                                 CODE OF VIRGINIA

LOANS (§ 36-146)

Except as otherwise provided in this chapter, money in the Fund shall be used to
make loans to housing sponsors and to persons and families of low and moderate
income to finance or refinance the acquisition, construction, improvement,
ownership or occupancy of housing developments and residential housing for
persons and families of low and moderate income.
		Except as provided in this chapter, the Department of Housing and Community
Development shall determine the terms and conditions of any loan from the Fund,
including but not limited to the interest rate and repayment terms of each loan.
All loans from the Fund shall be evidenced by appropriate notes of the loan
recipient payable to the Fund. Any such loans made with respect to dwellings of
residents of the Commonwealth shall be limited to dwellings occupied by persons
or families of low and moderate income. The Director of the Department of
Housing and Community Development is authorized to require in connection with
any loan from the Fund any documents, instruments, certificates, legal opinions
or other information it deems necessary or convenient.

HISTORY: 1988, c. 687.