State Codes and Statutes
Statutes > Virginia > Title-36 > Chapter-1-2 > 36-55-34-2§ 36-55.34:2. Power to enter into agreements with owners of housingdevelopments eligible for federal low-income housing credits.
HDA may enter into agreements with the owners of housing developments whichare or will be eligible for low-income housing credits under the UnitedStates Internal Revenue Code. Any such agreement shall contain covenants andrestrictions as shall be required by the United States Internal Revenue Codeand such other provisions as HDA shall deem necessary or appropriate. Anysuch agreement shall be enforceable in accordance with its terms in any courtof competent jurisdiction in the Commonwealth by HDA or by such other personsas shall be specified in the United States Internal Revenue Code. Any suchagreement, when duly recorded as a restrictive covenant among the landrecords of the jurisdiction or jurisdictions in which the development islocated, shall run with the land and be binding on the successors and assignsof the owner. All references in this section to the United States InternalRevenue Code shall include any amendments thereto and any rules andregulations promulgated thereunder, as the foregoing may be or becomeeffective at any time.
(1990, c. 956.)
