State Codes and Statutes
Statutes > Virginia > Title-36 > Chapter-1 > 36-21§ 36-21. Housing projects not to be operated for profit.
It is hereby declared to be the policy of this Commonwealth that each housingauthority shall manage and operate its housing projects in an efficientmanner so as to enable it to fix the rentals for dwelling accommodations atthe lowest possible rates consistent with such authority providing decent,safe and sanitary dwelling accommodations, and that no housing authorityshall construct or operate any such project for profit, or as a source ofrevenue to the city or the county. To this end an authority shall fix therentals for dwellings in its projects at no higher rates than it shall findto be necessary in order to produce revenues which (together with all otheravailable moneys, revenues, income and receipts of the authority fromwhatever sources derived) will be sufficient (a) to meet the cost of, and toprovide for, maintaining and operating the projects (including the cost ofany insurance) and the administrative expenses of the authority; (b) to pay,as the same become due, the principal and interest on the bonds of theauthority; (c) to provide a margin of safety for making such payments ofprincipal and interest; and (d) to create and maintain a reserve sufficientto ensure the authority can pay the principal of and the interest on thebonds of the authority as the same shall come due.
(1938, p. 452; Michie Code 1942, § 3145(9); 1975, c. 78.)
