36-55.37 - Exemption from taxation. - Virginia Statutes

§ 36-55.37. Exemption from taxation.

(1) As set forth in the declaration of finding and purpose herein, HDA willbe performing an essential governmental function in the exercise of thepowers conferred upon it by this chapter, and the notes and bonds of HDAissued and to be issued pursuant to this chapter, the transfer thereof, andthe income therefrom including any profit made on the sale thereof and allits fees, charges, gifts, grants, revenues, receipts, and other moneysreceived, pledged to pay or secure the payment of such notes or bonds shallat all times be free from taxation and assessment of every kind by theCommonwealth and by the municipalities and all other political subdivisionsof the Commonwealth.

(2) The property of HDA and its income and operations shall be exempt fromtaxation or assessments upon any property acquired or used by HDA under theprovisions of this chapter.

(3) Any housing development, residential housing or nonhousing buildingfinanced in whole or in part pursuant to the provisions of this chapter andowned by HDA shall be exempt from all property taxation and specialassessments of the Commonwealth or political subdivisions thereof; provided,however, that in lieu of such taxes, HDA may agree to make such payments tothe Commonwealth or any political subdivision thereof as HDA finds consistentwith the cost of supplying municipal services to the housing development,residential housing or nonhousing building and maintaining the economicfeasibility of the housing development, residential housing or nonhousingbuilding, which payments such bodies are hereby authorized to accept.

(1972, c. 830; 1974, c. 263; 2004, c. 187.)