{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-55.26.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-55.26.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-55.26.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-55.26.html"}],"law_id":70563,"edition_id":1,"section_id":70563,"structure_id":13116,"section_number":"36-55.26","catch_line":"Definitions","history":"1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498; 2004, c. 187; 2011, c. 690; 2020, c. 1137.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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.\n\t\t“City” means any city or town in the Commonwealth.\n\t\t“County” means any county in the Commonwealth.\n\t\t“Earned surplus” shall have the same meaning as in generally accepted accounting standards.\n\t\t“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.\n\t\t“Federal government” means the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America.\n\t\t“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.\n\t\t“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.\n\t\t“HDA” means the Virginia Housing Development Authority created and established pursuant to \u00a7 36-55.27.\n\t\t“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 \u00a7 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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“Mortgage loan” means an interest-bearing obligation secured by a mortgage.\n\t\t“Multifamily residential housing” means residential housing other than single-family residential housing, as hereinafter defined.\n\t\t“Municipality” means any city, town, county, or other political subdivision of the Commonwealth.\n\t\t“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, health care, or nonprofit enterprises or undertakings other than residential housing.\n\t\t“Persons and families of low and moderate income” means persons and families, irrespective of race, creed, national origin, sex, sexual orientation, or gender identity, 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.\n\t\t“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.\n\t\t“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.\n\t\t“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.","order_by":null,"text":{"0":{"id":254619,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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.\n\t\t“City” means any city or town in the Commonwealth.\n\t\t“County” means any county in the Commonwealth.\n\t\t“Earned surplus” shall have the same meaning as in generally accepted accounting standards.\n\t\t“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.\n\t\t“Federal government” means the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America.\n\t\t“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.\n\t\t“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.\n\t\t“HDA” means the Virginia Housing Development Authority created and established pursuant to \u00a7 36-55.27.\n\t\t“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 \u00a7 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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“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.\n\t\t“Mortgage loan” means an interest-bearing obligation secured by a mortgage.\n\t\t“Multifamily residential housing” means residential housing other than single-family residential housing, as hereinafter defined.\n\t\t“Municipality” means any city, town, county, or other political subdivision of the Commonwealth.\n\t\t“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, health care, or nonprofit enterprises or undertakings other than residential housing.\n\t\t“Persons and families of low and moderate income” means persons and families, irrespective of race, creed, national origin, sex, sexual orientation, or gender identity, 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.\n\t\t“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.\n\t\t“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.\n\t\t“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.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-55.26\/","history_text":"

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 7 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 1987, chapter 363; in 1988, chapter 218; in 1996, chapter 498<\/a>; in 2004, chapter 187<\/a>; in 2011, chapter 690<\/a>; in 2020, chapter 1137<\/a>.<\/p>","references":[{"id":65366,"section_number":"36-47","catch_line":"Consolidated housing authority","order_by":null,"url":"\/36-47\/"}],"refers_to":[{"id":57123,"section_number":"36-55.27","catch_line":"Virginia Housing Development Authority continued; constituted a public instrumentality","order_by":null,"url":"\/36-55.27\/"},{"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":208625,"object_type":"law","relational_id":70563,"identifier":"36-55.26","token":"36\/1.2\/36-55.26","url":"\/36-55.26\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-55.26\/","token":"36\/1.2\/36-55.26","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-55.26","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Bonds<\/span>,” “notes,” “bond<\/span> anticipation notes,” and “other obligations<\/span>” mean any bonds<\/span>, notes, debentures, interim certificates, or other evidences<\/span> of financial indebtedness issued by HDA<\/span> pursuant to this chapter.\n\t\t“City<\/span>” means any city<\/span> or town in the Commonwealth.\n\t\t“County<\/span>” means any county<\/span> in the Commonwealth.\n\t\t“Earned surplus” shall have the same meaning as in generally accepted accounting standards.\n\t\t“Economically mixed project<\/span>” means residential housing or housing development, which may consist of one or more buildings located on contiguous or noncontiguous parcels that the HDA<\/span> determines to finance as a single economically mixed project<\/span>, to be occupied by persons and families of low and moderate income<\/span> and by other persons and families as the HDA<\/span> shall determine.\n\t\t“Federal government<\/span>” means the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America.\n\t\t“Federal mortgage<\/span>” means a mortgage loan<\/span> for land development<\/span> 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<\/span>.\n\t\t“Federally insured mortgage<\/span>” means a mortgage loan<\/span> for land development<\/span> 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.\n\t\t“HDA<\/span>” means the Virginia Housing Development Authority created and established pursuant to \u00a7 36-55.27<\/a>.\n\t\t“Housing development costs<\/span>” means the sum total of all costs incurred in the development of a housing development, which are approved by the HDA<\/span> 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<\/span> 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<\/span>, 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<\/span>; 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<\/span>; an allowance established by HDA<\/span> 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<\/span> within a revitalization area designated in or pursuant to \u00a7 36-55.30:2<\/a>, the costs of any nonhousing buildings<\/span> 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<\/span> 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.\n\t\t“Housing development” or “housing project<\/span>” 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<\/span>, 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<\/span> 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.\n\t\t“Housing lender<\/span>” 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<\/span>, 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.\n\t\t“Housing sponsor<\/span>” 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<\/span> 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<\/span> and other terms and conditions set forth in this chapter.\n\t\t“Land development<\/span>” 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<\/span> deems necessary or desirable to prepare such land primarily for residential housing construction within the Commonwealth.\n\t\t“Loan servicer<\/span>” means any person who, on behalf of a housing lender<\/span>, collects or receives payments, including payments of principal, interest, escrow amounts, and other amounts due, on obligations due and owing to the housing lender<\/span> pursuant to a residential mortgage loan<\/span> or who, when the borrower is in default<\/span> or in foreseeable likelihood of default<\/span>, works on behalf of the housing lender<\/span> with the borrower to modify or refinance, either temporarily or permanently, the obligations in order<\/span> to avoid foreclosure or otherwise to finalize collection through the foreclosure process.\n\t\t“Mortgage” means a mortgage deed, deed of trust, or other security instrument which shall constitute a lien<\/span> in the Commonwealth on improvements and real property<\/span> 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<\/span> rights or other assets<\/span>.\n\t\t“Mortgage lender<\/span>” 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<\/span> or other financial institutions or government agencies which are authorized to and customarily provide service or otherwise aid in the financing of mortgages<\/span> on residential housing located in the Commonwealth for persons and families of low or moderate income.\n\t\t“Mortgage loan<\/span>” means an interest-bearing obligation secured by a mortgage.\n\t\t“Multifamily residential housing<\/span>” means residential housing other than single-family residential housing<\/span>, as hereinafter defined.\n\t\t“Municipality<\/span>” means any city<\/span>, town, county<\/span>, or other political subdivision of the Commonwealth.\n\t\t“Nonhousing building<\/span>” 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, health care, or nonprofit enterprises or undertakings other than residential housing.\n\t\t“Persons and families of low and moderate income<\/span>” means persons and families, irrespective of race, creed, national origin, sex, sexual orientation, or gender identity, determined by the HDA<\/span> 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.\n\t\t“Real property<\/span>” 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<\/span>, therein, including terms for years and liens<\/span> by way of judgment<\/span>, mortgage or otherwise and the indebtedness secured by such liens<\/span>.\n\t\t“Residential housing” means a specific work or improvement within the Commonwealth, whether multifamily residential housing<\/span> or single-family residential housing<\/span> 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.\n\t\t“Single-family residential housing<\/span>” 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.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 36-55.26)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Bonds,” “notes,” “bond anticipation\nnotes,” and “other obligations” mean any bonds, notes,\ndebentures, interim certificates, or other evidences of financial indebtedness\nissued by HDA pursuant to this chapter.\n\t\t“City” means any city or town in the Commonwealth.\n\t\t“County” means any county in the Commonwealth.\n\t\t“Earned surplus” shall have the same meaning as in generally\naccepted accounting standards.\n\t\t“Economically mixed project” means residential housing or housing\ndevelopment, which may consist of one or more buildings located on contiguous or\nnoncontiguous parcels that the HDA determines to finance as a single\neconomically mixed project, to be occupied by persons and families of low and\nmoderate income and by other persons and families as the HDA shall determine.\n\t\t“Federal government” means the United States of America or any\nagency or instrumentality, corporate or otherwise, of the United States of\nAmerica.\n\t\t“Federal mortgage” means a mortgage loan for land development for\nresidential housing or residential housing made by the United States or an\ninstrumentality thereof or for which there is a commitment by the United States\nof America or an instrumentality thereof to make such a mortgage loan.\n\t\t“Federally insured mortgage” means a mortgage loan for land\ndevelopment for residential housing or residential housing insured or guaranteed\nby the United States or an instrumentality thereof, or a commitment by the\nUnited States or an instrumentality thereof to insure such a mortgage.\n\t\t“HDA” means the Virginia Housing Development Authority created and\nestablished pursuant to \u00a7 36-55.27.\n\t\t“Housing development costs” means the sum total of all costs\nincurred in the development of a housing development, which are approved by the\nHDA as reasonable and necessary, which costs shall include, but are not\nnecessarily limited to: fair value of land owned by the sponsor, or cost of land\nacquisition and any buildings thereon, including payments for options, deposits,\nor contracts to purchase properties on the proposed housing site or payments for\nthe purchase of such properties; cost of site preparation, demolition and\ndevelopment; architecture, engineering, legal, accounting, HDA, and other fees\npaid or payable in connection with the planning, execution and financing of the\nhousing development; cost of necessary studies, surveys, plans and permits;\ninsurance, interest; financing, tax and assessment costs and other operating and\ncarrying costs during construction; cost of construction, rehabilitation,\nreconstruction, fixtures, furnishings, equipment, machinery and apparatus\nrelated to the real property; cost of land improvements, including without\nlimitation, landscaping and off-site improvements, whether or not such costs\nhave been paid in cash or in a form other than cash; necessary expenses in\nconnection with initial occupancy of the housing development; a reasonable\nprofit and risk fee in addition to job overhead to the general contractor and,\nif applicable, a limited profit housing sponsor; an allowance established by HDA\nfor working capital and contingency reserves, and reserves for any anticipated\noperating deficits during the first two years of occupancy; in the case of an\neconomically mixed project within a revitalization area designated in or\npursuant to \u00a7 36-55.30:2, the costs of any nonhousing buildings that are\nfinanced in conjunction with such project and that are incidental to such\nproject or are determined by such governing body to be necessary or appropriate\nfor the revitalization of such area or for the industrial, commercial or other\neconomic development of such area; the cost of such other items, including\ntenant relocation, if such tenant relocation costs are not otherwise being\nprovided for, as HDA shall determine to be reasonable and necessary for the\ndevelopment of the housing development, less any and all net rents and other net\nrevenues received from the operation of the real and personal property on the\ndevelopment site during construction.\n\t\t“Housing development” or “housing project” means any\nwork or undertaking, whether new construction or rehabilitation, which is\ndesigned and financed pursuant to the provisions of this chapter for the primary\npurpose of providing sanitary, decent, and safe dwelling accommodations for\npersons and families of low or moderate income in need of housing and, in the\ncase of an economically mixed project, other persons and families; such\nundertaking may include any buildings, land, equipment, facilities, or other\nreal or personal properties which are necessary, convenient, or desirable\nappurtenances, such as but not limited to streets, sewers, utilities, parks,\nsite preparation, landscaping, and such offices, and other nonhousing facilities\nincidental or related to such development or project such as administrative,\ncommunity, health, nursing care, medical, educational and recreational\nfacilities as HDA determines to be necessary, convenient, or desirable. For the\npurposes of this chapter, medical and related facilities for the residence and\ncare of the aged shall be deemed to be dwelling accommodations.\n\t\t“Housing lender” means any bank or trust company, mortgage banker\napproved by the Federal National Mortgage Association, savings bank, national\nbanking association, savings and loan association or building and loan\nassociation, mortgage broker, mortgage company, mortgage lender, life insurance\ncompany, credit union, agency or authority of the Commonwealth or any other\nstate, or locality authorized to finance housing loans on properties located in\nor outside of the Commonwealth to persons and families of any income.\n\t\t“Housing sponsor” means individuals, joint ventures, partnerships,\nlimited partnerships, public bodies, trusts, firms, associations, or other legal\nentities or any combination thereof, corporations, cooperatives and\ncondominiums, approved by HDA as qualified either to own, construct, acquire,\nrehabilitate, operate, manage or maintain a housing development whether\nnonprofit or organized for limited profit subject to the regulatory powers of\nHDA and other terms and conditions set forth in this chapter.\n\t\t“Land development” means the process of acquiring land for\nresidential housing construction, and of making, installing, or constructing\nnonresidential housing improvements, including, without limitation, waterlines\nand water supply installations, sewer lines and sewage disposal and treatment\ninstallations, steam, gas and electric lines and installations, roads, streets,\ncurbs, gutters, sidewalks, storm drainage facilities, other related pollution\ncontrol facilities, and other installations or works, whether on or off the\nsite, which HDA deems necessary or desirable to prepare such land primarily for\nresidential housing construction within the Commonwealth.\n\t\t“Loan servicer” means any person who, on behalf of a housing\nlender, collects or receives payments, including payments of principal,\ninterest, escrow amounts, and other amounts due, on obligations due and owing to\nthe housing lender pursuant to a residential mortgage loan or who, when the\nborrower is in default or in foreseeable likelihood of default, works on behalf\nof the housing lender with the borrower to modify or refinance, either\ntemporarily or permanently, the obligations in order to avoid foreclosure or\notherwise to finalize collection through the foreclosure process.\n\t\t“Mortgage” means a mortgage deed, deed of trust, or other security\ninstrument which shall constitute a lien in the Commonwealth on improvements and\nreal property in fee simple, on a leasehold under a lease having a remaining\nterm, which at the time such mortgage is acquired does not expire for at least\nthat number of years beyond the maturity date of the interest-bearing obligation\nsecured by such mortgage as is equal to the number of years remaining until the\nmaturity date of such obligation or on personal property, contract rights or\nother assets.\n\t\t“Mortgage lender” means any bank or trust company, mortgage banker\napproved by the Federal National Mortgage Association, savings bank, national\nbanking association, savings and loan association, or building and loan\nassociation, life insurance company, the federal government or other financial\ninstitutions or government agencies which are authorized to and customarily\nprovide service or otherwise aid in the financing of mortgages on residential\nhousing located in the Commonwealth for persons and families of low or moderate\nincome.\n\t\t“Mortgage loan” means an interest-bearing obligation secured by a\nmortgage.\n\t\t“Multifamily residential housing” means residential housing other\nthan single-family residential housing, as hereinafter defined.\n\t\t“Municipality” means any city, town, county, or other political\nsubdivision of the Commonwealth.\n\t\t“Nonhousing building” means a building or portion thereof and any\nrelated improvements and facilities used or to be used for manufacturing,\nindustrial, commercial, governmental, educational, entertainment, community\ndevelopment, health care, or nonprofit enterprises or undertakings other than\nresidential housing.\n\t\t“Persons and families of low and moderate income” means persons\nand families, irrespective of race, creed, national origin, sex, sexual\norientation, or gender identity, determined by the HDA to require such\nassistance as is made available by this chapter on account of insufficient\npersonal or family income taking into consideration, without limitation, such\nfactors as follows: (i) the amount of the total income of such persons and\nfamilies available for housing needs, (ii) the size of the family, (iii) the\ncost and condition of housing facilities available, (iv) the ability of such\npersons and families to compete successfully in the normal private housing\nmarket and to pay the amounts at which private enterprise is providing sanitary,\ndecent and safe housing, and (v) if appropriate, standards established for\nvarious federal programs determining eligibility based on income of such persons\nand families.\n\t\t“Real property” means all lands, including improvements and\nfixtures thereon, and property of any nature appurtenant thereto, or used in\nconnection therewith, and every estate, interest and right, legal or equitable,\ntherein, including terms for years and liens by way of judgment, mortgage or\notherwise and the indebtedness secured by such liens.\n\t\t“Residential housing” means a specific work or improvement within\nthe Commonwealth, whether multifamily residential housing or single-family\nresidential housing undertaken primarily to provide dwelling accommodations,\nincluding the acquisition, construction, rehabilitation, preservation or\nimprovement of land, buildings and improvements thereto, for residential\nhousing, and such other nonhousing facilities as may be incidental, related, or\nappurtenant thereto. For the purposes of this chapter, medical and related\nfacilities for the residence and care of the aged shall be deemed to be dwelling\naccommodations.\n\t\t“Single-family residential housing” means residential housing\nconsisting of four or fewer dwelling units, the person or family owning or\nintending to acquire such dwelling units, upon completion of the construction,\nrehabilitation, or improvement thereof, also occupying or intending to occupy\none of such dwelling units.\n\nHISTORY: 1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498;\n2004, c. 187; 2011, c. 690; 2020, c. 1137.","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}}