There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Housing Partnership Revolving Fund," sums appropriated to theFund by the General Assembly, sums as may be allocated to the Commonwealthfor this purpose by the United States government, all receipts by the Fundfrom loans made by it to housing sponsors and persons and families of low andmoderate income, all income from the investment of moneys held in the Fund,and any other sums designated for deposit to the Fund from any source, publicor private. The Fund is created to address the serious shortage in theCommonwealth of safe and decent residential housing at prices that personsand families of low and moderate income can afford. Housing developments andhousing projects funded through the Fund are intended to provide additionalaffordable housing opportunities for low and moderate income Virginians, bypreserving existing housing units, by producing new housing units and byassisting persons with special needs to obtain adequate housing.
The Fund shall be administered and managed by the HDA as prescribed in thischapter. In order to carry out the administration and management of the Fund,the HDA is granted the power to employ officers, employees, agents, advisersand consultants, including, without limitation, attorneys, financialadvisers, public accountants, engineers and other technical advisers and, theprovisions of any other law to the contrary notwithstanding, to determinetheir duties and compensation without the approval of any other agency orinstrumentality. The HDA may disburse from the Fund its reasonable costs andexpenses incurred in the administration and management of the Fund and areasonable fee to be reviewed by the Board for its management services, whichfee shall not exceed such amount as would be customary and usual for theservices rendered.
There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Housing Partnership Revolving Fund," sums appropriated to theFund by the General Assembly, sums as may be allocated to the Commonwealthfor this purpose by the United States government, all receipts by the Fundfrom loans made by it to housing sponsors and persons and families of low andmoderate income, all income from the investment of moneys held in the Fund,and any other sums designated for deposit to the Fund from any source, publicor private. The Fund is created to address the serious shortage in theCommonwealth of safe and decent residential housing at prices that personsand families of low and moderate income can afford. Housing developments andhousing projects funded through the Fund are intended to provide additionalaffordable housing opportunities for low and moderate income Virginians, bypreserving existing housing units, by producing new housing units and byassisting persons with special needs to obtain adequate housing.
The Fund shall be administered and managed by the HDA as prescribed in thischapter. In order to carry out the administration and management of the Fund,the HDA is granted the power to employ officers, employees, agents, advisersand consultants, including, without limitation, attorneys, financialadvisers, public accountants, engineers and other technical advisers and, theprovisions of any other law to the contrary notwithstanding, to determinetheir duties and compensation without the approval of any other agency orinstrumentality. The HDA may disburse from the Fund its reasonable costs andexpenses incurred in the administration and management of the Fund and areasonable fee to be reviewed by the Board for its management services, whichfee shall not exceed such amount as would be customary and usual for theservices rendered.
There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Housing Partnership Revolving Fund," sums appropriated to theFund by the General Assembly, sums as may be allocated to the Commonwealthfor this purpose by the United States government, all receipts by the Fundfrom loans made by it to housing sponsors and persons and families of low andmoderate income, all income from the investment of moneys held in the Fund,and any other sums designated for deposit to the Fund from any source, publicor private. The Fund is created to address the serious shortage in theCommonwealth of safe and decent residential housing at prices that personsand families of low and moderate income can afford. Housing developments andhousing projects funded through the Fund are intended to provide additionalaffordable housing opportunities for low and moderate income Virginians, bypreserving existing housing units, by producing new housing units and byassisting persons with special needs to obtain adequate housing.
The Fund shall be administered and managed by the HDA as prescribed in thischapter. In order to carry out the administration and management of the Fund,the HDA is granted the power to employ officers, employees, agents, advisersand consultants, including, without limitation, attorneys, financialadvisers, public accountants, engineers and other technical advisers and, theprovisions of any other law to the contrary notwithstanding, to determinetheir duties and compensation without the approval of any other agency orinstrumentality. The HDA may disburse from the Fund its reasonable costs andexpenses incurred in the administration and management of the Fund and areasonable fee to be reviewed by the Board for its management services, whichfee shall not exceed such amount as would be customary and usual for theservices rendered.
