{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-55.25.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-55.25.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-55.25.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-55.25.html"}],"law_id":67716,"edition_id":1,"section_id":67716,"structure_id":13116,"section_number":"36-55.25","catch_line":"Finding and declaration of necessity","history":"1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254; 2004, c. 187; 2011, c. 690.","full_text":"It is hereby declared: (i) that there exists within the Commonwealth a serious shortage of sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford; that this shortage has contributed to and will contribute to the creation and persistence of substandard living conditions and is inimical to the health, welfare and prosperity of the residents of the Commonwealth; (ii) that it is imperative that the supply of residential housing for such persons and families and for persons and families displaced by public actions or natural disaster be increased; (iii) that private enterprise and investment have been unable, without assistance, to produce the needed construction or rehabilitation of sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford and to provide sufficient long-term mortgage financing for residential housing for occupancy by such persons and families; (iv) that a concentration of persons and families of low and moderate income even in standard structures does not eliminate undesirable social conditions; (v) that the governing body of a city or county may in its discretion determine that it is necessary to the preservation of the financial viability of such city or county and the health, welfare and prosperity of its residents that the population of such city or county be maintained as economically mixed by providing housing for persons and families of other than low and moderate income in order to broaden the tax bases of such areas; (vi) that in providing sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford it may at times be necessary or desirable to provide housing for persons and families of other than low and moderate income; (vii) that it is critical to the success, prosperity and viability of areas being revitalized that financing be made available for nonhousing buildings that are incidental to residential housing for low and moderate income persons and families and other persons and families in order to provide products and services to those living in residential housing or that are necessary or appropriate for the revitalization of such areas or for the industrial, commercial or other economic development of such areas; (viii) that the financing of residential housing for low and moderate income persons and families and other persons and families may be appropriate to promote the industrial, commercial or other economic development of certain areas in a city or the county by inducing manufacturing, industrial, commercial, governmental, educational, entertainment, community development, healthcare or nonprofit enterprises or undertakings to locate or remain in such area; and (ix) that private enterprise and investment be encouraged both to sponsor land development and build and rehabilitate residential housing for such persons and families of low and moderate income and to build housing which will prevent the recurrence of slum conditions by housing persons of varied economic means in the same projects or area, and that private financing be supplemented by financing as provided in this chapter in order to help prevent the creation and recurrence of substandard living conditions and to assist in their permanent elimination throughout Virginia.\n\t\tIt is further declared that in order to provide a fully adequate supply of sanitary and safe dwelling accommodations at rents, prices, or other costs which such persons or families can afford and to stabilize or recover an appropriate economic mix in certain areas of the Commonwealth the legislature finds that it is necessary to create and establish a state housing development authority for the purpose of encouraging the investment of private capital and stimulating the construction and rehabilitation of residential housing to meet the needs of such persons and families or to stabilize such areas through the use of public financing, to provide construction and mortgage loans and to make provision for the purchase of mortgage loans and otherwise.\n\t\tIt is hereby further declared to be necessary and in the public interest that such state housing development authority provide for predevelopment costs, temporary financing, land development expenses and residential housing construction or rehabilitation by private sponsors for sale or rental to persons and families of low and moderate income and others; further, to provide mortgage financing for the purposes of supplying sanitary and safe dwelling accommodations at rents, prices or other costs which such persons or families can afford or of stabilizing urban areas, including without limitation, long-term federally insured mortgages; further, in revitalization areas designated in or pursuant to \u00a7 36-55.30:2, to provide financing for nonhousing buildings that are incidental to residential housing financed or to be financed in such areas pursuant to this chapter for low and moderate income persons and families and for other persons and families or that are necessary or appropriate for the revitalization of such areas or the industrial, commercial or other economic development of such areas; further, to increase the construction and rehabilitation of low and moderate income housing through the purchase from mortgage lenders authorized to make loans in the Commonwealth of mortgage loans for residential housing for persons and families of low and moderate income in the Commonwealth; further, to acquire, develop and own multifamily residential housing for occupancy by persons and families of low and moderate income; further, to provide technical, consultative and project assistance services to private sponsors; further, to assist in coordinating federal, state, regional and local public and private efforts and resources; to guarantee to the extent provided herein the repayment of certain loans secured by residential mortgages; further, to promote wise usage of land and other resources in order to preserve the quality of life we value so highly in Virginia; and further, to act as the loan servicer for a housing lender.\n\t\tIt is hereby further declared that all of the foregoing are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted, and that such activities serve a public purpose in improving or otherwise benefiting the people of the Commonwealth; that the necessity of enacting the provisions hereinafter set forth is in the public interest and is hereby so declared as a matter of express legislative determination.","order_by":null,"text":{"0":{"id":245297,"text":"It is hereby declared: (i) that there exists within the Commonwealth a serious shortage of sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford; that this shortage has contributed to and will contribute to the creation and persistence of substandard living conditions and is inimical to the health, welfare and prosperity of the residents of the Commonwealth; (ii) that it is imperative that the supply of residential housing for such persons and families and for persons and families displaced by public actions or natural disaster be increased; (iii) that private enterprise and investment have been unable, without assistance, to produce the needed construction or rehabilitation of sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford and to provide sufficient long-term mortgage financing for residential housing for occupancy by such persons and families; (iv) that a concentration of persons and families of low and moderate income even in standard structures does not eliminate undesirable social conditions; (v) that the governing body of a city or county may in its discretion determine that it is necessary to the preservation of the financial viability of such city or county and the health, welfare and prosperity of its residents that the population of such city or county be maintained as economically mixed by providing housing for persons and families of other than low and moderate income in order to broaden the tax bases of such areas; (vi) that in providing sanitary and safe residential housing at prices or rentals which persons and families of low and moderate income can afford it may at times be necessary or desirable to provide housing for persons and families of other than low and moderate income; (vii) that it is critical to the success, prosperity and viability of areas being revitalized that financing be made available for nonhousing buildings that are incidental to residential housing for low and moderate income persons and families and other persons and families in order to provide products and services to those living in residential housing or that are necessary or appropriate for the revitalization of such areas or for the industrial, commercial or other economic development of such areas; (viii) that the financing of residential housing for low and moderate income persons and families and other persons and families may be appropriate to promote the industrial, commercial or other economic development of certain areas in a city or the county by inducing manufacturing, industrial, commercial, governmental, educational, entertainment, community development, healthcare or nonprofit enterprises or undertakings to locate or remain in such area; and (ix) that private enterprise and investment be encouraged both to sponsor land development and build and rehabilitate residential housing for such persons and families of low and moderate income and to build housing which will prevent the recurrence of slum conditions by housing persons of varied economic means in the same projects or area, and that private financing be supplemented by financing as provided in this chapter in order to help prevent the creation and recurrence of substandard living conditions and to assist in their permanent elimination throughout Virginia.\n\t\tIt is further declared that in order to provide a fully adequate supply of sanitary and safe dwelling accommodations at rents, prices, or other costs which such persons or families can afford and to stabilize or recover an appropriate economic mix in certain areas of the Commonwealth the legislature finds that it is necessary to create and establish a state housing development authority for the purpose of encouraging the investment of private capital and stimulating the construction and rehabilitation of residential housing to meet the needs of such persons and families or to stabilize such areas through the use of public financing, to provide construction and mortgage loans and to make provision for the purchase of mortgage loans and otherwise.\n\t\tIt is hereby further declared to be necessary and in the public interest that such state housing development authority provide for predevelopment costs, temporary financing, land development expenses and residential housing construction or rehabilitation by private sponsors for sale or rental to persons and families of low and moderate income and others; further, to provide mortgage financing for the purposes of supplying sanitary and safe dwelling accommodations at rents, prices or other costs which such persons or families can afford or of stabilizing urban areas, including without limitation, long-term federally insured mortgages; further, in revitalization areas designated in or pursuant to \u00a7 36-55.30:2, to provide financing for nonhousing buildings that are incidental to residential housing financed or to be financed in such areas pursuant to this chapter for low and moderate income persons and families and for other persons and families or that are necessary or appropriate for the revitalization of such areas or the industrial, commercial or other economic development of such areas; further, to increase the construction and rehabilitation of low and moderate income housing through the purchase from mortgage lenders authorized to make loans in the Commonwealth of mortgage loans for residential housing for persons and families of low and moderate income in the Commonwealth; further, to acquire, develop and own multifamily residential housing for occupancy by persons and families of low and moderate income; further, to provide technical, consultative and project assistance services to private sponsors; further, to assist in coordinating federal, state, regional and local public and private efforts and resources; to guarantee to the extent provided herein the repayment of certain loans secured by residential mortgages; further, to promote wise usage of land and other resources in order to preserve the quality of life we value so highly in Virginia; and further, to act as the loan servicer for a housing lender.\n\t\tIt is hereby further declared that all of the foregoing are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted, and that such activities serve a public purpose in improving or otherwise benefiting the people of the Commonwealth; that the necessity of enacting the provisions hereinafter set forth is in the public interest and is hereby so declared as a matter of express legislative determination.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13116,"edition_id":1,"name":"Virginia Housing Development Authority Act","identifier":"1.2","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":208615,"object_type":"structure","relational_id":13116,"identifier":"1.2","token":"36\/1.2","url":"\/36\/1.2\/","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":54925,"structure_id":13116,"section_number":"36-55.24","catch_line":"Short title","url":"\/36-55.24\/","token":"36\/1.2\/36-55.24","metadata":false},{"id":67716,"structure_id":13116,"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":70563,"structure_id":13116,"section_number":"36-55.26","catch_line":"Definitions","url":"\/36-55.26\/","token":"36\/1.2\/36-55.26","metadata":false},{"id":57123,"structure_id":13116,"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":56888,"structure_id":13116,"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":71487,"structure_id":13116,"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":55520,"structure_id":13116,"section_number":"36-55.29","catch_line":"Executive director","url":"\/36-55.29\/","token":"36\/1.2\/36-55.29","metadata":false},{"id":76665,"structure_id":13116,"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":75266,"structure_id":13116,"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":54150,"structure_id":13116,"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":62068,"structure_id":13116,"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":63704,"structure_id":13116,"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":79161,"structure_id":13116,"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":76634,"structure_id":13116,"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":70770,"structure_id":13116,"section_number":"36-55.33","catch_line":"Repealed","url":"\/36-55.33\/","token":"36\/1.2\/36-55.33","metadata":false},{"id":85938,"structure_id":13116,"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":64397,"structure_id":13116,"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":77047,"structure_id":13116,"section_number":"36-55.34","catch_line":"Repealed","url":"\/36-55.34\/","token":"36\/1.2\/36-55.34","metadata":false},{"id":58416,"structure_id":13116,"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":61595,"structure_id":13116,"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":63859,"structure_id":13116,"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":76002,"structure_id":13116,"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":58720,"structure_id":13116,"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":76281,"structure_id":13116,"section_number":"36-55.37","catch_line":"Exemption from taxation","url":"\/36-55.37\/","token":"36\/1.2\/36-55.37","metadata":false},{"id":70238,"structure_id":13116,"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":73470,"structure_id":13116,"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":70596,"structure_id":13116,"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":59570,"structure_id":13116,"section_number":"36-55.40","catch_line":"Notes and bonds","url":"\/36-55.40\/","token":"36\/1.2\/36-55.40","metadata":false},{"id":60236,"structure_id":13116,"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":73160,"structure_id":13116,"section_number":"36-55.42","catch_line":"Refunding obligations; issuance","url":"\/36-55.42\/","token":"36\/1.2\/36-55.42","metadata":false},{"id":87248,"structure_id":13116,"section_number":"36-55.43","catch_line":"Same; sale","url":"\/36-55.43\/","token":"36\/1.2\/36-55.43","metadata":false},{"id":55926,"structure_id":13116,"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":85356,"structure_id":13116,"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":87234,"structure_id":13116,"section_number":"36-55.45","catch_line":"Agreement with Commonwealth","url":"\/36-55.45\/","token":"36\/1.2\/36-55.45","metadata":false},{"id":64957,"structure_id":13116,"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":78753,"structure_id":13116,"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":72915,"structure_id":13116,"section_number":"36-55.48","catch_line":"Grants from Commonwealth","url":"\/36-55.48\/","token":"36\/1.2\/36-55.48","metadata":false},{"id":65639,"structure_id":13116,"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":67775,"structure_id":13116,"section_number":"36-55.50","catch_line":"Liberal construction","url":"\/36-55.50\/","token":"36\/1.2\/36-55.50","metadata":false},{"id":71544,"structure_id":13116,"section_number":"36-55.51","catch_line":"Reports","url":"\/36-55.51\/","token":"36\/1.2\/36-55.51","metadata":false},{"id":70076,"structure_id":13116,"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":81339,"structure_id":13116,"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":54925,"structure_id":13116,"section_number":"36-55.24","catch_line":"Short title","url":"\/36-55.24\/","token":"36\/1.2\/36-55.24","metadata":false},"next_section":{"id":70563,"structure_id":13116,"section_number":"36-55.26","catch_line":"Definitions","url":"\/36-55.26\/","token":"36\/1.2\/36-55.26","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-55.25\/","history_text":"<p>This law was first created in 1972. The record of its establishment is cataloged in chapter 830 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 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 6 times. 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. Those modifications are as follows: in 1975, chapter 536; in 1978, chapter 508; in 1979, chapter 374; in 1987, chapter 254; in 2004, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?041+ful+CHAP0187\">187<\/a>; in 2011, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?111+ful+CHAP0690\">690<\/a>.<\/p>","references":false,"refers_to":[{"id":54150,"section_number":"36-55.30:2","catch_line":"Housing revitalization areas; economically mixed projects","order_by":null,"url":"\/36-55.30_2\/"}],"permalink":{"id":208621,"object_type":"law","relational_id":67716,"identifier":"36-55.25","token":"36\/1.2\/36-55.25","url":"\/36-55.25\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-55.25\/","token":"36\/1.2\/36-55.25","dublin_core":{"Title":"Finding and declaration of necessity","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-55.25","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>It is hereby declared: (i) that there exists within the Commonwealth a serious shortage of sanitary and safe residential housing at prices or rentals which <span class=\"dictionary\">persons and families of low and moderate income<\/span> can afford; that this shortage has contributed to and will contribute to the creation and persistence of substandard living conditions and is inimical to the health, welfare and prosperity of the residents of the Commonwealth; (ii) that it is imperative that the supply of residential housing for such persons and families and for persons and families displaced by public actions or natural disaster be increased; (iii) that private enterprise and investment have been unable, without assistance, to produce the needed construction or rehabilitation of sanitary and safe residential housing at prices or rentals which <span class=\"dictionary\">persons and families of low and moderate income<\/span> can afford and to provide sufficient long-term mortgage financing for residential housing for occupancy by such persons and families; (iv) that a concentration of <span class=\"dictionary\">persons and families of low and moderate income<\/span> even in standard structures does not eliminate undesirable social conditions; (v) that the governing body of a <span class=\"dictionary\">city<\/span> or <span class=\"dictionary\">county<\/span> may in its discretion determine that it is necessary to the preservation of the financial viability of such <span class=\"dictionary\">city<\/span> or <span class=\"dictionary\">county<\/span> and the health, welfare and prosperity of its residents that the population of such <span class=\"dictionary\">city<\/span> or <span class=\"dictionary\">county<\/span> be maintained as economically mixed by providing housing for persons and families of other than low and moderate income in <span class=\"dictionary\">order<\/span> to broaden the tax bases of such areas; (vi) that in providing sanitary and safe residential housing at prices or rentals which <span class=\"dictionary\">persons and families of low and moderate income<\/span> can afford it may at times be necessary or desirable to provide housing for persons and families of other than low and moderate income; (vii) that it is critical to the success, prosperity and viability of areas being revitalized that financing be made available for <span class=\"dictionary\">nonhousing buildings<\/span> that are incidental to residential housing for low and moderate income persons and families and other persons and families in <span class=\"dictionary\">order<\/span> to provide products and services to those living in residential housing or that are necessary or appropriate for the revitalization of such areas or for the industrial, commercial or other economic development of such areas; (viii) that the financing of residential housing for low and moderate income persons and families and other persons and families may be appropriate to promote the industrial, commercial or other economic development of certain areas in a <span class=\"dictionary\">city<\/span> or the <span class=\"dictionary\">county<\/span> by inducing manufacturing, industrial, commercial, governmental, educational, entertainment, community development, healthcare or nonprofit enterprises or undertakings to locate or remain in such area; and (ix) that private enterprise and investment be encouraged both to sponsor <span class=\"dictionary\">land development<\/span> and build and rehabilitate residential housing for such <span class=\"dictionary\">persons and families of low and moderate income<\/span> and to build housing which will prevent the recurrence of slum conditions by housing persons of varied economic means in the same projects or area, and that private financing be supplemented by financing as provided in this chapter in <span class=\"dictionary\">order<\/span> to help prevent the creation and recurrence of substandard living conditions and to assist in their permanent elimination throughout Virginia.\n\t\tIt is further declared that in <span class=\"dictionary\">order<\/span> to provide a fully adequate supply of sanitary and safe dwelling accommodations at rents, prices, or other costs which such persons or families can afford and to stabilize or recover an appropriate economic mix in certain areas of the Commonwealth the legislature finds that it is necessary to create and establish a state <span class=\"dictionary\">housing development<\/span> authority for the purpose of encouraging the investment of private capital and stimulating the construction and rehabilitation of residential housing to meet the needs of such persons and families or to stabilize such areas through the use of public financing, to provide construction and <span class=\"dictionary\">mortgage loans<\/span> and to make provision for the purchase of <span class=\"dictionary\">mortgage loans<\/span> and otherwise.\n\t\tIt is hereby further declared to be necessary and in the public interest that such state <span class=\"dictionary\">housing development<\/span> authority provide for predevelopment costs, temporary financing, <span class=\"dictionary\">land development<\/span> expenses and residential housing construction or rehabilitation by private sponsors for sale or rental to <span class=\"dictionary\">persons and families of low and moderate income<\/span> and others; further, to provide mortgage financing for the purposes of supplying sanitary and safe dwelling accommodations at rents, prices or other costs which such persons or families can afford or of stabilizing urban areas, including without limitation, long-term <span class=\"dictionary\">federally insured mortgages<\/span>; further, in revitalization areas designated in or pursuant to \u00a7&nbsp;<a class=\"law\" title=\"Housing revitalization areas; economically mixed projects\" href=\"\/36-55.30_2\/\">36-55.30:2<\/a>, to provide financing for <span class=\"dictionary\">nonhousing buildings<\/span> that are incidental to residential housing financed or to be financed in such areas pursuant to this chapter for low and moderate income persons and families and for other persons and families or that are necessary or appropriate for the revitalization of such areas or the industrial, commercial or other economic development of such areas; further, to increase the construction and rehabilitation of low and moderate income housing through the purchase from <span class=\"dictionary\">mortgage lenders<\/span> authorized to make loans in the Commonwealth of <span class=\"dictionary\">mortgage loans<\/span> for residential housing for <span class=\"dictionary\">persons and families of low and moderate income<\/span> in the Commonwealth; further, to acquire, develop and own <span class=\"dictionary\">multifamily residential housing<\/span> for occupancy by <span class=\"dictionary\">persons and families of low and moderate income<\/span>; further, to provide technical, consultative and project assistance services to private sponsors; further, to assist in coordinating federal, state, regional and local public and private efforts and resources; to guarantee to the extent provided herein the repayment of certain loans secured by residential mortgages; further, to promote wise usage of land and other resources in <span class=\"dictionary\">order<\/span> to preserve the quality of life we value so highly in Virginia; and further, to act as the <span class=\"dictionary\">loan servicer<\/span> for a <span class=\"dictionary\">housing lender<\/span>.\n\t\tIt is hereby further declared that all of the foregoing are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned, or granted, and that such activities serve a public purpose in improving or otherwise benefiting the people of the Commonwealth; that the necessity of enacting the provisions hereinafter set forth is in the public interest and is hereby so declared as a matter of express legislative determination.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nFINDING AND DECLARATION OF NECESSITY (\u00a7 36-55.25)\n\nIt is hereby declared: (i) that there exists within the Commonwealth a serious\nshortage of sanitary and safe residential housing at prices or rentals which\npersons and families of low and moderate income can afford; that this shortage\nhas contributed to and will contribute to the creation and persistence of\nsubstandard living conditions and is inimical to the health, welfare and\nprosperity of the residents of the Commonwealth; (ii) that it is imperative that\nthe supply of residential housing for such persons and families and for persons\nand families displaced by public actions or natural disaster be increased; (iii)\nthat private enterprise and investment have been unable, without assistance, to\nproduce the needed construction or rehabilitation of sanitary and safe\nresidential housing at prices or rentals which persons and families of low and\nmoderate income can afford and to provide sufficient long-term mortgage\nfinancing for residential housing for occupancy by such persons and families;\n(iv) that a concentration of persons and families of low and moderate income\neven in standard structures does not eliminate undesirable social conditions;\n(v) that the governing body of a city or county may in its discretion determine\nthat it is necessary to the preservation of the financial viability of such city\nor county and the health, welfare and prosperity of its residents that the\npopulation of such city or county be maintained as economically mixed by\nproviding housing for persons and families of other than low and moderate income\nin order to broaden the tax bases of such areas; (vi) that in providing sanitary\nand safe residential housing at prices or rentals which persons and families of\nlow and moderate income can afford it may at times be necessary or desirable to\nprovide housing for persons and families of other than low and moderate income;\n(vii) that it is critical to the success, prosperity and viability of areas\nbeing revitalized that financing be made available for nonhousing buildings that\nare incidental to residential housing for low and moderate income persons and\nfamilies and other persons and families in order to provide products and\nservices to those living in residential housing or that are necessary or\nappropriate for the revitalization of such areas or for the industrial,\ncommercial or other economic development of such areas; (viii) that the\nfinancing of residential housing for low and moderate income persons and\nfamilies and other persons and families may be appropriate to promote the\nindustrial, commercial or other economic development of certain areas in a city\nor the county by inducing manufacturing, industrial, commercial, governmental,\neducational, entertainment, community development, healthcare or nonprofit\nenterprises or undertakings to locate or remain in such area; and (ix) that\nprivate enterprise and investment be encouraged both to sponsor land development\nand build and rehabilitate residential housing for such persons and families of\nlow and moderate income and to build housing which will prevent the recurrence\nof slum conditions by housing persons of varied economic means in the same\nprojects or area, and that private financing be supplemented by financing as\nprovided in this chapter in order to help prevent the creation and recurrence of\nsubstandard living conditions and to assist in their permanent elimination\nthroughout Virginia.\n\t\tIt is further declared that in order to provide a fully adequate supply of\nsanitary and safe dwelling accommodations at rents, prices, or other costs which\nsuch persons or families can afford and to stabilize or recover an appropriate\neconomic mix in certain areas of the Commonwealth the legislature finds that it\nis necessary to create and establish a state housing development authority for\nthe purpose of encouraging the investment of private capital and stimulating the\nconstruction and rehabilitation of residential housing to meet the needs of such\npersons and families or to stabilize such areas through the use of public\nfinancing, to provide construction and mortgage loans and to make provision for\nthe purchase of mortgage loans and otherwise.\n\t\tIt is hereby further declared to be necessary and in the public interest that\nsuch state housing development authority provide for predevelopment costs,\ntemporary financing, land development expenses and residential housing\nconstruction or rehabilitation by private sponsors for sale or rental to persons\nand families of low and moderate income and others; further, to provide mortgage\nfinancing for the purposes of supplying sanitary and safe dwelling\naccommodations at rents, prices or other costs which such persons or families\ncan afford or of stabilizing urban areas, including without limitation,\nlong-term federally insured mortgages; further, in revitalization areas\ndesignated in or pursuant to \u00a7 36-55.30:2, to provide financing for nonhousing\nbuildings that are incidental to residential housing financed or to be financed\nin such areas pursuant to this chapter for low and moderate income persons and\nfamilies and for other persons and families or that are necessary or appropriate\nfor the revitalization of such areas or the industrial, commercial or other\neconomic development of such areas; further, to increase the construction and\nrehabilitation of low and moderate income housing through the purchase from\nmortgage lenders authorized to make loans in the Commonwealth of mortgage loans\nfor residential housing for persons and families of low and moderate income in\nthe Commonwealth; further, to acquire, develop and own multifamily residential\nhousing for occupancy by persons and families of low and moderate income;\nfurther, to provide technical, consultative and project assistance services to\nprivate sponsors; further, to assist in coordinating federal, state, regional\nand local public and private efforts and resources; to guarantee to the extent\nprovided herein the repayment of certain loans secured by residential mortgages;\nfurther, to promote wise usage of land and other resources in order to preserve\nthe quality of life we value so highly in Virginia; and further, to act as the\nloan servicer for a housing lender.\n\t\tIt is hereby further declared that all of the foregoing are public purposes\nand uses for which public moneys may be borrowed, expended, advanced, loaned, or\ngranted, and that such activities serve a public purpose in improving or\notherwise benefiting the people of the Commonwealth; that the necessity of\nenacting the provisions hereinafter set forth is in the public interest and is\nhereby so declared as a matter of express legislative determination.\n\nHISTORY: 1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254;\n2004, c. 187; 2011, c. 690.","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}}