{"law_id":"794316","section_number":"15.2-5003","catch_line":"Administration","history":"1987, c. 306, \u00a7 15.1-1399.15; 1995, c. 128; 1997, c. 587; 2008, c. 445; 2012, c. 239.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/15.2-5003\/","refers_to":[{"id":"783699","section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/"}],"url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003","structure":{"1":{"id":"2156","name":"Private Activity Bonds","identifier":"50","label":"chapter","url":"\/15.2\/IV\/50\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"794316","structure_id":"2156","full_text":"The Board of Housing and Community Development shall establish guidelines in accordance with this chapter that shall detail (i) the specific administrative policies, criteria, and procedures for the allocation to local housing authorities set forth in subdivision 1 of \u00a7 15.2-5002 and (ii) the administrative procedures for the state allocation set forth in subdivision 3 of \u00a7 15.2-5002. The Virginia Housing Development Authority shall administer its allocation set forth in subdivision 1 of \u00a7 15.2-5002 and shall use such allocation to finance loans for single family and multi-family housing in accordance with the policies, criteria, and procedures in its rules and regulations applicable to such loans, provided, however, that notwithstanding any other provision of this chapter, the Virginia Housing Development Authority may use any or all of its allocation of bond authority under \u00a7 15.2-5002 and any unused bond authority reallocated or continued to be allocated to the Virginia Housing Development Authority under \u00a7 15.2-5004 to issue mortgage credit certificates in accordance with (a) the provisions of \u00a7 25 of the United States Internal Revenue Code of 1986, as amended, and any successor provisions and (b) the policies, criteria, and procedures in its rules and regulations applicable to such certificates. The Virginia Small Business Financing Authority shall establish guidelines in accordance with this chapter which detail the specific administrative policies, criteria, and procedures for the use of the allocation for industrial development set forth in subdivision 2 of \u00a7 15.2-5002. Specific application, allocation, and reporting requirements shall be provided by the guidelines. The guidelines of the Board of Housing and Community Development and the Virginia Small Business Financing Authority shall be in accordance with the limitations and restrictions contained in federal law.","text":{"0":{"id":"2563847","text":"The Board of Housing and Community Development shall establish guidelines in accordance with this chapter that shall detail (i) the specific administrative policies, criteria, and procedures for the allocation to local housing authorities set forth in subdivision 1 of \u00a7 15.2-5002 and (ii) the administrative procedures for the state allocation set forth in subdivision 3 of \u00a7 15.2-5002. The Virginia Housing Development Authority shall administer its allocation set forth in subdivision 1 of \u00a7 15.2-5002 and shall use such allocation to finance loans for single family and multi-family housing in accordance with the policies, criteria, and procedures in its rules and regulations applicable to such loans, provided, however, that notwithstanding any other provision of this chapter, the Virginia Housing Development Authority may use any or all of its allocation of bond authority under \u00a7 15.2-5002 and any unused bond authority reallocated or continued to be allocated to the Virginia Housing Development Authority under \u00a7 15.2-5004 to issue mortgage credit certificates in accordance with (a) the provisions of \u00a7 25 of the United States Internal Revenue Code of 1986, as amended, and any successor provisions and (b) the policies, criteria, and procedures in its rules and regulations applicable to such certificates. The Virginia Small Business Financing Authority shall establish guidelines in accordance with this chapter which detail the specific administrative policies, criteria, and procedures for the use of the allocation for industrial development set forth in subdivision 2 of \u00a7 15.2-5002. Specific application, allocation, and reporting requirements shall be provided by the guidelines. The guidelines of the Board of Housing and Community Development and the Virginia Small Business Financing Authority shall be in accordance with the limitations and restrictions contained in federal law.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"2156","name":"Private Activity Bonds","identifier":"50","label":"chapter","url":"\/15.2\/IV\/50\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"structure_contents":{"0":{"id":"767988","structure_id":"2156","section_number":"15.2-5000","catch_line":"Definitions","url":"\/15.2-5000\/","token":"15.2\/IV\/50\/15.2-5000"},"1":{"id":"795432","structure_id":"2156","section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001"},"2":{"id":"794316","structure_id":"2156","section_number":"15.2-5003","catch_line":"Administration","url":"\/15.2-5003\/","token":"15.2\/IV\/50\/15.2-5003"},"3":{"id":"783699","structure_id":"2156","section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004"},"4":{"id":"785619","structure_id":"2156","section_number":"15.2-5005","catch_line":"Changes by the federal government","url":"\/15.2-5005\/","token":"15.2\/IV\/50\/15.2-5005"}},"previous_section":{"id":"795432","structure_id":"2156","section_number":"15.2-5001","catch_line":"Purpose of chapter","url":"\/15.2-5001\/","token":"15.2\/IV\/50\/15.2-5001"},"next_section":{"id":"783699","structure_id":"2156","section_number":"15.2-5004","catch_line":"Reallocation of bond authority","url":"\/15.2-5004\/","token":"15.2\/IV\/50\/15.2-5004"},"references":false,"formats":{"txt":"\/15.2-5003.txt","json":"\/15.2-5003.json","xml":"\/15.2-5003.xml"},"dublin_core":{"Title":"Administration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5003","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nADMINISTRATION (\u00a7 15.2-5003)\n\nThe Board of Housing and Community Development shall establish guidelines in\naccordance with this chapter that shall detail (i) the specific administrative\npolicies, criteria, and procedures for the allocation to local housing\nauthorities set forth in subdivision 1 of \u00a7 15.2-5002 and (ii) the\nadministrative procedures for the state allocation set forth in subdivision 3 of\n\u00a7 15.2-5002. The Virginia Housing Development Authority shall administer its\nallocation set forth in subdivision 1 of \u00a7 15.2-5002 and shall use such\nallocation to finance loans for single family and multi-family housing in\naccordance with the policies, criteria, and procedures in its rules and\nregulations applicable to such loans, provided, however, that notwithstanding\nany other provision of this chapter, the Virginia Housing Development Authority\nmay use any or all of its allocation of bond authority under \u00a7 15.2-5002 and\nany unused bond authority reallocated or continued to be allocated to the\nVirginia Housing Development Authority under \u00a7 15.2-5004 to issue mortgage\ncredit certificates in accordance with (a) the provisions of \u00a7 25 of the United\nStates Internal Revenue Code of 1986, as amended, and any successor provisions\nand (b) the policies, criteria, and procedures in its rules and regulations\napplicable to such certificates. The Virginia Small Business Financing Authority\nshall establish guidelines in accordance with this chapter which detail the\nspecific administrative policies, criteria, and procedures for the use of the\nallocation for industrial development set forth in subdivision 2 of \u00a7\n15.2-5002. Specific application, allocation, and reporting requirements shall be\nprovided by the guidelines. The guidelines of the Board of Housing and Community\nDevelopment and the Virginia Small Business Financing Authority shall be in\naccordance with the limitations and restrictions contained in federal law.\n\nHISTORY: 1987, c. 306, \u00a7 15.1-1399.15; 1995, c. 128; 1997, c. 587; 2008, c.\n445; 2012, c. 239."}