteliminate undesirable social conditions; (v) that the governing body of acity or county may in its discretion determine that it is necessary to thepreservation of the financial viability of such city or county and thehealth, welfare and prosperity of its residents that the population of suchcity or county be maintained as economically mixed by providing housing forpersons and families of other than low and moderate income in order tobroaden the tax bases of such areas; (vi) that in providing sanitary and saferesidential housing at prices or rentals which persons and families of lowand moderate income can afford it may at times be necessary or desirable toprovide housing for persons and families of other than low and moderateincome; (vii) that it is critical to the success, prosperity and viability ofareas being revitalized that financing be made available for nonhousingbuildings that are incidental to residential housing for low and moderateincome persons and families and other persons and families in order toprovide products and services to those living in residential housing or thatare necessary or appropriate for the revitalization of such areas or for theindustrial, commercial or other economic development of such areas; (viii)that the financing of residential housing for low and moderate income personsand families and other persons and families may be appropriate to promote theindustrial, commercial or other economic development of certain areas in acity or the county by inducing manufacturing, industrial, commercial,governmental, educational, entertainment, community development, healthcareor nonprofit enterprises or undertakings to locate or remain in such area;and (ix) that private enterprise and investment be encouraged both to sponsorland development and build and rehabilitate residential housing for suchpersons and families of low and moderate income and to build housing whichwill prevent the recurrence of slum conditions by housing persons of variedeconomic means in the same projects or area, and that private financing besupplemented by financing as provided in this chapter in order to helpprevent the creation and recurrence of substandard living conditions and toassist in their permanent elimination throughout Virginia.
It is further declared that in order to provide a fully adequate supply ofsanitary and safe dwelling accommodations at rents, prices, or other costswhich such persons or families can afford and to stabilize or recover anappropriate economic mix in certain areas of the Commonwealth the legislaturefinds that it is necessary to create and establish a state housingdevelopment authority for the purpose of encouraging the investment ofprivate capital and stimulating the construction and rehabilitation ofresidential housing to meet the needs of such persons and families or tostabilize such areas through the use of public financing, to provideconstruction and mortgage loans and to make provision for the purchase ofmortgage loans and otherwise.
It is hereby further declared to be necessary and in the public interest thatsuch state housing development authority provide for predevelopment costs,temporary financing, land development expenses and residential housingconstruction or rehabilitation by private sponsors for sale or rental topersons and families of low and moderate income and others; further, toprovide mortgage financing for the purposes of supplying sanitary and safedwelling accommodations at rents, prices or other costs which such persons orfamilies can afford or of stabilizing urban areas, including withoutlimitation, long-term federally insured mortgages; further, in revitalizationareas designated in or pursuant to § 36-55.30:2, to provide financing fornonhousing buildings that are incidental to residential housing financed orto be financed in such areas pursuant to this chapter for low and moderateincome persons and families and for other persons and families or that arenecessary or appropriate for the revitalization of such areas or theindustrial, commercial or other economic development of such areas; further,to increase the construction and rehabilitation of low and moderate incomehousing through the purchase from mortgage lenders authorized to make loansin the Commonwealth of mortgage loans for residential housing for persons andfamilies of low and moderate income in this Commonwealth; further, toacquire, develop and own multifamily residential housing for occupancy bypersons and families of low and moderate income; further, to providetechnical, consultative and project assistance services to private sponsors;further, to assist in coordinating federal, state, regional and local publicand private efforts and resources; to guarantee to the extent provided hereinthe repayment of certain loans secured by residential mortgages; and further,to promote wise usage of land and other resources in order to preserve thequality of life we value so highly in Virginia.
It is hereby further declared that all of the foregoing are public purposesand uses for which public moneys may be borrowed, expended, advanced, loaned,or granted, and that such activities serve a public purpose in improving orotherwise benefiting the people of this Commonwealth; that the necessity ofenacting the provisions hereinafter set forth is in the public interest andis hereby so declared as a matter of express legislative determination.
(1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254; 2004,c. 187.)
