{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-55.30.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-55.30.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-55.30.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-55.30.html"}],"law_id":76665,"edition_id":1,"section_id":76665,"structure_id":13116,"section_number":"36-55.30","catch_line":"Powers of HDA generally","history":"1972, c. 830; 1975, c. 536; 1979, c. 613; 1986, c. 6; 1987, c. 254; 1990, c. 956; 1996, c. 498; 1998, c. 442; 2004, c. 187; 2011, c. 690; 2012, c. 238.","full_text":"The HDA is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, the following:\n\n1\n\nSue and be sued in its own name;2\n\nHave an official seal and to alter the same at pleasure;3\n\nHave perpetual succession;4\n\nMaintain an office at such place or places within the Commonwealth as it may designate;5\n\nAdopt and from time to time amend and repeal bylaws, not inconsistent with this chapter, to carry into effect the powers and purposes of HDA and the conduct of its business;6\n\nMake and execute contracts and all other instruments and agreements necessary or convenient for the exercise of its powers and functions;7\n\nAcquire real or personal property, or any interest therein, by purchase, exchange, gift, assignment, transfer, foreclosure, lease or otherwise, including rights or easements; to hold, manage, operate, or improve real or personal property; to sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or deed of trust or mortgage lien interest owned by it or under its control, custody or in its possession and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption in property foreclosed by it and to do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law;8\n\nTo lease or rent any dwellings, houses, accommodations, lands, buildings, structures or facilities to effectuate the purposes of this chapter;9\n\nTo enter into agreements or other transactions with the federal government, the Commonwealth of Virginia or any governmental agency thereof or any municipality in furtherance of the purposes of this chapter, including but not limited to the development, maintenance, operation and financing of any housing development or residential housing, or land improvement; to enter into agreements with the federal government or other parties for the provision by the HDA, or any entity or fund owned or sponsored by or related to the HDA, of services and assistance in the restructuring or modification of debt or subsidy, or in the improvement of the financial or physical condition, of any housing development or residential housing, including without limitation any housing development or residential housing owned, financed or assisted by the federal government or financed by a mortgage loan insured by the federal government, which agreements may provide for the indemnification by the HDA of the federal government or other parties against liabilities and costs in connection with the provision of such services and assistance if such indemnification is determined by the executive director to be in furtherance of the public purposes of this chapter, provided that (i) such indemnification shall be payable solely from the funds of the HDA, excluding any funds appropriated by the Commonwealth which shall be held by the HDA in a separate fund while such indemnification is in effect, (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth and the Commonwealth shall not be liable therefor, and (iii) any such agreement limits the HDA’s total liability for the indemnification thereunder to a stated dollar amount and notifies the federal government or other parties that the full faith and credit of the Commonwealth are not pledged or committed to payment of the HDA’s obligation to indemnify the federal government or other parties under such agreement; to operate and administer loan programs of the federal government, the Commonwealth of Virginia, or any governmental agency thereof or any municipality involving land development, the planning, development, construction or rehabilitation of housing developments and residential housing, the acquisition, preservation, improvement or financing of existing residential housing or other forms of housing assistance for persons and families of low and moderate income, however funded; and to operate and administer any program of housing assistance for persons and families of low and moderate income, however funded;10\n\nTo receive and accept aid, grants, contributions and cooperation of any kind from any source for the purposes of this chapter subject to such conditions, acceptable to HDA, upon which such aid, grants, contributions and cooperation may be made, including, but not limited to, rent supplement payments made on behalf of eligible persons or families or for the payment in whole or in part of the interest expense for a housing development or for any other purpose consistent with this chapter;11\n\nTo provide, contract or arrange for consolidated processing of any aspect of a housing development in order to avoid duplication thereof by either undertaking the processing in whole or in part for any department, agency, or instrumentality of the United States or of the Commonwealth, or, in the alternative, to delegate the processing in whole or in part to any such department, agency or instrumentality;12\n\nTo provide advice and technical information, including technical assistance at the state and local levels in the use of both public and private resources to increase low-income housing resources for the disabled;13\n\nTo employ architects, engineers, attorneys, accountants, housing, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix their compensation;14\n\nTo procure insurance against any loss in connection with its property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as it deems desirable;15\n\nTo insure mortgage payments of any mortgage loan made for the purpose of constructing, rehabilitating, purchasing, leasing, or refinancing housing developments for persons and families of low and moderate income upon such terms and conditions as HDA may prescribe and to create insurance funds and form corporations for the purpose of providing mortgage guaranty insurance on mortgage loans made or financed by HDA pursuant to this chapter;16\n\nTo invest its funds as provided in this chapter or permitted by applicable law;17\n\nTo borrow money and issue bonds and notes or other evidences of indebtedness thereof as hereinafter provided;18\n\nSubject to the requirements of any agreements with bondholders or noteholders, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which HDA is a party;19\n\nSubject to the requirements of any agreements with bondholders or noteholders, to enter into contracts with any mortgagor containing provisions enabling such mortgagor to reduce the rental or carrying charges to persons unable to pay the regular schedule of charges where, by reason of other income or payment from any department, agency or instrumentality of the United States or the Commonwealth, such reductions can be made without jeopardizing the economic stability of housing being financed;20\n\nTo procure or agree to the procurement of insurance or guarantees from the federal government of the payment of any bonds or notes or any other evidences of indebtedness thereof issued by HDA or an authority, including the power to pay premiums on any such insurance;21\n\nTo make and enter into all contracts and agreements with mortgage lenders for the servicing and processing of mortgage loans pursuant to this chapter;22\n\nTo establish, and revise from time to time and charge and collect fees and charges in connection with any agreements made by HDA under this chapter;23\n\nTo do any act necessary or convenient to the exercise of the powers herein granted or reasonably implied;24\n\nTo invest in, purchase or make commitments to purchase securities or other obligations secured by or payable from mortgage loans on, or issued for the purpose of financing or otherwise assisting land development or residential housing for persons or families of low or moderate income;25\n\nTo acquire, develop and own multifamily residential housing as hereinafter provided;26\n\nTo enter into agreements with owners of housing developments eligible for federal low-income housing credits as hereinafter provided in this chapter;27\n\nTo exercise any of the powers granted by this chapter for the purpose of financing an economically mixed project and, if such project is within a revitalization area designated in or pursuant to § 36-55.30:2, any nonhousing buildings 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; provided that a capital reserve fund shall not be created for any such financing pursuant to § 36-55.41;28\n\nTo make and enter into contracts and agreements to act as the loan servicer for a housing lender on properties located in or outside of the Commonwealth to persons and families of any income; and29\n\nTo indemnify other parties against liabilities, obligations, losses, payments, damages, expenses, and costs as may be necessary or appropriate to the exercise of any power herein granted or reasonably implied, provided that (i) such indemnification shall be payable solely from the funds of the HDA and (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth, and the Commonwealth shall not be liable therefor.","order_by":null,"text":{"0":{"id":275184,"text":"The HDA is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":275185,"text":"Sue and be sued in its own name;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":275186,"text":"Have an official seal and to alter the same at pleasure;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":275187,"text":"Have perpetual succession;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":275188,"text":"Maintain an office at such place or places within the Commonwealth as it may designate;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":275189,"text":"Adopt and from time to time amend and repeal bylaws, not inconsistent with this chapter, to carry into effect the powers and purposes of HDA and the conduct of its business;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":275190,"text":"Make and execute contracts and all other instruments and agreements necessary or convenient for the exercise of its powers and functions;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":275191,"text":"Acquire real or personal property, or any interest therein, by purchase, exchange, gift, assignment, transfer, foreclosure, lease or otherwise, including rights or easements; to hold, manage, operate, or improve real or personal property; to sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or deed of trust or mortgage lien interest owned by it or under its control, custody or in its possession and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption in property foreclosed by it and to do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":275192,"text":"To lease or rent any dwellings, houses, accommodations, lands, buildings, structures or facilities to effectuate the purposes of this chapter;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":275193,"text":"To enter into agreements or other transactions with the federal government, the Commonwealth of Virginia or any governmental agency thereof or any municipality in furtherance of the purposes of this chapter, including but not limited to the development, maintenance, operation and financing of any housing development or residential housing, or land improvement; to enter into agreements with the federal government or other parties for the provision by the HDA, or any entity or fund owned or sponsored by or related to the HDA, of services and assistance in the restructuring or modification of debt or subsidy, or in the improvement of the financial or physical condition, of any housing development or residential housing, including without limitation any housing development or residential housing owned, financed or assisted by the federal government or financed by a mortgage loan insured by the federal government, which agreements may provide for the indemnification by the HDA of the federal government or other parties against liabilities and costs in connection with the provision of such services and assistance if such indemnification is determined by the executive director to be in furtherance of the public purposes of this chapter, provided that (i) such indemnification shall be payable solely from the funds of the HDA, excluding any funds appropriated by the Commonwealth which shall be held by the HDA in a separate fund while such indemnification is in effect, (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth and the Commonwealth shall not be liable therefor, and (iii) any such agreement limits the HDA’s total liability for the indemnification thereunder to a stated dollar amount and notifies the federal government or other parties that the full faith and credit of the Commonwealth are not pledged or committed to payment of the HDA’s obligation to indemnify the federal government or other parties under such agreement; to operate and administer loan programs of the federal government, the Commonwealth of Virginia, or any governmental agency thereof or any municipality involving land development, the planning, development, construction or rehabilitation of housing developments and residential housing, the acquisition, preservation, improvement or financing of existing residential housing or other forms of housing assistance for persons and families of low and moderate income, however funded; and to operate and administer any program of housing assistance for persons and families of low and moderate income, however funded;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":275194,"text":"To receive and accept aid, grants, contributions and cooperation of any kind from any source for the purposes of this chapter subject to such conditions, acceptable to HDA, upon which such aid, grants, contributions and cooperation may be made, including, but not limited to, rent supplement payments made on behalf of eligible persons or families or for the payment in whole or in part of the interest expense for a housing development or for any other purpose consistent with this chapter;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":275195,"text":"To provide, contract or arrange for consolidated processing of any aspect of a housing development in order to avoid duplication thereof by either undertaking the processing in whole or in part for any department, agency, or instrumentality of the United States or of the Commonwealth, or, in the alternative, to delegate the processing in whole or in part to any such department, agency or instrumentality;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":275196,"text":"To provide advice and technical information, including technical assistance at the state and local levels in the use of both public and private resources to increase low-income housing resources for the disabled;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":275197,"text":"To employ architects, engineers, attorneys, accountants, housing, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment and to fix their compensation;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":275198,"text":"To procure insurance against any loss in connection with its property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as it deems desirable;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":275199,"text":"To insure mortgage payments of any mortgage loan made for the purpose of constructing, rehabilitating, purchasing, leasing, or refinancing housing developments for persons and families of low and moderate income upon such terms and conditions as HDA may prescribe and to create insurance funds and form corporations for the purpose of providing mortgage guaranty insurance on mortgage loans made or financed by HDA pursuant to this chapter;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":275200,"text":"To invest its funds as provided in this chapter or permitted by applicable law;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":275201,"text":"To borrow money and issue bonds and notes or other evidences of indebtedness thereof as hereinafter provided;","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":275202,"text":"Subject to the requirements of any agreements with bondholders or noteholders, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which HDA is a party;","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17","next_prefix":"19"},"19":{"id":275203,"text":"Subject to the requirements of any agreements with bondholders or noteholders, to enter into contracts with any mortgagor containing provisions enabling such mortgagor to reduce the rental or carrying charges to persons unable to pay the regular schedule of charges where, by reason of other income or payment from any department, agency or instrumentality of the United States or the Commonwealth, such reductions can be made without jeopardizing the economic stability of housing being financed;","type":"section","prefixes":["19"],"prefix":"19","entire_prefix":"19","prefix_anchor":"19","level":1,"prior_prefix":"18","next_prefix":"20"},"20":{"id":275204,"text":"To procure or agree to the procurement of insurance or guarantees from the federal government of the payment of any bonds or notes or any other evidences of indebtedness thereof issued by HDA or an authority, including the power to pay premiums on any such insurance;","type":"section","prefixes":["20"],"prefix":"20","entire_prefix":"20","prefix_anchor":"20","level":1,"prior_prefix":"19","next_prefix":"21"},"21":{"id":275205,"text":"To make and enter into all contracts and agreements with mortgage lenders for the servicing and processing of mortgage loans pursuant to this chapter;","type":"section","prefixes":["21"],"prefix":"21","entire_prefix":"21","prefix_anchor":"21","level":1,"prior_prefix":"20","next_prefix":"22"},"22":{"id":275206,"text":"To establish, and revise from time to time and charge and collect fees and charges in connection with any agreements made by HDA under this chapter;","type":"section","prefixes":["22"],"prefix":"22","entire_prefix":"22","prefix_anchor":"22","level":1,"prior_prefix":"21","next_prefix":"23"},"23":{"id":275207,"text":"To do any act necessary or convenient to the exercise of the powers herein granted or reasonably implied;","type":"section","prefixes":["23"],"prefix":"23","entire_prefix":"23","prefix_anchor":"23","level":1,"prior_prefix":"22","next_prefix":"24"},"24":{"id":275208,"text":"To invest in, purchase or make commitments to purchase securities or other obligations secured by or payable from mortgage loans on, or issued for the purpose of financing or otherwise assisting land development or residential housing for persons or families of low or moderate income;","type":"section","prefixes":["24"],"prefix":"24","entire_prefix":"24","prefix_anchor":"24","level":1,"prior_prefix":"23","next_prefix":"25"},"25":{"id":275209,"text":"To acquire, develop and own multifamily residential housing as hereinafter provided;","type":"section","prefixes":["25"],"prefix":"25","entire_prefix":"25","prefix_anchor":"25","level":1,"prior_prefix":"24","next_prefix":"26"},"26":{"id":275210,"text":"To enter into agreements with owners of housing developments eligible for federal low-income housing credits as hereinafter provided in this chapter;","type":"section","prefixes":["26"],"prefix":"26","entire_prefix":"26","prefix_anchor":"26","level":1,"prior_prefix":"25","next_prefix":"27"},"27":{"id":275211,"text":"To exercise any of the powers granted by this chapter for the purpose of financing an economically mixed project and, if such project is within a revitalization area designated in or pursuant to § 36-55.30:2, any nonhousing buildings 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; provided that a capital reserve fund shall not be created for any such financing pursuant to § 36-55.41;","type":"section","prefixes":["27"],"prefix":"27","entire_prefix":"27","prefix_anchor":"27","level":1,"prior_prefix":"26","next_prefix":"28"},"28":{"id":275212,"text":"To make and enter into contracts and agreements to act as the loan servicer for a housing lender on properties located in or outside of the Commonwealth to persons and families of any income; and","type":"section","prefixes":["28"],"prefix":"28","entire_prefix":"28","prefix_anchor":"28","level":1,"prior_prefix":"27","next_prefix":"29"},"29":{"id":275213,"text":"To indemnify other parties against liabilities, obligations, losses, payments, damages, expenses, and costs as may be necessary or appropriate to the exercise of any power herein granted or reasonably implied, provided that (i) such indemnification shall be payable solely from the funds of the HDA and (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth, and the Commonwealth shall not be liable therefor.","type":"section","prefixes":["29"],"prefix":"29","entire_prefix":"29","prefix_anchor":"29","level":1,"prior_prefix":"28"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-55.30\/","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 10 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 1979, chapter 613; in 1986, chapter 6; in 1987, chapter 254; in 1990, chapter 956; in 1996, chapter 498<\/a>; in 1998, chapter 442<\/a>; in 2004, chapter 187<\/a>; in 2011, chapter 690<\/a>; in 2012, chapter 238<\/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\/"},{"id":60236,"section_number":"36-55.41","catch_line":"Reserve funds and appropriations","order_by":null,"url":"\/36-55.41\/"}],"permalink":{"id":208645,"object_type":"law","relational_id":76665,"identifier":"36-55.30","token":"36\/1.2\/36-55.30","url":"\/36-55.30\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-55.30\/","token":"36\/1.2\/36-55.30","dublin_core":{"Title":"Powers of HDA generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-55.30","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The HDA<\/span> is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purposes, including, without limitation, the following:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Sue and be sued in its own name; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Have an official seal and to alter the same at pleasure; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Have perpetual succession; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Maintain an office at such place or places within the Commonwealth as it may designate; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Adopt and from time to time amend<\/span> and repeal bylaws, not inconsistent with this chapter, to carry into effect the powers and purposes of HDA<\/span> and the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Make and execute contracts<\/span> and all other instruments and agreements necessary or convenient for the exercise of its powers and functions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Acquire real or personal property, or any interest therein, by purchase, exchange, gift, assignment, transfer, foreclosure, lease or otherwise, including rights or easements; to hold, manage, operate, or improve real or personal property; to sell, assign, lease, encumber, mortgage<\/span> or otherwise dispose of any real or personal property, or any interest therein, or deed of trust or mortgage<\/span> lien<\/span> interest owned by it or under its control, custody<\/span> or in its possession<\/span> and release or relinquish any right, title, claim, lien<\/span>, interest, easement or demand however acquired, including any equity<\/span> or right of redemption<\/span> in property foreclosed by it and to do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To lease or rent any dwellings, houses, accommodations, lands, buildings, structures or facilities to effectuate the purposes of this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To enter into agreements or other transactions with the federal government<\/span>, the Commonwealth of Virginia or any governmental agency thereof or any municipality<\/span> in furtherance of the purposes of this chapter, including but not limited to the development, maintenance, operation and financing of any housing development<\/span> or residential housing<\/span>, or land improvement; to enter into agreements with the federal government<\/span> or other parties for the provision by the HDA<\/span>, or any entity or fund owned or sponsored by or related to the HDA<\/span>, of services and assistance in the restructuring or modification of debt or subsidy, or in the improvement of the financial or physical condition, of any housing development<\/span> or residential housing<\/span>, including without limitation any housing development<\/span> or residential housing<\/span> owned, financed or assisted by the federal government<\/span> or financed by a mortgage loan<\/span> insured by the federal government<\/span>, which agreements may provide for the indemnification by the HDA<\/span> of the federal government<\/span> or other parties against liabilities and costs in connection with the provision of such services and assistance if such indemnification is determined by the executive director to be in furtherance of the public purposes of this chapter, provided that (i) such indemnification shall be payable solely from the funds of the HDA<\/span>, excluding any funds appropriated by the Commonwealth which shall be held by the HDA<\/span> in a separate fund while such indemnification is in effect, (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth and the Commonwealth shall not be liable therefor, and (iii) any such agreement limits the HDA<\/span>’s total liability for the indemnification thereunder to a stated dollar amount and notifies the federal government<\/span> or other parties that the full faith and credit of the Commonwealth are not pledged or committed to payment of the HDA<\/span>’s obligation to indemnify the federal government<\/span> or other parties under such agreement; to operate and administer loan programs of the federal government<\/span>, the Commonwealth of Virginia, or any governmental agency thereof or any municipality<\/span> involving land development<\/span>, the planning, development, construction or rehabilitation of housing developments<\/span> and residential housing<\/span>, the acquisition, preservation, improvement or financing of existing residential housing<\/span> or other forms of housing assistance for persons and families of low and moderate income<\/span>, however funded; and to operate and administer any program of housing assistance for persons and families of low and moderate income<\/span>, however funded; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To receive and accept aid, grants, contributions and cooperation of any kind from any source for the purposes of this chapter subject to such conditions, acceptable to HDA<\/span>, upon which such aid, grants, contributions and cooperation may be made, including, but not limited to, rent supplement payments made on behalf of eligible persons or families or for the payment in whole or in part of the interest expense for a housing development<\/span> or for any other purpose consistent with this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> To provide, contract<\/span> or arrange for consolidated processing of any aspect of a housing development<\/span> in order<\/span> to avoid duplication thereof by either undertaking the processing in whole or in part for any department, agency, or instrumentality of the United States or of the Commonwealth, or, in the alternative, to delegate the processing in whole or in part to any such department, agency or instrumentality; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> To provide advice and technical information, including technical assistance at the state and local levels in the use of both public and private resources to increase low-income housing resources for the disabled; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> To employ architects, engineers, attorneys, accountants, housing, construction and financial experts and such other advisors, consultants and agents as may be necessary in its judgment<\/span> and to fix their compensation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> To procure insurance against any loss in connection with its property and other assets<\/span>, including mortgages<\/span> and mortgage loans<\/span>, in such amounts and from such insurers as it deems desirable; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> To insure mortgage payments of any mortgage loan<\/span> made for the purpose of constructing, rehabilitating, purchasing, leasing, or refinancing housing developments<\/span> for persons and families of low and moderate income<\/span> upon such terms and conditions as HDA<\/span> may prescribe and to create insurance funds and form corporations for the purpose of providing mortgage guaranty insurance on mortgage loans<\/span> made or financed by HDA<\/span> pursuant to this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> To invest its funds as provided in this chapter or permitted by applicable law<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> To borrow money and issue<\/span> bonds<\/span> and notes or other evidences<\/span> of indebtedness thereof as hereinafter provided; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> Subject to the requirements of any agreements with bondholders or noteholders, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract<\/span>, mortgage, mortgage loan<\/span>, mortgage loan<\/span> commitment, contract<\/span> or agreement of any kind to which HDA<\/span> is a party<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> Subject to the requirements of any agreements with bondholders or noteholders, to enter into contracts<\/span> with any mortgagor containing provisions enabling such mortgagor to reduce the rental or carrying charges to persons unable to pay the regular schedule of charges where, by reason of other income or payment from any department, agency or instrumentality of the United States or the Commonwealth, such reductions can be made without jeopardizing the economic stability of housing being financed; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

20.<\/span> To procure or agree to the procurement of insurance or guarantees from the federal government<\/span> of the payment of any bonds<\/span> or notes or any other evidences<\/span> of indebtedness thereof issued by HDA<\/span> or an authority, including the power to pay premiums on any such insurance; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

21.<\/span> To make and enter into all contracts<\/span> and agreements with mortgage lenders<\/span> for the servicing and processing of mortgage loans<\/span> pursuant to this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

22.<\/span> To establish, and revise from time to time and charge and collect fees and charges in connection with any agreements made by HDA<\/span> under this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

23.<\/span> To do any act necessary or convenient to the exercise of the powers herein granted or reasonably implied; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

24.<\/span> To invest in, purchase or make commitments to purchase securities or other obligations<\/span> secured by or payable from mortgage loans<\/span> on, or issued for the purpose of financing or otherwise assisting land development<\/span> or residential housing<\/span> for persons or families of low or moderate income; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

25.<\/span> To acquire, develop and own multifamily residential housing<\/span> as hereinafter provided; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

26.<\/span> To enter into agreements with owners of housing developments<\/span> eligible for federal low-income housing credits as hereinafter provided in this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

27.<\/span> To exercise any of the powers granted by this chapter for the purpose of financing an economically mixed project<\/span> and, if such project is within a revitalization area designated in or pursuant to § 36-55.30:2<\/a>, any nonhousing buildings<\/span> 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; provided that a capital reserve fund shall not be created for any such financing pursuant to § 36-55.41<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

28.<\/span> To make and enter into contracts<\/span> and agreements to act as the loan servicer<\/span> for a housing lender<\/span> on properties located in or outside of the Commonwealth to persons and families of any income; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

29.<\/span> To indemnify other parties against liabilities, obligations, losses, payments, damages<\/span>, expenses, and costs as may be necessary or appropriate to the exercise of any power herein granted or reasonably implied, provided that (i) such indemnification shall be payable solely from the funds of the HDA<\/span> and (ii) such indemnification shall not constitute a debt or obligation of the Commonwealth, and the Commonwealth shall not be liable therefor. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF HDA GENERALLY (\u00a7 36-55.30)\n\nThe HDA is hereby granted, has and may exercise all powers necessary or\nappropriate to carry out and effectuate its corporate purposes, including,\nwithout limitation, the following:\n\n1. Sue and be sued in its own name;\n\n2. Have an official seal and to alter the same at pleasure;\n\n3. Have perpetual succession;\n\n4. Maintain an office at such place or places within the Commonwealth as it may\ndesignate;\n\n5. Adopt and from time to time amend and repeal bylaws, not inconsistent with\nthis chapter, to carry into effect the powers and purposes of HDA and the\nconduct of its business;\n\n6. Make and execute contracts and all other instruments and agreements necessary\nor convenient for the exercise of its powers and functions;\n\n7. Acquire real or personal property, or any interest therein, by purchase,\nexchange, gift, assignment, transfer, foreclosure, lease or otherwise, including\nrights or easements; to hold, manage, operate, or improve real or personal\nproperty; to sell, assign, lease, encumber, mortgage or otherwise dispose of any\nreal or personal property, or any interest therein, or deed of trust or mortgage\nlien interest owned by it or under its control, custody or in its possession and\nrelease or relinquish any right, title, claim, lien, interest, easement or\ndemand however acquired, including any equity or right of redemption in property\nforeclosed by it and to do any of the foregoing by public or private sale, with\nor without public bidding, notwithstanding the provisions of any other law;\n\n8. To lease or rent any dwellings, houses, accommodations, lands, buildings,\nstructures or facilities to effectuate the purposes of this chapter;\n\n9. To enter into agreements or other transactions with the federal government,\nthe Commonwealth of Virginia or any governmental agency thereof or any\nmunicipality in furtherance of the purposes of this chapter, including but not\nlimited to the development, maintenance, operation and financing of any housing\ndevelopment or residential housing, or land improvement; to enter into\nagreements with the federal government or other parties for the provision by the\nHDA, or any entity or fund owned or sponsored by or related to the HDA, of\nservices and assistance in the restructuring or modification of debt or subsidy,\nor in the improvement of the financial or physical condition, of any housing\ndevelopment or residential housing, including without limitation any housing\ndevelopment or residential housing owned, financed or assisted by the federal\ngovernment or financed by a mortgage loan insured by the federal government,\nwhich agreements may provide for the indemnification by the HDA of the federal\ngovernment or other parties against liabilities and costs in connection with the\nprovision of such services and assistance if such indemnification is determined\nby the executive director to be in furtherance of the public purposes of this\nchapter, provided that (i) such indemnification shall be payable solely from the\nfunds of the HDA, excluding any funds appropriated by the Commonwealth which\nshall be held by the HDA in a separate fund while such indemnification is in\neffect, (ii) such indemnification shall not constitute a debt or obligation of\nthe Commonwealth and the Commonwealth shall not be liable therefor, and (iii)\nany such agreement limits the HDA’s total liability for the\nindemnification thereunder to a stated dollar amount and notifies the federal\ngovernment or other parties that the full faith and credit of the Commonwealth\nare not pledged or committed to payment of the HDA’s obligation to\nindemnify the federal government or other parties under such agreement; to\noperate and administer loan programs of the federal government, the Commonwealth\nof Virginia, or any governmental agency thereof or any municipality involving\nland development, the planning, development, construction or rehabilitation of\nhousing developments and residential housing, the acquisition, preservation,\nimprovement or financing of existing residential housing or other forms of\nhousing assistance for persons and families of low and moderate income, however\nfunded; and to operate and administer any program of housing assistance for\npersons and families of low and moderate income, however funded;\n\n10. To receive and accept aid, grants, contributions and cooperation of any kind\nfrom any source for the purposes of this chapter subject to such conditions,\nacceptable to HDA, upon which such aid, grants, contributions and cooperation\nmay be made, including, but not limited to, rent supplement payments made on\nbehalf of eligible persons or families or for the payment in whole or in part of\nthe interest expense for a housing development or for any other purpose\nconsistent with this chapter;\n\n11. To provide, contract or arrange for consolidated processing of any aspect of\na housing development in order to avoid duplication thereof by either\nundertaking the processing in whole or in part for any department, agency, or\ninstrumentality of the United States or of the Commonwealth, or, in the\nalternative, to delegate the processing in whole or in part to any such\ndepartment, agency or instrumentality;\n\n12. To provide advice and technical information, including technical assistance\nat the state and local levels in the use of both public and private resources to\nincrease low-income housing resources for the disabled;\n\n13. To employ architects, engineers, attorneys, accountants, housing,\nconstruction and financial experts and such other advisors, consultants and\nagents as may be necessary in its judgment and to fix their compensation;\n\n14. To procure insurance against any loss in connection with its property and\nother assets, including mortgages and mortgage loans, in such amounts and from\nsuch insurers as it deems desirable;\n\n15. To insure mortgage payments of any mortgage loan made for the purpose of\nconstructing, rehabilitating, purchasing, leasing, or refinancing housing\ndevelopments for persons and families of low and moderate income upon such terms\nand conditions as HDA may prescribe and to create insurance funds and form\ncorporations for the purpose of providing mortgage guaranty insurance on\nmortgage loans made or financed by HDA pursuant to this chapter;\n\n16. To invest its funds as provided in this chapter or permitted by applicable\nlaw;\n\n17. To borrow money and issue bonds and notes or other evidences of indebtedness\nthereof as hereinafter provided;\n\n18. Subject to the requirements of any agreements with bondholders or\nnoteholders, to consent to any modification with respect to rate of interest,\ntime and payment of any installment of principal or interest, security or any\nother term of any contract, mortgage, mortgage loan, mortgage loan commitment,\ncontract or agreement of any kind to which HDA is a party;\n\n19. Subject to the requirements of any agreements with bondholders or\nnoteholders, to enter into contracts with any mortgagor containing provisions\nenabling such mortgagor to reduce the rental or carrying charges to persons\nunable to pay the regular schedule of charges where, by reason of other income\nor payment from any department, agency or instrumentality of the United States\nor the Commonwealth, such reductions can be made without jeopardizing the\neconomic stability of housing being financed;\n\n20. To procure or agree to the procurement of insurance or guarantees from the\nfederal government of the payment of any bonds or notes or any other evidences\nof indebtedness thereof issued by HDA or an authority, including the power to\npay premiums on any such insurance;\n\n21. To make and enter into all contracts and agreements with mortgage lenders\nfor the servicing and processing of mortgage loans pursuant to this chapter;\n\n22. To establish, and revise from time to time and charge and collect fees and\ncharges in connection with any agreements made by HDA under this chapter;\n\n23. To do any act necessary or convenient to the exercise of the powers herein\ngranted or reasonably implied;\n\n24. To invest in, purchase or make commitments to purchase securities or other\nobligations secured by or payable from mortgage loans on, or issued for the\npurpose of financing or otherwise assisting land development or residential\nhousing for persons or families of low or moderate income;\n\n25. To acquire, develop and own multifamily residential housing as hereinafter\nprovided;\n\n26. To enter into agreements with owners of housing developments eligible for\nfederal low-income housing credits as hereinafter provided in this chapter;\n\n27. To exercise any of the powers granted by this chapter for the purpose of\nfinancing an economically mixed project and, if such project is within a\nrevitalization area designated in or pursuant to § 36-55.30:2, any\nnonhousing buildings that are incidental to such project or are determined by\nsuch governing body to be necessary or appropriate for the revitalization of\nsuch area or for the industrial, commercial, or other economic development of\nsuch area; provided that a capital reserve fund shall not be created for any\nsuch financing pursuant to § 36-55.41;\n\n28. To make and enter into contracts and agreements to act as the loan servicer\nfor a housing lender on properties located in or outside of the Commonwealth to\npersons and families of any income; and\n\n29. To indemnify other parties against liabilities, obligations, losses,\npayments, damages, expenses, and costs as may be necessary or appropriate to the\nexercise of any power herein granted or reasonably implied, provided that (i)\nsuch indemnification shall be payable solely from the funds of the HDA and (ii)\nsuch indemnification shall not constitute a debt or obligation of the\nCommonwealth, and the Commonwealth shall not be liable therefor.\n\nHISTORY: 1972, c. 830; 1975, c. 536; 1979, c. 613; 1986, c. 6; 1987, c. 254;\n1990, c. 956; 1996, c. 498; 1998, c. 442; 2004, c. 187; 2011, c. 690; 2012, c.\n238.","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}}