                                 CODE OF VIRGINIA

POWERS OF HDA GENERALLY (§ 36-55.30)

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:

1. Sue and be sued in its own name;

2. Have an official seal and to alter the same at pleasure;

3. Have perpetual succession;

4. Maintain an office at such place or places within the Commonwealth as it may
designate;

5. 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;

6. Make and execute contracts and all other instruments and agreements necessary
or convenient for the exercise of its powers and functions;

7. 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;

8. To lease or rent any dwellings, houses, accommodations, lands, buildings,
structures or facilities to effectuate the purposes of this chapter;

9. 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&#8217;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&#8217;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. 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;

11. 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;

12. 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;

13. 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;

14. 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;

15. 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;

16. To invest its funds as provided in this chapter or permitted by applicable
law;

17. To borrow money and issue bonds and notes or other evidences of indebtedness
thereof as hereinafter provided;

18. 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;

19. 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;

20. 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;

21. To make and enter into all contracts and agreements with mortgage lenders
for the servicing and processing of mortgage loans pursuant to this chapter;

22. 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;

23. To do any act necessary or convenient to the exercise of the powers herein
granted or reasonably implied;

24. 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;

25. To acquire, develop and own multifamily residential housing as hereinafter
provided;

26. To enter into agreements with owners of housing developments eligible for
federal low-income housing credits as hereinafter provided in this chapter;

27. 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 &#xA7; 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 &#xA7; 36-55.41;

28. 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

29. 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.

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.