CODE OF VIRGINIA

DEFINITIONS (§ 36-55.26)

As used in this chapter the following words and terms have the following
meanings, unless a different meaning clearly appears from the
context:”Bonds,” “notes,” “bond anticipation
notes,” and “other obligations” mean any bonds, notes,
debentures, interim certificates or other evidences of financial indebtedness
issued by HDA pursuant to this chapter.”City” means any city or town
in the Commonwealth.”County” means any county in the
Commonwealth.”Earned surplus” shall have the same meaning as in
generally accepted accounting standards.”Economically mixed project”
means residential housing or housing development, which may consist of one or
more buildings located on contiguous or noncontiguous parcels that the HDA
determines to finance as a single economically mixed project, to be occupied by
persons and families of low and moderate income and by other persons and
families as the HDA shall determine.”Federal government” means the
United States of America or any agency or instrumentality, corporate or
otherwise, of the United States of America.”Federal mortgage” means
a mortgage loan for land development for residential housing or residential
housing made by the United States or an instrumentality thereof or for which
there is a commitment by the United States of America or an instrumentality
thereof to make such a mortgage loan.”Federally insured mortgage”
means a mortgage loan for land development for residential housing or
residential housing insured or guaranteed by the United States or an
instrumentality thereof, or a commitment by the United States or an
instrumentality thereof to insure such a mortgage.”HDA” means the
Virginia Housing Development Authority created and established pursuant to §
36-55.27 of this chapter.”Housing development costs” means the sum
total of all costs incurred in the development of a housing development, which
are approved by the HDA as reasonable and necessary, which costs shall include,
but are not necessarily limited to: fair value of land owned by the sponsor, or
cost of land acquisition and any buildings thereon, including payments for
options, deposits, or contracts to purchase properties on the proposed housing
site or payments for the purchase of such properties; cost of site preparation,
demolition and development; architecture, engineering, legal, accounting, HDA,
and other fees paid or payable in connection with the planning, execution and
financing of the housing development; cost of necessary studies, surveys, plans
and permits; insurance, interest; financing, tax and assessment costs and other
operating and carrying costs during construction; cost of construction,
rehabilitation, reconstruction, fixtures, furnishings, equipment, machinery and
apparatus related to the real property; cost of land improvements, including
without limitation, landscaping and off-site improvements, whether or not such
costs have been paid in cash or in a form other than cash; necessary expenses in
connection with initial occupancy of the housing development; a reasonable
profit and risk fee in addition to job overhead to the general contractor and,
if applicable, a limited profit housing sponsor; an allowance established by HDA
for working capital and contingency reserves, and reserves for any anticipated
operating deficits during the first two years of occupancy; in the case of an
economically mixed project within a revitalization area designated in or
pursuant to § 36-55.30:2, the costs of any nonhousing buildings that are
financed in conjunction with such project and that are incidental to such
project or are determined by such governing body to be necessary or appropriate
for the revitalization of such area or for the industrial, commercial or other
economic development of such area; the cost of such other items, including
tenant relocation, if such tenant relocation costs are not otherwise being
provided for, as HDA shall determine to be reasonable and necessary for the
development of the housing development, less any and all net rents and other net
revenues received from the operation of the real and personal property on the
development site during construction.”Housing development” or
“housing project” means any work or undertaking, whether new
construction or rehabilitation, which is designed and financed pursuant to the
provisions of this chapter for the primary purpose of providing sanitary,
decent, and safe dwelling accommodations for persons and families of low or
moderate income in need of housing and, in the case of an economically mixed
project, other persons and families; such undertaking may include any buildings,
land, equipment, facilities, or other real or personal properties which are
necessary, convenient, or desirable appurtenances, such as but not limited to
streets, sewers, utilities, parks, site preparation, landscaping, and such
offices, and other nonhousing facilities incidental or related to such
development or project such as administrative, community, health, nursing care,
medical, educational and recreational facilities as HDA determines to be
necessary, convenient, or desirable. For the purposes of this chapter, medical
and related facilities for the residence and care of the aged shall be deemed to
be dwelling accommodations.”Housing lender” means any bank or trust
company, mortgage banker approved by the Federal National Mortgage Association,
savings bank, national banking association, savings and loan association or
building and loan association, mortgage broker, mortgage company, mortgage
lender, life insurance company, credit union, agency or authority of the
Commonwealth or any other state, or locality authorized to finance housing loans
on properties located in or outside of the Commonwealth to persons and families
of any income.”Housing sponsor” means individuals, joint ventures,
partnerships, limited partnerships, public bodies, trusts, firms, associations,
or other legal entities or any combination thereof, corporations, cooperatives
and condominiums, approved by HDA as qualified either to own, construct,
acquire, rehabilitate, operate, manage or maintain a housing development whether
nonprofit or organized for limited profit subject to the regulatory powers of
HDA and other terms and conditions set forth in this chapter.”Land
development” means the process of acquiring land for residential housing
construction, and of making, installing, or constructing nonresidential housing
improvements, including, without limitation, waterlines and water supply
installations, sewer lines and sewage disposal and treatment installations,
steam, gas and electric lines and installations, roads, streets, curbs, gutters,
sidewalks, storm drainage facilities, other related pollution control
facilities, and other installations or works, whether on or off the site, which
HDA deems necessary or desirable to prepare such land primarily for residential
housing construction within the Commonwealth.”Loan servicer” means
any person who, on behalf of a housing lender, collects or receives payments,
including payments of principal, interest, escrow amounts, and other amounts
due, on obligations due and owing to the housing lender pursuant to a
residential mortgage loan or who, when the borrower is in default or in
foreseeable likelihood of default, works on behalf of the housing lender with
the borrower to modify or refinance, either temporarily or permanently, the
obligations in order to avoid foreclosure or otherwise to finalize collection
through the foreclosure process.”Mortgage” means a mortgage deed,
deed of trust, or other security instrument which shall constitute a lien in the
Commonwealth on improvements and real property in fee simple, on a leasehold
under a lease having a remaining term, which at the time such mortgage is
acquired does not expire for at least that number of years beyond the maturity
date of the interest-bearing obligation secured by such mortgage as is equal to
the number of years remaining until the maturity date of such obligation or on
personal property, contract rights or other assets.”Mortgage lender”
means any bank or trust company, mortgage banker approved by the Federal
National Mortgage Association, savings bank, national banking association,
savings and loan association, or building and loan association, life insurance
company, the federal government or other financial institutions or government
agencies which are authorized to and customarily provide service or otherwise
aid in the financing of mortgages on residential housing located in the
Commonwealth for persons and families of low or moderate income.”Mortgage
loan” means an interest-bearing obligation secured by a
mortgage.”Multifamily residential housing” means residential housing
other than single-family residential housing, as hereinafter
defined.”Municipality” means any city, town, county or other
political subdivision of the Commonwealth.”Nonhousing building”
means a building or portion thereof and any related improvements and facilities
used or to be used for manufacturing, industrial, commercial, governmental,
educational, entertainment, community development, healthcare or nonprofit
enterprises or undertakings other than residential housing.”Persons and
families of low and moderate income” means persons and families,
irrespective of race, creed, national origin or sex, determined by the HDA to
require such assistance as is made available by this chapter on account of
insufficient personal or family income taking into consideration, without
limitation, such factors as follows: (i) the amount of the total income of such
persons and families available for housing needs, (ii) the size of the family,
(iii) the cost and condition of housing facilities available, (iv) the ability
of such persons and families to compete successfully in the normal private
housing market and to pay the amounts at which private enterprise is providing
sanitary, decent and safe housing, and (v) if appropriate, standards established
for various federal programs determining eligibility based on income of such
persons and families.”Real property” means all lands, including
improvements and fixtures thereon, and property of any nature appurtenant
thereto, or used in connection therewith, and every estate, interest and right,
legal or equitable, therein, including terms for years and liens by way of
judgment, mortgage or otherwise and the indebtedness secured by such
liens.”Residential housing” means a specific work or improvement
within the Commonwealth, whether multifamily residential housing or
single-family residential housing undertaken primarily to provide dwelling
accommodations, including the acquisition, construction, rehabilitation,
preservation or improvement of land, buildings and improvements thereto, for
residential housing, and such other nonhousing facilities as may be incidental,
related, or appurtenant thereto. For the purposes of this chapter, medical and
related facilities for the residence and care of the aged shall be deemed to be
dwelling accommodations.”Single-family residential housing” means
residential housing consisting of four or fewer dwelling units, the person or
family owning or intending to acquire such dwelling units, upon completion of
the construction, rehabilitation or improvement thereof, also occupying or
intending to occupy one of such dwelling units.

HISTORY: 1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498;
2004, c. 187; 2011, c. 690.