15.2-5003 - Administration.
§ 15.2-5003. Administration.
The Board of Housing and Community Development shall establish guidelines inaccordance with this chapter that shall detail (i) the specificadministrative policies, criteria, and procedures for the allocation to localhousing authorities set forth in subdivision 1 of § 15.2-5002 and (ii) theadministrative procedures for the state allocation set forth in subdivision 3of § 15.2-5002. The Virginia Housing Development Authority shall administerits allocation set forth in subdivision 1 of § 15.2-5002 and shall use suchallocation to finance loans for single family and multi-family housing inaccordance with the policies, criteria, and procedures in its rules andregulations applicable to such loans.
The Virginia Small Business Financing Authority shall establish guidelines inaccordance with this chapter which detail the specific administrativepolicies, criteria, and procedures for the use of the allocation forindustrial development set forth in subdivision 2 of § 15.2-5002. Specificapplication, allocation, and reporting requirements shall be provided by theguidelines. The guidelines of the Board of Housing and Community Developmentand the Virginia Small Business Financing Authority shall be in accordancewith the limitations and restrictions contained in federal law.
(1987, c. 306, § 15.1-1399.15; 1995, c. 128; 1997, c. 587; 2008, c. 445.)