13VAC10-80-80: Sources of financing for rehabilitation and new construction

Property owners participating in the program may obtain financing for rehabilitation or construction expenses from a number of sources, including the following:

1. Owners may pay for property improvements using personal savings, personal credit cards or store accounts.

2. Owners may obtain financing from any commercial lending institution, including commercial banks, savings and loan associations, and credit unions.

3. Owners participating in the program may also qualify for rehabilitation or construction financing made available through the redevelopment and housing authority, housing agency and/or industrial development authority.

4. The authority may from time to time make financing available for the rehabilitation or construction. In the case of such financing, the application for such financing shall be processed, the improvements shall be completed, and the rehabilitated or constructed unit shall be owned, operated and managed, all in accordance with the authority's rules and regulations for multi-family housing developments, to the extent required by the authority consistent with the section 8 rules and regulations.