                                 CODE OF VIRGINIA

POWER TO ENTER INTO AGREEMENTS WITH OWNERS OF HOUSING DEVELOPMENTS ELIGIBLE FOR
FEDERAL LOW-INCOME HOUSING CREDITS (§ 36-55.34:2)

HDA may enter into agreements with the owners of housing developments which are
or will be eligible for low-income housing credits under the United States
Internal Revenue Code. Any such agreement shall contain covenants and
restrictions as shall be required by the United States Internal Revenue Code and
such other provisions as HDA shall deem necessary or appropriate. Any such
agreement shall be enforceable in accordance with its terms in any court of
competent jurisdiction in the Commonwealth by HDA or by such other persons as
shall be specified in the United States Internal Revenue Code. Any such
agreement, when duly recorded as a restrictive covenant among the land records
of the jurisdiction or jurisdictions in which the development is located, shall
run with the land and be binding on the successors and assigns of the owner. All
references in this section to the United States Internal Revenue Code shall
include any amendments thereto and any rules and regulations promulgated
thereunder, as the foregoing may be or become effective at any time.

HISTORY: 1990, c. 956.