State Codes and Statutes

Statutes > Arizona > Title41 > 41-3904

41-3904. Powers of board

A. The board may:

1. Adopt an official seal and alter the seal at its pleasure.

2. Apply for, accept and administer grants of monies or materials or property of any kind from a federal agency or others, subject to subsection B of this section and on such terms and conditions as may be imposed.

3. Issue bonds or certificates or provide financial assistance for housing purposes. The bonds and certificates shall be in the name of the authority. An affirmative vote by a majority of the members of the board is necessary to issue bonds or certificates.

4. Make and enter into agreements, including intergovernmental agreements pursuant to title 11, chapter 7, article 3, execute all instruments, perform all acts and do all things necessary or convenient to carry out the powers granted in this article.

5. Employ or contract with housing experts, engineers, architects, attorneys, accountants, construction and financial experts and such other persons as may be necessary in its judgment and fix their compensation. Any person employed or contracted with pursuant to this paragraph shall not represent more than one party in any transaction.

6. Appoint an executive director and other employees as it deems necessary who serve at the pleasure of the board and receive such compensation as the board shall fix.

7. Sue and be sued.

8. Acquire and maintain office space, equipment, supplies, services and insurance necessary to administer this article.

9. Contract with, act as guarantor for or coinsure with any federal, state or local governmental agency and other organizations or corporations in connection with its housing activities under this article and receive monies relating to those contracts and services. If the authority acts as coinsurer with the department of housing and urban development under the housing finance authority risk sharing program, the authority shall notify a city, town, county or tribal government that coinsurance of a multifamily residential rental project is planned for its jurisdiction and, before proceeding, shall request and obtain written consent from the governing body of the city, town, county or tribal government or an official authorized by the governing body of the city, town, county or tribal government. The authority shall not interfere with or attempt to override the local jurisdiction's planning, zoning or land use regulations. This paragraph shall not be interpreted to interfere in any way with the requirements of state or federal fair housing laws.

10. Adopt bylaws and administrative rules consistent with this article.

11. Protect and enforce the interests of the authority in any project financed through the authority's resources.

12. Enter into and inspect any housing facility financed through the authority's resources to investigate its physical condition, construction, rehabilitation, operation, management and maintenance and to examine all of the records relating to its capitalization, income and other related matters.

13. Establish fees and collect reimbursement of costs in connection with the issuance of bonds or certificates pursuant to section 41-3906.

B. The authority may acquire title to real property by gift, grant or operation of law, or by purchase if the board deems the purchase necessary to preserve the affordability of a housing facility, and may hold the title for a temporary period of time. On acquiring title to real property, the authority shall immediately begin the process of disposing of the property on the real estate market for its market value. The authority shall not acquire title to real property by eminent domain.

State Codes and Statutes

Statutes > Arizona > Title41 > 41-3904

41-3904. Powers of board

A. The board may:

1. Adopt an official seal and alter the seal at its pleasure.

2. Apply for, accept and administer grants of monies or materials or property of any kind from a federal agency or others, subject to subsection B of this section and on such terms and conditions as may be imposed.

3. Issue bonds or certificates or provide financial assistance for housing purposes. The bonds and certificates shall be in the name of the authority. An affirmative vote by a majority of the members of the board is necessary to issue bonds or certificates.

4. Make and enter into agreements, including intergovernmental agreements pursuant to title 11, chapter 7, article 3, execute all instruments, perform all acts and do all things necessary or convenient to carry out the powers granted in this article.

5. Employ or contract with housing experts, engineers, architects, attorneys, accountants, construction and financial experts and such other persons as may be necessary in its judgment and fix their compensation. Any person employed or contracted with pursuant to this paragraph shall not represent more than one party in any transaction.

6. Appoint an executive director and other employees as it deems necessary who serve at the pleasure of the board and receive such compensation as the board shall fix.

7. Sue and be sued.

8. Acquire and maintain office space, equipment, supplies, services and insurance necessary to administer this article.

9. Contract with, act as guarantor for or coinsure with any federal, state or local governmental agency and other organizations or corporations in connection with its housing activities under this article and receive monies relating to those contracts and services. If the authority acts as coinsurer with the department of housing and urban development under the housing finance authority risk sharing program, the authority shall notify a city, town, county or tribal government that coinsurance of a multifamily residential rental project is planned for its jurisdiction and, before proceeding, shall request and obtain written consent from the governing body of the city, town, county or tribal government or an official authorized by the governing body of the city, town, county or tribal government. The authority shall not interfere with or attempt to override the local jurisdiction's planning, zoning or land use regulations. This paragraph shall not be interpreted to interfere in any way with the requirements of state or federal fair housing laws.

10. Adopt bylaws and administrative rules consistent with this article.

11. Protect and enforce the interests of the authority in any project financed through the authority's resources.

12. Enter into and inspect any housing facility financed through the authority's resources to investigate its physical condition, construction, rehabilitation, operation, management and maintenance and to examine all of the records relating to its capitalization, income and other related matters.

13. Establish fees and collect reimbursement of costs in connection with the issuance of bonds or certificates pursuant to section 41-3906.

B. The authority may acquire title to real property by gift, grant or operation of law, or by purchase if the board deems the purchase necessary to preserve the affordability of a housing facility, and may hold the title for a temporary period of time. On acquiring title to real property, the authority shall immediately begin the process of disposing of the property on the real estate market for its market value. The authority shall not acquire title to real property by eminent domain.


State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title41 > 41-3904

41-3904. Powers of board

A. The board may:

1. Adopt an official seal and alter the seal at its pleasure.

2. Apply for, accept and administer grants of monies or materials or property of any kind from a federal agency or others, subject to subsection B of this section and on such terms and conditions as may be imposed.

3. Issue bonds or certificates or provide financial assistance for housing purposes. The bonds and certificates shall be in the name of the authority. An affirmative vote by a majority of the members of the board is necessary to issue bonds or certificates.

4. Make and enter into agreements, including intergovernmental agreements pursuant to title 11, chapter 7, article 3, execute all instruments, perform all acts and do all things necessary or convenient to carry out the powers granted in this article.

5. Employ or contract with housing experts, engineers, architects, attorneys, accountants, construction and financial experts and such other persons as may be necessary in its judgment and fix their compensation. Any person employed or contracted with pursuant to this paragraph shall not represent more than one party in any transaction.

6. Appoint an executive director and other employees as it deems necessary who serve at the pleasure of the board and receive such compensation as the board shall fix.

7. Sue and be sued.

8. Acquire and maintain office space, equipment, supplies, services and insurance necessary to administer this article.

9. Contract with, act as guarantor for or coinsure with any federal, state or local governmental agency and other organizations or corporations in connection with its housing activities under this article and receive monies relating to those contracts and services. If the authority acts as coinsurer with the department of housing and urban development under the housing finance authority risk sharing program, the authority shall notify a city, town, county or tribal government that coinsurance of a multifamily residential rental project is planned for its jurisdiction and, before proceeding, shall request and obtain written consent from the governing body of the city, town, county or tribal government or an official authorized by the governing body of the city, town, county or tribal government. The authority shall not interfere with or attempt to override the local jurisdiction's planning, zoning or land use regulations. This paragraph shall not be interpreted to interfere in any way with the requirements of state or federal fair housing laws.

10. Adopt bylaws and administrative rules consistent with this article.

11. Protect and enforce the interests of the authority in any project financed through the authority's resources.

12. Enter into and inspect any housing facility financed through the authority's resources to investigate its physical condition, construction, rehabilitation, operation, management and maintenance and to examine all of the records relating to its capitalization, income and other related matters.

13. Establish fees and collect reimbursement of costs in connection with the issuance of bonds or certificates pursuant to section 41-3906.

B. The authority may acquire title to real property by gift, grant or operation of law, or by purchase if the board deems the purchase necessary to preserve the affordability of a housing facility, and may hold the title for a temporary period of time. On acquiring title to real property, the authority shall immediately begin the process of disposing of the property on the real estate market for its market value. The authority shall not acquire title to real property by eminent domain.

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