{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/36-55.36_1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/36-55.36_1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/36-55.36_1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/36-55.36_1.html"}],"law_id":360750,"edition_id":2,"section_id":360750,"structure_id":51594,"section_number":"36-55.36:1","catch_line":"Power to create insurance funds and form corporations for the purpose of insuring HDA mortgage loans","history":"1990, c. 956.","full_text":"HDA shall have the power to create one or more insurance funds and to form one or more corporations for the purpose of providing replacement mortgage guaranty insurance, upon such terms and conditions as HDA shall prescribe, on mortgage loans made or financed by HDA pursuant to this chapter for which (i) mortgage guaranty insurance is being provided by a company which, subsequent to the provision of such coverage, has experienced a drop in rating by a nationally recognized credit rating service which could result in a rating for the bonds which would be in nonconformance with the rating covenants of the related bond indenture; and (ii) the executive director of HDA executes an affidavit stating that HDA was unable, after diligent effort, to procure replacement mortgage guaranty insurance in a form and premium acceptable to HDA from another insurer licensed in this Commonwealth to transact mortgage guaranty insurance business. For purposes of this section, “diligent effort” means a good faith search by HDA for mortgage guaranty insurance among admitted insurers resulting in declinations of coverage, by three unaffiliated insurers licensed and authorized in this Commonwealth to write the mortgage guaranty insurance coverage sought, at a premium equal to or less than the premium in force for the loans made or financed by HDA. HDA may provide financing and other funding to any such fund or corporation and may exercise all necessary or convenient rights and powers and perform all requisite duties and obligations relating thereto. Any such fund or corporation shall be subject to the direction and control of the commissioners of HDA and shall have such powers and duties as the commissioners of HDA shall prescribe. Any such fund or corporation may charge such premiums and may establish such reserves as HDA shall specify. HDA may specify that any such reserves shall be assets of such fund or corporation and shall not be subject to the claims of creditors of HDA. Any such fund or corporation, its directors, officers and employees, its assets and operations, and its policies of insurance and the premiums therefor shall not be subject to the provisions of Title 38.2 and rules and regulations issued pursuant thereto. The property of any such fund or corporation and its income and operations shall be exempt from taxation or assessments of every kind by the Commonwealth and all municipalities and other political subdivisions thereof. The provisions of \u00a7 36-55.36 shall not be applicable to mortgage guaranty insurance provided under this section.\n\n","order_by":null,"text":{"0":{"id":1342426,"text":"HDA shall have the power to create one or more insurance funds and to form one or more corporations for the purpose of providing replacement mortgage guaranty insurance, upon such terms and conditions as HDA shall prescribe, on mortgage loans made or financed by HDA pursuant to this chapter for which (i) mortgage guaranty insurance is being provided by a company which, subsequent to the provision of such coverage, has experienced a drop in rating by a nationally recognized credit rating service which could result in a rating for the bonds which would be in nonconformance with the rating covenants of the related bond indenture; and (ii) the executive director of HDA executes an affidavit stating that HDA was unable, after diligent effort, to procure replacement mortgage guaranty insurance in a form and premium acceptable to HDA from another insurer licensed in this Commonwealth to transact mortgage guaranty insurance business. For purposes of this section, “diligent effort” means a good faith search by HDA for mortgage guaranty insurance among admitted insurers resulting in declinations of coverage, by three unaffiliated insurers licensed and authorized in this Commonwealth to write the mortgage guaranty insurance coverage sought, at a premium equal to or less than the premium in force for the loans made or financed by HDA. HDA may provide financing and other funding to any such fund or corporation and may exercise all necessary or convenient rights and powers and perform all requisite duties and obligations relating thereto. Any such fund or corporation shall be subject to the direction and control of the commissioners of HDA and shall have such powers and duties as the commissioners of HDA shall prescribe. Any such fund or corporation may charge such premiums and may establish such reserves as HDA shall specify. HDA may specify that any such reserves shall be assets of such fund or corporation and shall not be subject to the claims of creditors of HDA. Any such fund or corporation, its directors, officers and employees, its assets and operations, and its policies of insurance and the premiums therefor shall not be subject to the provisions of Title 38.2 and rules and regulations issued pursuant thereto. The property of any such fund or corporation and its income and operations shall be exempt from taxation or assessments of every kind by the Commonwealth and all municipalities and other political subdivisions thereof. The provisions of \u00a7 36-55.36 shall not be applicable to mortgage guaranty insurance provided under this section.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":51594,"edition_id":2,"name":"Virginia Housing Development Authority Act","identifier":"1.2","label":"chapter","depth":2,"order_by":3,"parent_id":51572,"metadata":{"child_laws":42,"child_structures":0},"date_created":"2026-08-02 02:44:38","date_modified":"2026-08-02 12:32:42","permalink":{"id":1435617,"object_type":"structure","relational_id":51594,"identifier":"1.2","token":"36\/1.2","url":"\/36\/1.2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51572,"edition_id":2,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":83,"parent_id":null,"metadata":{"child_laws":336,"child_structures":35},"date_created":"2026-08-02 02:44:20","date_modified":"2026-08-02 12:32:40","permalink":{"id":1435259,"object_type":"structure","relational_id":51572,"identifier":"36","token":"36","url":"\/36\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":360728,"structure_id":51594,"section_number":"36-55.24","catch_line":"Short title","url":"\/36-55.24\/","token":"36\/1.2\/36-55.24","metadata":false},{"id":360729,"structure_id":51594,"section_number":"36-55.25","catch_line":"Finding and declaration of necessity","url":"\/36-55.25\/","token":"36\/1.2\/36-55.25","metadata":false},{"id":360730,"structure_id":51594,"section_number":"36-55.26","catch_line":"Definitions","url":"\/36-55.26\/","token":"36\/1.2\/36-55.26","metadata":false},{"id":360731,"structure_id":51594,"section_number":"36-55.27","catch_line":"Virginia Housing Development Authority continued; constituted a public instrumentality","url":"\/36-55.27\/","token":"36\/1.2\/36-55.27","metadata":false},{"id":360732,"structure_id":51594,"section_number":"36-55.27:1","catch_line":"Programs and regulations to implement the Consolidated Plan","url":"\/36-55.27_1\/","token":"36\/1.2\/36-55.27_1","metadata":false},{"id":360733,"structure_id":51594,"section_number":"36-55.28","catch_line":"Appointment and tenure of commissioners; officers; quorum; compensation; liability","url":"\/36-55.28\/","token":"36\/1.2\/36-55.28","metadata":false},{"id":360734,"structure_id":51594,"section_number":"36-55.29","catch_line":"Executive director","url":"\/36-55.29\/","token":"36\/1.2\/36-55.29","metadata":false},{"id":360735,"structure_id":51594,"section_number":"36-55.30","catch_line":"Powers of HDA generally","url":"\/36-55.30\/","token":"36\/1.2\/36-55.30","metadata":false},{"id":360736,"structure_id":51594,"section_number":"36-55.30:1","catch_line":"Repealed","url":"\/36-55.30_1\/","token":"36\/1.2\/36-55.30_1","metadata":false},{"id":360737,"structure_id":51594,"section_number":"36-55.30:2","catch_line":"Housing revitalization areas; economically mixed projects","url":"\/36-55.30_2\/","token":"36\/1.2\/36-55.30_2","metadata":false},{"id":360738,"structure_id":51594,"section_number":"36-55.30:3","catch_line":"Regulations; adoption procedures","url":"\/36-55.30_3\/","token":"36\/1.2\/36-55.30_3","metadata":false},{"id":360739,"structure_id":51594,"section_number":"36-55.31","catch_line":"Powers relative to making mortgage loans and temporary construction loans to housing sponsors and persons and families of low and moderate income","url":"\/36-55.31\/","token":"36\/1.2\/36-55.31","metadata":false},{"id":360740,"structure_id":51594,"section_number":"36-55.31:1","catch_line":"Loans for installation of certain energy-saving devices","url":"\/36-55.31_1\/","token":"36\/1.2\/36-55.31_1","metadata":false},{"id":360741,"structure_id":51594,"section_number":"36-55.32","catch_line":"Powers relative to purchase and sale to mortgage lenders of mortgage loans; loans to mortgage lenders","url":"\/36-55.32\/","token":"36\/1.2\/36-55.32","metadata":false},{"id":360742,"structure_id":51594,"section_number":"36-55.33","catch_line":"Repealed","url":"\/36-55.33\/","token":"36\/1.2\/36-55.33","metadata":false},{"id":360743,"structure_id":51594,"section_number":"36-55.33:1","catch_line":"Mortgage loan terms and conditions","url":"\/36-55.33_1\/","token":"36\/1.2\/36-55.33_1","metadata":false},{"id":360744,"structure_id":51594,"section_number":"36-55.33:2","catch_line":"Powers relative to acquisition, development and ownership by HDA of multi-family residential housing","url":"\/36-55.33_2\/","token":"36\/1.2\/36-55.33_2","metadata":false},{"id":360745,"structure_id":51594,"section_number":"36-55.34","catch_line":"Repealed","url":"\/36-55.34\/","token":"36\/1.2\/36-55.34","metadata":false},{"id":360746,"structure_id":51594,"section_number":"36-55.34:1","catch_line":"Power to supervise housing sponsors","url":"\/36-55.34_1\/","token":"36\/1.2\/36-55.34_1","metadata":false},{"id":360747,"structure_id":51594,"section_number":"36-55.34:2","catch_line":"Power to enter into agreements with owners of housing developments eligible for federal low-income housing credits","url":"\/36-55.34_2\/","token":"36\/1.2\/36-55.34_2","metadata":false},{"id":360748,"structure_id":51594,"section_number":"36-55.35","catch_line":"Terms and conditions of purchase from and sale to mortgage lenders of mortgage loans; loans to mortgage lenders","url":"\/36-55.35\/","token":"36\/1.2\/36-55.35","metadata":false},{"id":360749,"structure_id":51594,"section_number":"36-55.36","catch_line":"Terms and conditions of mortgage insurance","url":"\/36-55.36\/","token":"36\/1.2\/36-55.36","metadata":false},{"id":360750,"structure_id":51594,"section_number":"36-55.36:1","catch_line":"Power to create insurance funds and form corporations for the purpose of insuring HDA mortgage loans","url":"\/36-55.36_1\/","token":"36\/1.2\/36-55.36_1","metadata":false},{"id":360751,"structure_id":51594,"section_number":"36-55.37","catch_line":"Exemption from taxation","url":"\/36-55.37\/","token":"36\/1.2\/36-55.37","metadata":false},{"id":360752,"structure_id":51594,"section_number":"36-55.37:1","catch_line":"Repealed","url":"\/36-55.37_1\/","token":"36\/1.2\/36-55.37_1","metadata":false},{"id":360753,"structure_id":51594,"section_number":"36-55.38","catch_line":"Admission and income limitations relative to housing developments","url":"\/36-55.38\/","token":"36\/1.2\/36-55.38","metadata":false},{"id":360754,"structure_id":51594,"section_number":"36-55.39","catch_line":"Procedure prior to financing of housing developments undertaken by housing sponsors","url":"\/36-55.39\/","token":"36\/1.2\/36-55.39","metadata":false},{"id":360755,"structure_id":51594,"section_number":"36-55.40","catch_line":"Notes and bonds","url":"\/36-55.40\/","token":"36\/1.2\/36-55.40","metadata":false},{"id":360756,"structure_id":51594,"section_number":"36-55.41","catch_line":"Reserve funds and appropriations","url":"\/36-55.41\/","token":"36\/1.2\/36-55.41","metadata":false},{"id":360757,"structure_id":51594,"section_number":"36-55.42","catch_line":"Refunding obligations; issuance","url":"\/36-55.42\/","token":"36\/1.2\/36-55.42","metadata":false},{"id":360758,"structure_id":51594,"section_number":"36-55.43","catch_line":"Same; sale","url":"\/36-55.43\/","token":"36\/1.2\/36-55.43","metadata":false},{"id":360759,"structure_id":51594,"section_number":"36-55.44","catch_line":"Deposit and investment of moneys of HDA","url":"\/36-55.44\/","token":"36\/1.2\/36-55.44","metadata":false},{"id":360760,"structure_id":51594,"section_number":"36-55.44:1","catch_line":"Swap agreements by HDA authorized","url":"\/36-55.44_1\/","token":"36\/1.2\/36-55.44_1","metadata":false},{"id":360761,"structure_id":51594,"section_number":"36-55.45","catch_line":"Agreement with Commonwealth","url":"\/36-55.45\/","token":"36\/1.2\/36-55.45","metadata":false},{"id":360762,"structure_id":51594,"section_number":"36-55.46","catch_line":"Commonwealth not liable on notes and bonds","url":"\/36-55.46\/","token":"36\/1.2\/36-55.46","metadata":false},{"id":360763,"structure_id":51594,"section_number":"36-55.47","catch_line":"Remedies of noteholders and bondholders","url":"\/36-55.47\/","token":"36\/1.2\/36-55.47","metadata":false},{"id":360764,"structure_id":51594,"section_number":"36-55.48","catch_line":"Grants from Commonwealth","url":"\/36-55.48\/","token":"36\/1.2\/36-55.48","metadata":{"court_decisions":""}},{"id":360765,"structure_id":51594,"section_number":"36-55.49","catch_line":"Notes and bonds as legal investments","url":"\/36-55.49\/","token":"36\/1.2\/36-55.49","metadata":false},{"id":360766,"structure_id":51594,"section_number":"36-55.50","catch_line":"Liberal construction","url":"\/36-55.50\/","token":"36\/1.2\/36-55.50","metadata":false},{"id":360767,"structure_id":51594,"section_number":"36-55.51","catch_line":"Reports","url":"\/36-55.51\/","token":"36\/1.2\/36-55.51","metadata":false},{"id":360768,"structure_id":51594,"section_number":"36-55.51:1","catch_line":"Annual audit","url":"\/36-55.51_1\/","token":"36\/1.2\/36-55.51_1","metadata":false},{"id":360769,"structure_id":51594,"section_number":"36-55.52","catch_line":"Inconsistent provisions in other laws superseded","url":"\/36-55.52\/","token":"36\/1.2\/36-55.52","metadata":false}],"previous_section":{"id":360749,"structure_id":51594,"section_number":"36-55.36","catch_line":"Terms and conditions of mortgage insurance","url":"\/36-55.36\/","token":"36\/1.2\/36-55.36","metadata":false},"next_section":{"id":360751,"structure_id":51594,"section_number":"36-55.37","catch_line":"Exemption from taxation","url":"\/36-55.37\/","token":"36\/1.2\/36-55.37","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-55.36:1\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 956 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":360749,"section_number":"36-55.36","catch_line":"Terms and conditions of mortgage insurance","order_by":null,"url":"\/36-55.36\/"}],"permalink":{"id":1435707,"object_type":"law","relational_id":360750,"identifier":"36-55.36:1","token":"36\/1.2\/36-55.36_1","url":"\/36-55.36_1\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/36-55.36_1\/","token":"36\/1.2\/36-55.36_1","dublin_core":{"Title":"Power to create insurance funds and form corporations for the purpose of insuring HDA mortgage loans","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-55.36:1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

HDA<\/span> shall have the power to create one or more insurance funds and to form one or more corporations for the purpose of providing replacement mortgage guaranty insurance, upon such terms and conditions as HDA<\/span> shall prescribe, on mortgage loans<\/span> made or financed by HDA<\/span> pursuant to this chapter for which (i) mortgage guaranty insurance is being provided by a company which, subsequent to the provision of such coverage, has experienced a drop in rating by a nationally recognized credit rating service which could result in a rating for the bonds<\/span> which would be in nonconformance with the rating covenants of the related bond<\/span> indenture; and (ii) the executive director of HDA<\/span> executes an affidavit<\/span> stating that HDA<\/span> was unable, after diligent effort, to procure replacement mortgage guaranty insurance in a form and premium acceptable to HDA<\/span> from another insurer licensed in this Commonwealth to transact mortgage guaranty insurance business. For purposes of this section, “diligent effort” means a good faith search by HDA<\/span> for mortgage guaranty insurance among admitted insurers resulting in declinations of coverage, by three unaffiliated insurers licensed and authorized in this Commonwealth to write the mortgage guaranty insurance coverage sought, at a premium equal to or less than the premium in force for the loans made or financed by HDA<\/span>. HDA<\/span> may provide financing and other funding to any such fund or corporation and may exercise all necessary or convenient rights and powers and perform all requisite duties and obligations relating thereto. Any such fund or corporation shall be subject to the direction and control of the commissioners of HDA<\/span> and shall have such powers and duties as the commissioners of HDA<\/span> shall prescribe. Any such fund or corporation may charge such premiums and may establish such reserves as HDA<\/span> shall specify. HDA<\/span> may specify that any such reserves shall be assets<\/span> of such fund or corporation and shall not be subject to the claims of creditors<\/span> of HDA<\/span>. Any such fund or corporation, its directors, officers and employees, its assets<\/span> and operations, and its policies of insurance and the premiums therefor shall not be subject to the provisions of Title 38.2 and rules and regulations issued pursuant thereto. The property of any such fund or corporation and its income and operations shall be exempt from taxation or assessments of every kind by the Commonwealth and all municipalities and other political subdivisions thereof. The provisions of \u00a7 36-55.36<\/a> shall not be applicable to mortgage guaranty insurance provided under this section.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER TO CREATE INSURANCE FUNDS AND FORM CORPORATIONS FOR THE PURPOSE OF\nINSURING HDA MORTGAGE LOANS (\u00a7 36-55.36:1)\n\nHDA shall have the power to create one or more insurance funds and to form one\nor more corporations for the purpose of providing replacement mortgage guaranty\ninsurance, upon such terms and conditions as HDA shall prescribe, on mortgage\nloans made or financed by HDA pursuant to this chapter for which (i) mortgage\nguaranty insurance is being provided by a company which, subsequent to the\nprovision of such coverage, has experienced a drop in rating by a nationally\nrecognized credit rating service which could result in a rating for the bonds\nwhich would be in nonconformance with the rating covenants of the related bond\nindenture; and (ii) the executive director of HDA executes an affidavit stating\nthat HDA was unable, after diligent effort, to procure replacement mortgage\nguaranty insurance in a form and premium acceptable to HDA from another insurer\nlicensed in this Commonwealth to transact mortgage guaranty insurance business.\nFor purposes of this section, “diligent effort” means a good faith\nsearch by HDA for mortgage guaranty insurance among admitted insurers resulting\nin declinations of coverage, by three unaffiliated insurers licensed and\nauthorized in this Commonwealth to write the mortgage guaranty insurance\ncoverage sought, at a premium equal to or less than the premium in force for the\nloans made or financed by HDA. HDA may provide financing and other funding to\nany such fund or corporation and may exercise all necessary or convenient rights\nand powers and perform all requisite duties and obligations relating thereto.\nAny such fund or corporation shall be subject to the direction and control of\nthe commissioners of HDA and shall have such powers and duties as the\ncommissioners of HDA shall prescribe. Any such fund or corporation may charge\nsuch premiums and may establish such reserves as HDA shall specify. HDA may\nspecify that any such reserves shall be assets of such fund or corporation and\nshall not be subject to the claims of creditors of HDA. Any such fund or\ncorporation, its directors, officers and employees, its assets and operations,\nand its policies of insurance and the premiums therefor shall not be subject to\nthe provisions of Title 38.2 and rules and regulations issued pursuant thereto.\nThe property of any such fund or corporation and its income and operations shall\nbe exempt from taxation or assessments of every kind by the Commonwealth and all\nmunicipalities and other political subdivisions thereof. The provisions of \u00a7\n36-55.36 shall not be applicable to mortgage guaranty insurance provided under\nthis section.\n\nHISTORY: 1990, c. 956.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}