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1996 SESSION

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HB 1504 Housing Development Authority; bonds or notes.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Housing Development Authority. Clarifies that bonds or notes issued by VHDA shall not be restricted or otherwise limited solely because the interest thereon is subject to federal income tax. The bill removes (i) the sunset of July 1, 1997, for which VHDA may acquire multi-family residential housing and (ii) VHDA's authority to covenant that interest on certain of its obligation bonds is includable under the IRS Code for the holders of the obligations as gross income. The bill also provides that certain terms and conditions of purchases or commitments to purchase a mortgage loan by VHDA shall not apply where the loans are purchased from an agency of the federal government. The bill contains technical amendments.


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