36-146 - Loans. - Virginia Statutes

§ 36-146. Loans.

Except as otherwise provided in this chapter, money in the Fund shall be usedto make loans to housing sponsors and to persons and families of low andmoderate income to finance or refinance the acquisition, construction,improvement, ownership or occupancy of housing developments and residentialhousing for persons and families of low and moderate income.

Except as provided in this chapter, the Department of Housing and CommunityDevelopment shall determine the terms and conditions of any loan from theFund, including but not limited to the interest rate and repayment terms ofeach loan. All loans from the Fund shall be evidenced by appropriate notes ofthe loan recipient payable to the Fund. Any such loans made with respect todwellings of residents of the Commonwealth shall be limited to dwellingsoccupied by persons or families of low and moderate income. The Director ofthe Department of Housing and Community Development is authorized to requirein connection with any loan from the Fund any documents, instruments,certificates, legal opinions or other information it deems necessary orconvenient.

(1988, c. 687.)