{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-148.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-148.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-148.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-148.html"}],"law_id":69760,"edition_id":1,"section_id":69760,"structure_id":16156,"section_number":"36-148","catch_line":"Pledge of assets to secure bonds of the HDA","history":"1988, c. 687; 2013, c. 754.","full_text":"The HDA is empowered at any time and from time to time to transfer, upon the direction of the Director of the Department of Housing and Community Development, from the portion of the Fund under its control to banks or trust companies designated by the HDA any or all of the assets of the Fund to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds of the HDA. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds of the HDA to which the assets have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds of the HDA. Any assets of the Fund transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the HDA and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 of each year, the HDA shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.","order_by":null,"text":{"0":{"id":252137,"text":"The HDA is empowered at any time and from time to time to transfer, upon the direction of the Director of the Department of Housing and Community Development, from the portion of the Fund under its control to banks or trust companies designated by the HDA any or all of the assets of the Fund to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds of the HDA. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds of the HDA to which the assets have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds of the HDA. Any assets of the Fund transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the HDA and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 of each year, the HDA shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16156,"edition_id":1,"name":"Virginia Housing Trust Fund","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 04:07:34","date_modified":"2026-06-26 04:07:34","permalink":{"id":209623,"object_type":"structure","relational_id":16156,"identifier":"9","token":"36\/9","url":"\/36\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12779,"edition_id":1,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":208257,"object_type":"structure","relational_id":12779,"identifier":"36","token":"36","url":"\/36\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84587,"structure_id":16156,"section_number":"36-141","catch_line":"Definitions","url":"\/36-141\/","token":"36\/9\/36-141","metadata":false},{"id":65302,"structure_id":16156,"section_number":"36-142","catch_line":"(Effective until January 1, 2026) Creation and management of Fund","url":"\/36-142\/","token":"36\/9\/36-142","metadata":false},{"id":64185,"structure_id":16156,"section_number":"36-143","catch_line":"Deposit of money; expenditures; investments","url":"\/36-143\/","token":"36\/9\/36-143","metadata":false},{"id":70705,"structure_id":16156,"section_number":"36-144","catch_line":"Annual audit","url":"\/36-144\/","token":"36\/9\/36-144","metadata":false},{"id":82811,"structure_id":16156,"section_number":"36-145","catch_line":"Collection of money due Fund","url":"\/36-145\/","token":"36\/9\/36-145","metadata":false},{"id":68749,"structure_id":16156,"section_number":"36-146","catch_line":"Loans","url":"\/36-146\/","token":"36\/9\/36-146","metadata":false},{"id":85588,"structure_id":16156,"section_number":"36-147","catch_line":"Grants","url":"\/36-147\/","token":"36\/9\/36-147","metadata":false},{"id":69760,"structure_id":16156,"section_number":"36-148","catch_line":"Pledge of assets to secure bonds of the HDA","url":"\/36-148\/","token":"36\/9\/36-148","metadata":false},{"id":69687,"structure_id":16156,"section_number":"36-148.1","catch_line":"Authorization of funding from HDA","url":"\/36-148.1\/","token":"36\/9\/36-148.1","metadata":false},{"id":69411,"structure_id":16156,"section_number":"36-149","catch_line":"Formation of corporation","url":"\/36-149\/","token":"36\/9\/36-149","metadata":false},{"id":72628,"structure_id":16156,"section_number":"36-150","catch_line":"(Effective January 1, 2026) Reports","url":"\/36-150\/","token":"36\/9\/36-150","metadata":false},{"id":80459,"structure_id":16156,"section_number":"36-151","catch_line":"Liberal construction of chapter","url":"\/36-151\/","token":"36\/9\/36-151","metadata":false}],"previous_section":{"id":85588,"structure_id":16156,"section_number":"36-147","catch_line":"Grants","url":"\/36-147\/","token":"36\/9\/36-147","metadata":false},"next_section":{"id":69687,"structure_id":16156,"section_number":"36-148.1","catch_line":"Authorization of funding from HDA","url":"\/36-148.1\/","token":"36\/9\/36-148.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-148\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 687 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 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2013, chapter 754<\/a>.<\/p>","references":[{"id":69411,"section_number":"36-149","catch_line":"Formation of corporation","order_by":null,"url":"\/36-149\/"}],"refers_to":false,"permalink":{"id":209653,"object_type":"law","relational_id":69760,"identifier":"36-148","token":"36\/9\/36-148","url":"\/36-148\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-148\/","token":"36\/9\/36-148","dublin_core":{"Title":"Pledge of assets to secure bonds of the HDA","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-148","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The HDA<\/span> is empowered at any time and from time to time to transfer, upon the direction of the Director of the Department<\/span> of Housing and Community Development, from the portion of the Fund<\/span> under its control to banks or trust companies designated by the HDA<\/span> any or all of the assets<\/span> of the Fund<\/span> to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds<\/span> of the HDA<\/span>. The interests of the Fund<\/span> in any assets<\/span> so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds<\/span> are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets<\/span> transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds<\/span> of the HDA<\/span> to which the assets<\/span> have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets<\/span> and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds<\/span> of the HDA<\/span>. Any assets<\/span> of the Fund<\/span> transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund<\/span> but shall be subject to the pledge to secure the bonds<\/span> of the HDA<\/span> and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 of each year, the HDA<\/span> shall transfer, or shall cause the trustee to transfer, to the Fund<\/span> any assets<\/span> transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGE OF ASSETS TO SECURE BONDS OF THE HDA (\u00a7 36-148)\n\nThe HDA is empowered at any time and from time to time to transfer, upon the\ndirection of the Director of the Department of Housing and Community\nDevelopment, from the portion of the Fund under its control to banks or trust\ncompanies designated by the HDA any or all of the assets of the Fund to be held\nin trust as security for the payment of the principal of and premium, if any,\nand interest on any or all of the bonds of the HDA. The interests of the Fund in\nany assets so transferred shall be subordinate to the rights of the trustee\nunder the pledge. To the extent funds are not available from other sources\npledged for such purpose, any payments of principal and interest received on the\nassets transferred or held in trust may be applied by the trustee thereof to the\npayment of the principal of and premium, if any, and interest on such bonds of\nthe HDA to which the assets have been pledged, and, if such payments are\ninsufficient for such purpose, the trustee is empowered to sell any or all of\nsuch assets and apply the net proceeds from the sale to the payment of the\nprincipal of and premium, if any, and interest on such bonds of the HDA. Any\nassets of the Fund transferred in trust as set forth above and any payments of\nprincipal, interest or earnings received thereon shall remain part of the Fund\nbut shall be subject to the pledge to secure the bonds of the HDA and shall be\nheld by the trustee to which they are pledged until no longer required for such\npurpose by the terms of the pledge. On or before January 10 of each year, the\nHDA shall transfer, or shall cause the trustee to transfer, to the Fund any\nassets transferred or held in trust as set forth above which are no longer\nrequired to be held in trust pursuant to the terms of the pledge.\n\nHISTORY: 1988, c. 687; 2013, c. 754.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}