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2004 SESSION

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HB 825 Housing Development Authority; financing of certain mixed-income & mixed-use housing developments.

Introduced by: Thelma Drake | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Housing Development Authority; financing of certain mixed-income and mixed-use housing developments. Authorizes the Virginia Housing Development Authority (Authority) to finance mixed-income and mixed-use housing developments in revitalization areas designated by local governments if (i) the surrounding area is predominantly of lower income or (ii) the Authority's ability to provide the low and moderate income housing will be enhanced by having a portion of the units occupied by persons and families who are not of low or moderate income. The bill limits the percentage of persons or families who are not of low and moderate income in any economically mixed project to 80 percent and provides that nonhousing buildings may not be financed by the Authority unless a certification is provided by the housing sponsor that a mortgage loan is not otherwise available from private lenders upon reasonably equivalent terms and conditions.


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