                                 CODE OF VIRGINIA

POWERS RELATIVE TO PURCHASE AND SALE TO MORTGAGE LENDERS OF MORTGAGE LOANS;
LOANS TO MORTGAGE LENDERS (§ 36-55.32)

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:

1. 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 &#xA7; 36-55.35;

2. 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 &#xA7; 36-55.35;

3. 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;

4. To sell, at public or private sale, with or without public bidding, any
mortgage or other obligation held by HDA;

5. 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;

6. 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.

HISTORY: 1972, c. 830; 1975, c. 536; 1982, c. 152.