CODE OF VIRGINIA

POWER TO ENTER INTO AGREEMENTS WITH OWNERS OF HOUSING DEVELOPMENTS ELIGIBLE FOR
FEDERAL LOW-INCOME HOUSING CREDITS (§ 36-139.5)

The Department may enter into agreements with the owners of housing developments
which are or will be eligible for low-income housing credits under the United
States Internal Revenue Code.  Any such agreement shall contain covenants and
restrictions as shall be required by the United States Internal Revenue Code and
such other provisions as the Department shall deem necessary or appropriate. 
Any such agreement shall be enforceable in accordance with its terms in any
court of competent jurisdiction in the Commonwealth by the Department or by such
other persons as shall be specified in the United States Internal Revenue Code. 
Any such agreement, when duly recorded as a restrictive covenant among the land
records of the jurisdiction or jurisdictions in which the development is
located, shall run with the land and be binding on the successors and assigns of
the owner.  All references in this section to the United States Internal Revenue
Code shall include any amendments thereto and any regulations promulgated
thereunder, as the foregoing may be or become effective at any time.

HISTORY: 1992, c. 455.