                                 CODE OF VIRGINIA

FINDING AND DECLARATION OF NECESSITY (§ 36-55.25)

It is hereby declared: (i) that there exists within the Commonwealth a serious
shortage of sanitary and safe residential housing at prices or rentals which
persons and families of low and moderate income can afford; that this shortage
has contributed to and will contribute to the creation and persistence of
substandard living conditions and is inimical to the health, welfare and
prosperity of the residents of the Commonwealth; (ii) that it is imperative that
the supply of residential housing for such persons and families and for persons
and families displaced by public actions or natural disaster be increased; (iii)
that private enterprise and investment have been unable, without assistance, to
produce the needed construction or rehabilitation of sanitary and safe
residential housing at prices or rentals which persons and families of low and
moderate income can afford and to provide sufficient long-term mortgage
financing for residential housing for occupancy by such persons and families;
(iv) that a concentration of persons and families of low and moderate income
even in standard structures does not eliminate undesirable social conditions;
(v) that the governing body of a city or county may in its discretion determine
that it is necessary to the preservation of the financial viability of such city
or county and the health, welfare and prosperity of its residents that the
population of such city or county be maintained as economically mixed by
providing housing for persons and families of other than low and moderate income
in order to broaden the tax bases of such areas; (vi) that in providing sanitary
and safe residential housing at prices or rentals which persons and families of
low and moderate income can afford it may at times be necessary or desirable to
provide housing for persons and families of other than low and moderate income;
(vii) that it is critical to the success, prosperity and viability of areas
being revitalized that financing be made available for nonhousing buildings that
are incidental to residential housing for low and moderate income persons and
families and other persons and families in order to provide products and
services to those living in residential housing or that are necessary or
appropriate for the revitalization of such areas or for the industrial,
commercial or other economic development of such areas; (viii) that the
financing of residential housing for low and moderate income persons and
families and other persons and families may be appropriate to promote the
industrial, commercial or other economic development of certain areas in a city
or the county by inducing manufacturing, industrial, commercial, governmental,
educational, entertainment, community development, healthcare or nonprofit
enterprises or undertakings to locate or remain in such area; and (ix) that
private enterprise and investment be encouraged both to sponsor land development
and build and rehabilitate residential housing for such persons and families of
low and moderate income and to build housing which will prevent the recurrence
of slum conditions by housing persons of varied economic means in the same
projects or area, and that private financing be supplemented by financing as
provided in this chapter in order to help prevent the creation and recurrence of
substandard living conditions and to assist in their permanent elimination
throughout Virginia.
		It is further declared that in order to provide a fully adequate supply of
sanitary and safe dwelling accommodations at rents, prices, or other costs which
such persons or families can afford and to stabilize or recover an appropriate
economic mix in certain areas of the Commonwealth the legislature finds that it
is necessary to create and establish a state housing development authority for
the purpose of encouraging the investment of private capital and stimulating the
construction and rehabilitation of residential housing to meet the needs of such
persons and families or to stabilize such areas through the use of public
financing, to provide construction and mortgage loans and to make provision for
the purchase of mortgage loans and otherwise.
		It is hereby further declared to be necessary and in the public interest that
such state housing development authority provide for predevelopment costs,
temporary financing, land development expenses and residential housing
construction or rehabilitation by private sponsors for sale or rental to persons
and families of low and moderate income and others; further, to provide mortgage
financing for the purposes of supplying sanitary and safe dwelling
accommodations at rents, prices or other costs which such persons or families
can afford or of stabilizing urban areas, including without limitation,
long-term federally insured mortgages; further, in revitalization areas
designated in or pursuant to § 36-55.30:2, to provide financing for nonhousing
buildings that are incidental to residential housing financed or to be financed
in such areas pursuant to this chapter for low and moderate income persons and
families and for other persons and families or that are necessary or appropriate
for the revitalization of such areas or the industrial, commercial or other
economic development of such areas; further, to increase the construction and
rehabilitation of low and moderate income housing through the purchase from
mortgage lenders authorized to make loans in the Commonwealth of mortgage loans
for residential housing for persons and families of low and moderate income in
the Commonwealth; further, to acquire, develop and own multifamily residential
housing for occupancy by persons and families of low and moderate income;
further, to provide technical, consultative and project assistance services to
private sponsors; further, to assist in coordinating federal, state, regional
and local public and private efforts and resources; to guarantee to the extent
provided herein the repayment of certain loans secured by residential mortgages;
further, to promote wise usage of land and other resources in order to preserve
the quality of life we value so highly in Virginia; and further, to act as the
loan servicer for a housing lender.
		It is hereby further declared that all of the foregoing are public purposes
and uses for which public moneys may be borrowed, expended, advanced, loaned, or
granted, and that such activities serve a public purpose in improving or
otherwise benefiting the people of the Commonwealth; that the necessity of
enacting the provisions hereinafter set forth is in the public interest and is
hereby so declared as a matter of express legislative determination.

HISTORY: 1972, c. 830; 1975, c. 536; 1978, c. 508; 1979, c. 374; 1987, c. 254;
2004, c. 187; 2011, c. 690.