36-139.5 - Power to enter into agreements with owners of housing developments eligible for federal low-income housing credits. - Virginia Statutes

§ 36-139.5. Power to enter into agreements with owners of housingdevelopments eligible for federal low-income housing credits.

The Department may enter into agreements with the owners of housingdevelopments which are or will be eligible for low-income housing creditsunder the United States Internal Revenue Code. Any such agreement shallcontain covenants and restrictions as shall be required by the United StatesInternal Revenue Code and such other provisions as the Department shall deemnecessary or appropriate. Any such agreement shall be enforceable inaccordance with its terms in any court of competent jurisdiction in theCommonwealth by the Department or by such other persons as shall be specifiedin the United States Internal Revenue Code. Any such agreement, when dulyrecorded as a restrictive covenant among the land records of the jurisdictionor jurisdictions in which the development is located, shall run with the landand be binding on the successors and assigns of the owner. All references inthis section to the United States Internal Revenue Code shall include anyamendments thereto and any regulations promulgated thereunder, as theforegoing may be or become effective at any time.

(1992, c. 455.)