Compliance Guidance

Once you have closed a loan, you may be asking “now what?”  There are several requirements associated with your financing agreement and they are required to be submitted annually.

Every borrower is required to annually submit audited financial statements or a Comprehensive Annual Financial Report.  Most borrowers are required to submit proof of insurance coverage which insurance providers can send annually to VRA upon request.  You can make VRA a certificate holder by providing the following information to your insurance provider:

Virginia Resources Authority
1111 East Main Street, Suite 1920
Richmond, VA  23219

Every borrower is also required to submit a certificate of no default.  Here is the sample document: click here to download (Word doc 53 KB)

Do you have a rate covenant?  If you have a revenue pledge as security for your loan, then you should check to see if you have a rate covenant.  Here is a copy of the rate covenant certificate with a sample 115% covenant: click here to download (Word doc 30.5 KB)

Also, you will want to submit a cover page with your budget indicating budgeted coverage to meet the rate covenant.  Here is the sample cover page:  click here to download (Word doc 54 KB)

If you have a rate covenant, you may need to submit an engineer’s report to show that maintenance, repair, replacement and operational costs are being anticipated by a Consulting Engineer.

All compliance items may be addressed to:

ATTN: Stephanie Jones
Program Manager/ Compliance Officer
Virginia Resources Authority
1111 East Main Street, Suite 1920
Richmond, VA  23219

Further questions may be directed to Stephanie at 804-616-3443.

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