The Right of First Refusal (ROFR) template that is due with the reservation application may be submitted without the inclusion of the Investor Member and Special Member. The applicant does not need to include the name of the Investor Member or Special Member throughout the document and the signature page for these two entities may be left blank at the time of reservation application.
The recorded ROFR that is due at closing (or April 30 of the year following allocation, whichever is earlier) must include the Investor Member and Special Member. Penalties may be incurred if both entities are not included in the final recorded form.
Note: This does not apply to deals re-competing in hopes of securing an additional ten percent in credits, which will be allowed to use existing ROFRs. However, in the event the existing ROFR is in any way altered or adjusted beyond the original, applicants will need to use Virginia Housing’s current template, or seek prior approval and the Special Member and Investor member must be included.