                                 CODE OF VIRGINIA

ADMINISTRATION (§ 15.2-5003)

The Board of Housing and Community Development shall establish guidelines in
accordance with this chapter that shall detail (i) the specific administrative
policies, criteria, and procedures for the allocation to local housing
authorities set forth in subdivision 1 of § 15.2-5002 and (ii) the
administrative procedures for the state allocation set forth in subdivision 3 of
§ 15.2-5002. The Virginia Housing Development Authority shall administer its
allocation set forth in subdivision 1 of § 15.2-5002 and shall use such
allocation to finance loans for single family and multi-family housing in
accordance with the policies, criteria, and procedures in its rules and
regulations applicable to such loans, provided, however, that notwithstanding
any other provision of this chapter, the Virginia Housing Development Authority
may use any or all of its allocation of bond authority under § 15.2-5002 and
any unused bond authority reallocated or continued to be allocated to the
Virginia Housing Development Authority under § 15.2-5004 to issue mortgage
credit certificates in accordance with (a) the provisions of § 25 of the United
States Internal Revenue Code of 1986, as amended, and any successor provisions
and (b) the policies, criteria, and procedures in its rules and regulations
applicable to such certificates. The Virginia Small Business Financing Authority
shall establish guidelines in accordance with this chapter which detail the
specific administrative policies, criteria, and procedures for the use of the
allocation for industrial development set forth in subdivision 2 of §
15.2-5002. Specific application, allocation, and reporting requirements shall be
provided by the guidelines. The guidelines of the Board of Housing and Community
Development and the Virginia Small Business Financing Authority shall be in
accordance with the limitations and restrictions contained in federal law.

HISTORY: 1987, c. 306, § 15.1-1399.15; 1995, c. 128; 1997, c. 587; 2008, c.
445; 2012, c. 239.