The HDA is empowered to collect, or to authorize others to collect on its behalf, amounts due to the Fund under any loan made to a housing sponsor or a person or family of low or moderate income and funded from the portion of the Fund transferred to its control in order to obtain payment of any amounts in default. Proceedings to recover amounts due to the Fund may be instituted by the HDA in the name of the Fund in the appropriate circuit court.

Terms Used In Virginia Code 36-145

  • Fund: means the Virginia Housing Trust Fund created by this chapter. See Virginia Code 36-141
  • HDA: means the Virginia Housing Development Authority created in Chapter 1. See Virginia Code 36-141
  • Housing sponsor: means individuals, joint ventures, partnerships, limited partnerships, public bodies, trusts, firms, associations, or other legal entities or any combination thereof, corporations, cooperatives and condominiums, approved by the Department of Housing and Community Development as qualified either to own, construct, acquire, rehabilitate, operate, manage or maintain a housing development, whether nonprofit or organized for limited profit subject to the regulatory powers of the Department of Housing and Community Development and other terms and conditions set forth in this chapter. See Virginia Code 36-141
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230

1988, c. 687; 2013, c. 754.

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