{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-55.32.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-55.32.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-55.32.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-55.32.html"}],"law_id":76634,"edition_id":1,"section_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","history":"1972, c. 830; 1975, c. 536; 1982, c. 152.","full_text":"The HDA shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others herein granted:\n\n1\n\nTo invest in, purchase or to make commitments to purchase, and take assignments from mortgage lenders, of notes and mortgages evidencing loans for the construction, rehabilitation, purchase, leasing or refinancing of residential housing for persons and families of low and moderate income in this Commonwealth upon the terms set forth in § 36-55.35;2\n\nTo make loans to mortgage lenders under terms and conditions requiring the proceeds thereof to be used by such mortgage lenders for the making of new residential mortgage loans to finance multi-family or single-family residential housing for persons and families of low and moderate income, upon the terms set forth in § 36-55.35;3\n\nTo make commitments to purchase, and to purchase, service and sell mortgages insured by any department, agency or instrumentality of the United States, and to make loans directly upon the security of any such mortgage, provided the underlying mortgage loans shall have been made and shall be continued to be used solely to finance or refinance the construction, rehabilitation, purchase or leasing of residential housing for persons and families of low and moderate income in this Commonwealth;4\n\nTo sell, at public or private sale, with or without public bidding, any mortgage or other obligation held by HDA;5\n\nTo enter into mortgage insurance agreements with mortgage lenders in connection with the lending of money by such institutions to persons and families of low and moderate income for the purchase of residential housing;6\n\nSubject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateral securing its loans to mortgage lenders and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interests of HDA therein.","order_by":null,"text":{"0":{"id":275111,"text":"The HDA shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others herein granted:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":275112,"text":"To invest in, purchase or to make commitments to purchase, and take assignments from mortgage lenders, of notes and mortgages evidencing loans for the construction, rehabilitation, purchase, leasing or refinancing of residential housing for persons and families of low and moderate income in this Commonwealth upon the terms set forth in § 36-55.35;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":275113,"text":"To make loans to mortgage lenders under terms and conditions requiring the proceeds thereof to be used by such mortgage lenders for the making of new residential mortgage loans to finance multi-family or single-family residential housing for persons and families of low and moderate income, upon the terms set forth in § 36-55.35;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":275114,"text":"To make commitments to purchase, and to purchase, service and sell mortgages insured by any department, agency or instrumentality of the United States, and to make loans directly upon the security of any such mortgage, provided the underlying mortgage loans shall have been made and shall be continued to be used solely to finance or refinance the construction, rehabilitation, purchase or leasing of residential housing for persons and families of low and moderate income in this Commonwealth;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":275115,"text":"To sell, at public or private sale, with or without public bidding, any mortgage or other obligation held by HDA;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":275116,"text":"To enter into mortgage insurance agreements with mortgage lenders in connection with the lending of money by such institutions to persons and families of low and moderate income for the purchase of residential housing;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":275117,"text":"Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateral securing its loans to mortgage lenders and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interests of HDA therein.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-55.32\/","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 2 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 1982, chapter 152.<\/p>","references":false,"refers_to":[{"id":63859,"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","order_by":null,"url":"\/36-55.35\/"}],"permalink":{"id":208669,"object_type":"law","relational_id":76634,"identifier":"36-55.32","token":"36\/1.2\/36-55.32","url":"\/36-55.32\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-55.32\/","token":"36\/1.2\/36-55.32","dublin_core":{"Title":"Powers relative to purchase and sale to mortgage lenders of mortgage loans; loans to mortgage lenders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-55.32","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The HDA<\/span> shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others herein granted:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To invest in, purchase or to make commitments to purchase, and take assignments from mortgage lenders<\/span>, of notes and mortgages<\/span> evidencing loans for the construction, rehabilitation, purchase, leasing or refinancing of residential housing<\/span> for persons and families of low and moderate income<\/span> in this Commonwealth upon the terms set forth in § 36-55.35<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To make loans to mortgage lenders<\/span> under terms and conditions requiring the proceeds thereof to be used by such mortgage lenders<\/span> for the making of new residential mortgage loans<\/span> to finance multi-family or single-family residential housing<\/span> for persons and families of low and moderate income<\/span>, upon the terms set forth in § 36-55.35<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To make commitments to purchase, and to purchase, service and sell mortgages<\/span> insured by any department, agency or instrumentality of the United States, and to make loans directly upon the security of any such mortgage, provided the underlying mortgage loans<\/span> shall have been made and shall be continued to be used solely to finance or refinance the construction, rehabilitation, purchase or leasing of residential housing for persons and families of low and moderate income<\/span> in this Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To sell, at public or private sale, with or without public bidding, any mortgage or other obligation held by HDA<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To enter into mortgage insurance agreements with mortgage lenders<\/span> in connection with the lending of money by such institutions to persons and families of low and moderate income<\/span> for the purchase of residential housing; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateral<\/span> securing its loans to mortgage lenders<\/span> and acquire or take possession<\/span> of such collateral<\/span> and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral<\/span> as may be necessary to protect the interests of HDA<\/span> therein. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS RELATIVE TO PURCHASE AND SALE TO MORTGAGE LENDERS OF MORTGAGE LOANS;\nLOANS TO MORTGAGE LENDERS (\u00a7 36-55.32)\n\nThe HDA shall have all the powers necessary or convenient to carry out and\neffectuate the purposes and provisions of this chapter, including the following\npowers in addition to others herein granted:\n\n1. To invest in, purchase or to make commitments to purchase, and take\nassignments from mortgage lenders, of notes and mortgages evidencing loans for\nthe construction, rehabilitation, purchase, leasing or refinancing of\nresidential housing for persons and families of low and moderate income in this\nCommonwealth upon the terms set forth in § 36-55.35;\n\n2. To make loans to mortgage lenders under terms and conditions requiring the\nproceeds thereof to be used by such mortgage lenders for the making of new\nresidential mortgage loans to finance multi-family or single-family residential\nhousing for persons and families of low and moderate income, upon the terms set\nforth in § 36-55.35;\n\n3. To make commitments to purchase, and to purchase, service and sell mortgages\ninsured by any department, agency or instrumentality of the United States, and\nto make loans directly upon the security of any such mortgage, provided the\nunderlying mortgage loans shall have been made and shall be continued to be used\nsolely to finance or refinance the construction, rehabilitation, purchase or\nleasing of residential housing for persons and families of low and moderate\nincome in this Commonwealth;\n\n4. To sell, at public or private sale, with or without public bidding, any\nmortgage or other obligation held by HDA;\n\n5. To enter into mortgage insurance agreements with mortgage lenders in\nconnection with the lending of money by such institutions to persons and\nfamilies of low and moderate income for the purchase of residential housing;\n\n6. Subject to any agreement with bondholders or noteholders, to collect, enforce\nthe collection of, and foreclose on any collateral securing its loans to\nmortgage lenders and acquire or take possession of such collateral and sell the\nsame at public or private sale, with or without public bidding, and otherwise\ndeal with such collateral as may be necessary to protect the interests of HDA\ntherein.\n\nHISTORY: 1972, c. 830; 1975, c. 536; 1982, c. 152.","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}}