As used in this chapter the following words and terms have the followingmeanings, unless a different meaning clearly appears from the context:
"Bonds," "notes," "bond anticipation notes," and "other obligations"mean any bonds, notes, debentures, interim certificates or other evidences offinancial indebtedness issued by HDA pursuant to this chapter.
"City" means any city or town in the Commonwealth.
"County" means any county in the Commonwealth.
"Earned surplus" shall have the same meaning as in generally acceptedaccounting standards.
"Economically mixed project" means residential housing or housingdevelopment, which may consist of one or more buildings located on contiguousor noncontiguous parcels that the HDA determines to finance as a singleeconomically mixed project, to be occupied by persons and families of low andmoderate income and by other persons and families as the HDA shall determine.
"Federal government" means the United States of America or any agency orinstrumentality, corporate or otherwise, of the United States of America.
"Federally insured mortgage" means a mortgage loan for land development forresidential housing or residential housing insured or guaranteed by theUnited States or an instrumentality thereof, or a commitment by the UnitedStates or an instrumentality thereof to insure such a mortgage.
"Federal mortgage" means a mortgage loan for land development forresidential housing or residential housing made by the United States or aninstrumentality thereof or for which there is a commitment by the UnitedStates of America or an instrumentality thereof to make such a mortgage loan.
"HDA" means the Virginia Housing Development Authority created andestablished pursuant to § 36-55.27 of this chapter.
"Housing development costs" means the sum total of all costs incurred inthe development of a housing development, which are approved by the HDA asreasonable and necessary, which costs shall include, but are not necessarilylimited to: fair value of land owned by the sponsor, or cost of landacquisition and any buildings thereon, including payments for options,deposits, or contracts to purchase properties on the proposed housing site orpayments for the purchase of such properties; cost of site preparation,demolition and development; architecture, engineering, legal, accounting,HDA, and other fees paid or payable in connection with the planning,execution and financing of the housing development; cost of necessarystudies, surveys, plans and permits; insurance, interest; financing, tax andassessment costs and other operating and carrying costs during construction;cost of construction, rehabilitation, reconstruction, fixtures, furnishings,equipment, machinery and apparatus related to the real property; cost of landimprovements, including without limitation, landscaping and off-siteimprovements, whether or not such costs have been paid in cash or in a formother than cash; necessary expenses in connection with initial occupancy ofthe housing development; a reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profithousing sponsor; an allowance established by HDA for working capital andcontingency reserves, and reserves for any anticipated operating deficitsduring the first two years of occupancy; in the case of an economically mixedproject within a revitalization area designated in or pursuant to §36-55.30:2, the costs of any nonhousing buildings that are financed inconjunction with such project and that are incidental to such project or aredetermined by such governing body to be necessary or appropriate for therevitalization of such area or for the industrial, commercial or othereconomic development of such area; the cost of such other items, includingtenant relocation, if such tenant relocation costs are not otherwise beingprovided for, as HDA shall determine to be reasonable and necessary for thedevelopment of the housing development, less any and all net rents and othernet revenues received from the operation of the real and personal property onthe development site during construction.
"Housing development" or "housing project" means any work or undertaking,whether new construction or rehabilitation, which is designed and financedpursuant to the provisions of this chapter for the primary purpose ofproviding sanitary, decent and safe dwelling accommodations for persons andfamilies of low or moderate income in need of housing and, in the case of aneconomically mixed project, other persons and families; such undertaking mayinclude any buildings, land, equipment, facilities, or other real or personalproperties which are necessary, convenient, or desirable appurtenances, suchas but not limited to streets, sewers, utilities, parks, site preparation,landscaping, and such offices, and other nonhousing facilities incidental orrelated to such development or project such as administrative, community,health, nursing care, medical, educational and recreational facilities as HDAdetermines to be necessary, convenient or desirable. For the purposes of thischapter, medical and related facilities for the residence and care of theaged shall be deemed to be dwelling accommodations.
"Housing sponsor" means individuals, joint ventures, partnerships, limitedpartnerships, public bodies, trusts, firms, associations, or other legalentities or any combination thereof, corporations, cooperatives andcondominiums, approved by HDA as qualified either to own, construct, acquire,rehabilitate, operate, manage or maintain a housing development whethernonprofit or organized for limited profit subject to the regulatory powers ofHDA and other terms and conditions set forth in this chapter.
"Land development" means the process of acquiring land for residentialhousing construction, and of making, installing, or constructingnonresidential housing improvements, including, without limitation,waterlines and water supply installations, sewer lines and sewage disposaland treatment installations, steam, gas and electric lines and installations,roads, streets, curbs, gutters, sidewalks, storm drainage facilities, otherrelated pollution control facilities, and other installations or works,whether on or off the site, which HDA deems necessary or desirable to preparesuch land primarily for residential housing construction within thisCommonwealth.
"Mortgage" means a mortgage deed, deed of trust, or other securityinstrument which shall constitute a lien in the Commonwealth on improvementsand real property in fee simple, on a leasehold under a lease having aremaining term, which at the time such mortgage is acquired does not expirefor at least that number of years beyond the maturity date of theinterest-bearing obligation secured by such mortgage as is equal to thenumber of years remaining until the maturity date of such obligation or onpersonal property, contract rights or other assets.
"Mortgage lender" means any bank or trust company, mortgage banker approvedby the Federal National Mortgage Association, savings bank, national bankingassociation, savings and loan association, or building and loan association,life insurance company, the federal government or other financialinstitutions or government agencies which are authorized to and customarilyprovide service or otherwise aid in the financing of mortgages on residentialhousing located in the Commonwealth for persons and families of low ormoderate income.
"Mortgage loan" means an interest-bearing obligation secured by a mortgage.
"Multifamily residential housing" means residential housing other thansingle-family residential housing, as hereinafter defined.
"Municipality" means any city, town, county or other political subdivisionof this Commonwealth.
"Nonhousing building" means a building or portion thereof and any relatedimprovements and facilities used or to be used for manufacturing, industrial,commercial, governmental, educational, entertainment, community development,healthcare or nonprofit enterprises or undertakings other than residentialhousing.
"Persons and families of low and moderate income" means persons andfamilies, irrespective of race, creed, national origin or sex, determined bythe HDA to require such assistance as is made available by this chapter onaccount of insufficient personal or family income taking into consideration,without limitation, such factors as follows: (i) the amount of the totalincome of such persons and families available for housing needs, (ii) thesize of the family, (iii) the cost and condition of housing facilitiesavailable, (iv) the ability of such persons and families to competesuccessfully in the normal private housing market and to pay the amounts atwhich private enterprise is providing sanitary, decent and safe housing, and(v) if appropriate, standards established for various federal programsdetermining eligibility based on income of such persons and families.
"Real property" means all lands, including improvements and fixturesthereon, and property of any nature appurtenant thereto, or used inconnection therewith, and every estate, interest and right, legal orequitable, therein, including terms for years and liens by way of judgment,mortgage or otherwise and the indebtedness secured by such liens.
"Residential housing" means a specific work or improvement within thisCommonwealth, whether multifamily residential housing or single-familyresidential housing undertaken primarily to provide dwelling accommodations,including the acquisition, construction, rehabilitation, preservation orimprovement of land, buildings and improvements thereto, for residentialhousing, and such other nonhousing facilities as may be incidental, related,or appurtenant thereto. For the purposes of this chapter, medical and relatedfacilities for the residence and care of the aged shall be deemed to bedwelling accommodations.
"Single-family residential housing" means residential housing consisting offour or fewer dwelling units, the person or family owning or intending toacquire such dwelling units, upon completion of the construction,rehabilitation or improvement thereof, also occupying or intending to occupyone of such dwelling units.
(1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498; 2004,c. 187.)
As used in this chapter the following words and terms have the followingmeanings, unless a different meaning clearly appears from the context:
"Bonds," "notes," "bond anticipation notes," and "other obligations"mean any bonds, notes, debentures, interim certificates or other evidences offinancial indebtedness issued by HDA pursuant to this chapter.
"City" means any city or town in the Commonwealth.
"County" means any county in the Commonwealth.
"Earned surplus" shall have the same meaning as in generally acceptedaccounting standards.
"Economically mixed project" means residential housing or housingdevelopment, which may consist of one or more buildings located on contiguousor noncontiguous parcels that the HDA determines to finance as a singleeconomically mixed project, to be occupied by persons and families of low andmoderate income and by other persons and families as the HDA shall determine.
"Federal government" means the United States of America or any agency orinstrumentality, corporate or otherwise, of the United States of America.
"Federally insured mortgage" means a mortgage loan for land development forresidential housing or residential housing insured or guaranteed by theUnited States or an instrumentality thereof, or a commitment by the UnitedStates or an instrumentality thereof to insure such a mortgage.
"Federal mortgage" means a mortgage loan for land development forresidential housing or residential housing made by the United States or aninstrumentality thereof or for which there is a commitment by the UnitedStates of America or an instrumentality thereof to make such a mortgage loan.
"HDA" means the Virginia Housing Development Authority created andestablished pursuant to § 36-55.27 of this chapter.
"Housing development costs" means the sum total of all costs incurred inthe development of a housing development, which are approved by the HDA asreasonable and necessary, which costs shall include, but are not necessarilylimited to: fair value of land owned by the sponsor, or cost of landacquisition and any buildings thereon, including payments for options,deposits, or contracts to purchase properties on the proposed housing site orpayments for the purchase of such properties; cost of site preparation,demolition and development; architecture, engineering, legal, accounting,HDA, and other fees paid or payable in connection with the planning,execution and financing of the housing development; cost of necessarystudies, surveys, plans and permits; insurance, interest; financing, tax andassessment costs and other operating and carrying costs during construction;cost of construction, rehabilitation, reconstruction, fixtures, furnishings,equipment, machinery and apparatus related to the real property; cost of landimprovements, including without limitation, landscaping and off-siteimprovements, whether or not such costs have been paid in cash or in a formother than cash; necessary expenses in connection with initial occupancy ofthe housing development; a reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profithousing sponsor; an allowance established by HDA for working capital andcontingency reserves, and reserves for any anticipated operating deficitsduring the first two years of occupancy; in the case of an economically mixedproject within a revitalization area designated in or pursuant to §36-55.30:2, the costs of any nonhousing buildings that are financed inconjunction with such project and that are incidental to such project or aredetermined by such governing body to be necessary or appropriate for therevitalization of such area or for the industrial, commercial or othereconomic development of such area; the cost of such other items, includingtenant relocation, if such tenant relocation costs are not otherwise beingprovided for, as HDA shall determine to be reasonable and necessary for thedevelopment of the housing development, less any and all net rents and othernet revenues received from the operation of the real and personal property onthe development site during construction.
"Housing development" or "housing project" means any work or undertaking,whether new construction or rehabilitation, which is designed and financedpursuant to the provisions of this chapter for the primary purpose ofproviding sanitary, decent and safe dwelling accommodations for persons andfamilies of low or moderate income in need of housing and, in the case of aneconomically mixed project, other persons and families; such undertaking mayinclude any buildings, land, equipment, facilities, or other real or personalproperties which are necessary, convenient, or desirable appurtenances, suchas but not limited to streets, sewers, utilities, parks, site preparation,landscaping, and such offices, and other nonhousing facilities incidental orrelated to such development or project such as administrative, community,health, nursing care, medical, educational and recreational facilities as HDAdetermines to be necessary, convenient or desirable. For the purposes of thischapter, medical and related facilities for the residence and care of theaged shall be deemed to be dwelling accommodations.
"Housing sponsor" means individuals, joint ventures, partnerships, limitedpartnerships, public bodies, trusts, firms, associations, or other legalentities or any combination thereof, corporations, cooperatives andcondominiums, approved by HDA as qualified either to own, construct, acquire,rehabilitate, operate, manage or maintain a housing development whethernonprofit or organized for limited profit subject to the regulatory powers ofHDA and other terms and conditions set forth in this chapter.
"Land development" means the process of acquiring land for residentialhousing construction, and of making, installing, or constructingnonresidential housing improvements, including, without limitation,waterlines and water supply installations, sewer lines and sewage disposaland treatment installations, steam, gas and electric lines and installations,roads, streets, curbs, gutters, sidewalks, storm drainage facilities, otherrelated pollution control facilities, and other installations or works,whether on or off the site, which HDA deems necessary or desirable to preparesuch land primarily for residential housing construction within thisCommonwealth.
"Mortgage" means a mortgage deed, deed of trust, or other securityinstrument which shall constitute a lien in the Commonwealth on improvementsand real property in fee simple, on a leasehold under a lease having aremaining term, which at the time such mortgage is acquired does not expirefor at least that number of years beyond the maturity date of theinterest-bearing obligation secured by such mortgage as is equal to thenumber of years remaining until the maturity date of such obligation or onpersonal property, contract rights or other assets.
"Mortgage lender" means any bank or trust company, mortgage banker approvedby the Federal National Mortgage Association, savings bank, national bankingassociation, savings and loan association, or building and loan association,life insurance company, the federal government or other financialinstitutions or government agencies which are authorized to and customarilyprovide service or otherwise aid in the financing of mortgages on residentialhousing located in the Commonwealth for persons and families of low ormoderate income.
"Mortgage loan" means an interest-bearing obligation secured by a mortgage.
"Multifamily residential housing" means residential housing other thansingle-family residential housing, as hereinafter defined.
"Municipality" means any city, town, county or other political subdivisionof this Commonwealth.
"Nonhousing building" means a building or portion thereof and any relatedimprovements and facilities used or to be used for manufacturing, industrial,commercial, governmental, educational, entertainment, community development,healthcare or nonprofit enterprises or undertakings other than residentialhousing.
"Persons and families of low and moderate income" means persons andfamilies, irrespective of race, creed, national origin or sex, determined bythe HDA to require such assistance as is made available by this chapter onaccount of insufficient personal or family income taking into consideration,without limitation, such factors as follows: (i) the amount of the totalincome of such persons and families available for housing needs, (ii) thesize of the family, (iii) the cost and condition of housing facilitiesavailable, (iv) the ability of such persons and families to competesuccessfully in the normal private housing market and to pay the amounts atwhich private enterprise is providing sanitary, decent and safe housing, and(v) if appropriate, standards established for various federal programsdetermining eligibility based on income of such persons and families.
"Real property" means all lands, including improvements and fixturesthereon, and property of any nature appurtenant thereto, or used inconnection therewith, and every estate, interest and right, legal orequitable, therein, including terms for years and liens by way of judgment,mortgage or otherwise and the indebtedness secured by such liens.
"Residential housing" means a specific work or improvement within thisCommonwealth, whether multifamily residential housing or single-familyresidential housing undertaken primarily to provide dwelling accommodations,including the acquisition, construction, rehabilitation, preservation orimprovement of land, buildings and improvements thereto, for residentialhousing, and such other nonhousing facilities as may be incidental, related,or appurtenant thereto. For the purposes of this chapter, medical and relatedfacilities for the residence and care of the aged shall be deemed to bedwelling accommodations.
"Single-family residential housing" means residential housing consisting offour or fewer dwelling units, the person or family owning or intending toacquire such dwelling units, upon completion of the construction,rehabilitation or improvement thereof, also occupying or intending to occupyone of such dwelling units.
(1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498; 2004,c. 187.)
As used in this chapter the following words and terms have the followingmeanings, unless a different meaning clearly appears from the context:
"Bonds," "notes," "bond anticipation notes," and "other obligations"mean any bonds, notes, debentures, interim certificates or other evidences offinancial indebtedness issued by HDA pursuant to this chapter.
"City" means any city or town in the Commonwealth.
"County" means any county in the Commonwealth.
"Earned surplus" shall have the same meaning as in generally acceptedaccounting standards.
"Economically mixed project" means residential housing or housingdevelopment, which may consist of one or more buildings located on contiguousor noncontiguous parcels that the HDA determines to finance as a singleeconomically mixed project, to be occupied by persons and families of low andmoderate income and by other persons and families as the HDA shall determine.
"Federal government" means the United States of America or any agency orinstrumentality, corporate or otherwise, of the United States of America.
"Federally insured mortgage" means a mortgage loan for land development forresidential housing or residential housing insured or guaranteed by theUnited States or an instrumentality thereof, or a commitment by the UnitedStates or an instrumentality thereof to insure such a mortgage.
"Federal mortgage" means a mortgage loan for land development forresidential housing or residential housing made by the United States or aninstrumentality thereof or for which there is a commitment by the UnitedStates of America or an instrumentality thereof to make such a mortgage loan.
"HDA" means the Virginia Housing Development Authority created andestablished pursuant to § 36-55.27 of this chapter.
"Housing development costs" means the sum total of all costs incurred inthe development of a housing development, which are approved by the HDA asreasonable and necessary, which costs shall include, but are not necessarilylimited to: fair value of land owned by the sponsor, or cost of landacquisition and any buildings thereon, including payments for options,deposits, or contracts to purchase properties on the proposed housing site orpayments for the purchase of such properties; cost of site preparation,demolition and development; architecture, engineering, legal, accounting,HDA, and other fees paid or payable in connection with the planning,execution and financing of the housing development; cost of necessarystudies, surveys, plans and permits; insurance, interest; financing, tax andassessment costs and other operating and carrying costs during construction;cost of construction, rehabilitation, reconstruction, fixtures, furnishings,equipment, machinery and apparatus related to the real property; cost of landimprovements, including without limitation, landscaping and off-siteimprovements, whether or not such costs have been paid in cash or in a formother than cash; necessary expenses in connection with initial occupancy ofthe housing development; a reasonable profit and risk fee in addition to joboverhead to the general contractor and, if applicable, a limited profithousing sponsor; an allowance established by HDA for working capital andcontingency reserves, and reserves for any anticipated operating deficitsduring the first two years of occupancy; in the case of an economically mixedproject within a revitalization area designated in or pursuant to §36-55.30:2, the costs of any nonhousing buildings that are financed inconjunction with such project and that are incidental to such project or aredetermined by such governing body to be necessary or appropriate for therevitalization of such area or for the industrial, commercial or othereconomic development of such area; the cost of such other items, includingtenant relocation, if such tenant relocation costs are not otherwise beingprovided for, as HDA shall determine to be reasonable and necessary for thedevelopment of the housing development, less any and all net rents and othernet revenues received from the operation of the real and personal property onthe development site during construction.
"Housing development" or "housing project" means any work or undertaking,whether new construction or rehabilitation, which is designed and financedpursuant to the provisions of this chapter for the primary purpose ofproviding sanitary, decent and safe dwelling accommodations for persons andfamilies of low or moderate income in need of housing and, in the case of aneconomically mixed project, other persons and families; such undertaking mayinclude any buildings, land, equipment, facilities, or other real or personalproperties which are necessary, convenient, or desirable appurtenances, suchas but not limited to streets, sewers, utilities, parks, site preparation,landscaping, and such offices, and other nonhousing facilities incidental orrelated to such development or project such as administrative, community,health, nursing care, medical, educational and recreational facilities as HDAdetermines to be necessary, convenient or desirable. For the purposes of thischapter, medical and related facilities for the residence and care of theaged shall be deemed to be dwelling accommodations.
"Housing sponsor" means individuals, joint ventures, partnerships, limitedpartnerships, public bodies, trusts, firms, associations, or other legalentities or any combination thereof, corporations, cooperatives andcondominiums, approved by HDA as qualified either to own, construct, acquire,rehabilitate, operate, manage or maintain a housing development whethernonprofit or organized for limited profit subject to the regulatory powers ofHDA and other terms and conditions set forth in this chapter.
"Land development" means the process of acquiring land for residentialhousing construction, and of making, installing, or constructingnonresidential housing improvements, including, without limitation,waterlines and water supply installations, sewer lines and sewage disposaland treatment installations, steam, gas and electric lines and installations,roads, streets, curbs, gutters, sidewalks, storm drainage facilities, otherrelated pollution control facilities, and other installations or works,whether on or off the site, which HDA deems necessary or desirable to preparesuch land primarily for residential housing construction within thisCommonwealth.
"Mortgage" means a mortgage deed, deed of trust, or other securityinstrument which shall constitute a lien in the Commonwealth on improvementsand real property in fee simple, on a leasehold under a lease having aremaining term, which at the time such mortgage is acquired does not expirefor at least that number of years beyond the maturity date of theinterest-bearing obligation secured by such mortgage as is equal to thenumber of years remaining until the maturity date of such obligation or onpersonal property, contract rights or other assets.
"Mortgage lender" means any bank or trust company, mortgage banker approvedby the Federal National Mortgage Association, savings bank, national bankingassociation, savings and loan association, or building and loan association,life insurance company, the federal government or other financialinstitutions or government agencies which are authorized to and customarilyprovide service or otherwise aid in the financing of mortgages on residentialhousing located in the Commonwealth for persons and families of low ormoderate income.
"Mortgage loan" means an interest-bearing obligation secured by a mortgage.
"Multifamily residential housing" means residential housing other thansingle-family residential housing, as hereinafter defined.
"Municipality" means any city, town, county or other political subdivisionof this Commonwealth.
"Nonhousing building" means a building or portion thereof and any relatedimprovements and facilities used or to be used for manufacturing, industrial,commercial, governmental, educational, entertainment, community development,healthcare or nonprofit enterprises or undertakings other than residentialhousing.
"Persons and families of low and moderate income" means persons andfamilies, irrespective of race, creed, national origin or sex, determined bythe HDA to require such assistance as is made available by this chapter onaccount of insufficient personal or family income taking into consideration,without limitation, such factors as follows: (i) the amount of the totalincome of such persons and families available for housing needs, (ii) thesize of the family, (iii) the cost and condition of housing facilitiesavailable, (iv) the ability of such persons and families to competesuccessfully in the normal private housing market and to pay the amounts atwhich private enterprise is providing sanitary, decent and safe housing, and(v) if appropriate, standards established for various federal programsdetermining eligibility based on income of such persons and families.
"Real property" means all lands, including improvements and fixturesthereon, and property of any nature appurtenant thereto, or used inconnection therewith, and every estate, interest and right, legal orequitable, therein, including terms for years and liens by way of judgment,mortgage or otherwise and the indebtedness secured by such liens.
"Residential housing" means a specific work or improvement within thisCommonwealth, whether multifamily residential housing or single-familyresidential housing undertaken primarily to provide dwelling accommodations,including the acquisition, construction, rehabilitation, preservation orimprovement of land, buildings and improvements thereto, for residentialhousing, and such other nonhousing facilities as may be incidental, related,or appurtenant thereto. For the purposes of this chapter, medical and relatedfacilities for the residence and care of the aged shall be deemed to bedwelling accommodations.
"Single-family residential housing" means residential housing consisting offour or fewer dwelling units, the person or family owning or intending toacquire such dwelling units, upon completion of the construction,rehabilitation or improvement thereof, also occupying or intending to occupyone of such dwelling units.
(1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498; 2004,c. 187.)
