215.030. 1. The commission is hereby granted, has and may exerciseall powers necessary or appropriate to carry out and effectuate itspurpose, including but not limited to the following:
(1) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans, including mortgages insured orotherwise guaranteed by the federal government, or mortgages insured orotherwise guaranteed by other insurers of mortgages to approved mortgagorsto finance the building, rehabilitation or purchase of residential housingdesigned and planned to be available for rental or sale to low-income ormoderate-income persons or families, as well as to finance the building,rehabilitation or purchase of residential housing in distressed communitiesas defined in section 135.530, RSMo, planned to be available for rental orsale to persons or families of any income level, or which will be occupiedand owned by low-income or moderate-income persons, persons of any incomelevel in distressed communities or families upon such terms as designatedin sections 215.010, 215.030, 215.060, 215.070, 215.090 and 215.160; or topurchase or participate in the purchase of any other securities which aresecured, directly or indirectly, by any such loan;
(2) Insure any loan, the funds of which are to be used for thepurposes of sections 215.010 to 215.250 and the borrower of which agrees tothe restrictions placed on such projects by the commission;
(3) To make or participate in the making of uninsured or federallyinsured construction loans to approve mortgagors of residential housing foroccupancy by persons and families of low to moderate income or occupancy bypersons and families of any income level in distressed communities asdefined in section 135.530, RSMo. Such loans shall be made only upondetermination by the commission that construction loans are not otherwiseavailable, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions. No commitment for a loan, except a"commitment in principle", shall be made unless all plans for developmenthave been completed and submitted to the commission;
(4) To make temporary loans, with or without interest, but with suchsecurity for repayment as the commission deems reasonably necessary andpracticable, to defray development costs to approved mortgagors ofresidential housing for occupancy by persons and families of low andmoderate income;
(5) Adopt bylaws for the regulation of its affairs and the conduct ofits business and define, from time to time, the terms "low-income" and"moderate-income" so as to best carry out the purposes of sections 215.010to 215.250 for the people intended hereby to be assisted. The definitionmay vary from one part of the state to another depending on economicfactors in each section;
(6) To accept appropriations, gifts, grants, bequests, and devisesand to utilize or dispose of the same to carry out its purpose;
(7) To make and execute contracts, releases, compromises, and otherinstruments necessary or convenient for the exercise of its powers, or tocarry out its purpose;
(8) To collect reasonable fees and charges in connection with makingand servicing its loans, notes, bonds, obligations, commitments, and otherevidences of indebtedness, and in connection with providing technical,consultative and project assistant services. Such fees and charges shallbe limited to the amounts required to pay the costs of the commission,including operating and administrative expenses, and reasonable allowancesfor losses which may be incurred;
(9) To invest any funds not required for immediate disbursement inobligations of the state of Missouri or of the United States government orany instrumentality thereof, the principal and interest of which areguaranteed by the state of Missouri, or the United States government or anyinstrumentality thereof, or bank certificates of deposit, or, in the caseof funds pledged to note or bond issues of the commission, in suchinvestments as the commission may determine; provided that on the date ofissuance such note or bond issues are rated by Standard & Poor'sCorporation not lower than "AA" in the case of long-term obligations or"SP-1+" in the case of short-term obligations or rated by Moody's InvestorsService, Inc., not lower than "Aa" in the case of long-term obligations orMoody's Investment Grade I in the case of short-term obligations, or theequivalent ratings by such rating agencies in the event the ratingsdescribed in this section are changed;
(10) To sue and be sued;
(11) To have a seal and alter the same at will;
(12) To make, and from time to time, amend and repeal bylaws, rulesand regulations not inconsistent with the provisions of sections 215.010 to215.250;
(13) To acquire, hold and dispose of personal property for itspurposes;
(14) To enter into agreements or other transactions with any federalor state agency, any person and any domestic or foreign partnership,corporation, association or organization;
(15) To acquire real property, or an interest therein, in its ownname, to sell, transfer and convey any such property to a buyer, to leasesuch property to a tenant to manage and operate such property, to enterinto management contracts with respect to such property and to mortgagesuch property;
(16) To sell, at public or private sale, any mortgage, negotiableinstrument or obligation securing a construction, land development,mortgage or temporary loan;
(17) To procure insurance against any loss in connection with itsproperty in such amounts, and from such insurers, as may be necessary ordesirable;
(18) To consent, whenever it deems it necessary or desirable in thefulfillment of its purpose, to the modification of the rate of interest,time of payment or any installment of principal or interest, or any otherterms, of any mortgage loan, mortgage loan commitment, construction loan,temporary loan, contract or agreement of any kind to which the commissionis a party;
(19) To make and publish rules and regulations respecting itslending, insurance of loans, federally insured construction lending andtemporary lending to defray development costs and any such other rules andregulations as are necessary to effectuate its purpose;
(20) To borrow money to carry out and effectuate its purpose and toissue its negotiable bonds or notes as evidence of any such borrowing insuch principal amounts and upon such terms as shall be necessary to providesufficient funds for achieving its purpose, and to secure such bonds ornotes by the pledge of revenues, mortgages or notes of others;
(21) To issue renewal notes, to issue bonds to pay notes, andwhenever it deems refunding expedient, to refund any bonds by the issuanceof new bonds, whether the bonds to be refunded have or have not matured;
(22) To apply the proceeds from the sale of renewal notes orrefunding bonds to the purchase, redemption, or payment of the notes orbonds to be refunded;
(23) To provide technical services to assist in the planning,processing, design, construction or rehabilitation of residential housingfor occupancy by persons and families of low and moderate income, personsand families in distressed communities as defined in section 135.530, RSMo,of any income level or land development for residential housing foroccupancy by persons and families of low and moderate income or persons andfamilies in distressed communities of any income level;
(24) To provide consultative project assistance services forresidential housing for occupancy by persons and families of low andmoderate income or persons and families of any income level in distressedcommunities as defined in section 135.530, RSMo, and for land developmentfor residential housing for occupancy by persons and families of low andmoderate income, or for persons and families of any income level indistressed communities and for the residents thereof with respect tomanagement, training and social services;
(25) To promote research and development in scientific methods ofconstructing low cost residential housing of high durability; and
(26) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans and home improvement loans tosponsors to finance the weatherization of single and multifamily dwellings,and shall issue its negotiable bonds or notes for such purpose.
2. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is promulgated under the authority of this chapter,shall become effective only if the agency has fully complied with all ofthe requirements of chapter 536, RSMo, including but not limited to,section 536.028, RSMo, if applicable, after January 1, 1999. Allrulemaking authority delegated prior to January 1, 1999, is of no force andeffect and repealed as of January 1, 1999, however nothing in this act*shall be interpreted to repeal or affect the validity of any rule adoptedand promulgated prior to January 1, 1999. If the provisions of section536.028, RSMo, apply, the provisions of this section are nonseverable andif any of the powers vested with the general assembly pursuant to section536.028, RSMo, to review, to delay the effective date, or to disapprove andannul a rule or portion of a rule are held unconstitutional or invalid, thepurported grant of rulemaking authority and any rule so proposed andcontained in the order of rulemaking shall be invalid and void, except thatnothing in this act* shall affect the validity of any rule adopted andpromulgated prior to January 1, 1999.
215.030. 1. The commission is hereby granted, has and may exerciseall powers necessary or appropriate to carry out and effectuate itspurpose, including but not limited to the following:
(1) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans, including mortgages insured orotherwise guaranteed by the federal government, or mortgages insured orotherwise guaranteed by other insurers of mortgages to approved mortgagorsto finance the building, rehabilitation or purchase of residential housingdesigned and planned to be available for rental or sale to low-income ormoderate-income persons or families, as well as to finance the building,rehabilitation or purchase of residential housing in distressed communitiesas defined in section 135.530, RSMo, planned to be available for rental orsale to persons or families of any income level, or which will be occupiedand owned by low-income or moderate-income persons, persons of any incomelevel in distressed communities or families upon such terms as designatedin sections 215.010, 215.030, 215.060, 215.070, 215.090 and 215.160; or topurchase or participate in the purchase of any other securities which aresecured, directly or indirectly, by any such loan;
(2) Insure any loan, the funds of which are to be used for thepurposes of sections 215.010 to 215.250 and the borrower of which agrees tothe restrictions placed on such projects by the commission;
(3) To make or participate in the making of uninsured or federallyinsured construction loans to approve mortgagors of residential housing foroccupancy by persons and families of low to moderate income or occupancy bypersons and families of any income level in distressed communities asdefined in section 135.530, RSMo. Such loans shall be made only upondetermination by the commission that construction loans are not otherwiseavailable, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions. No commitment for a loan, except a"commitment in principle", shall be made unless all plans for developmenthave been completed and submitted to the commission;
(4) To make temporary loans, with or without interest, but with suchsecurity for repayment as the commission deems reasonably necessary andpracticable, to defray development costs to approved mortgagors ofresidential housing for occupancy by persons and families of low andmoderate income;
(5) Adopt bylaws for the regulation of its affairs and the conduct ofits business and define, from time to time, the terms "low-income" and"moderate-income" so as to best carry out the purposes of sections 215.010to 215.250 for the people intended hereby to be assisted. The definitionmay vary from one part of the state to another depending on economicfactors in each section;
(6) To accept appropriations, gifts, grants, bequests, and devisesand to utilize or dispose of the same to carry out its purpose;
(7) To make and execute contracts, releases, compromises, and otherinstruments necessary or convenient for the exercise of its powers, or tocarry out its purpose;
(8) To collect reasonable fees and charges in connection with makingand servicing its loans, notes, bonds, obligations, commitments, and otherevidences of indebtedness, and in connection with providing technical,consultative and project assistant services. Such fees and charges shallbe limited to the amounts required to pay the costs of the commission,including operating and administrative expenses, and reasonable allowancesfor losses which may be incurred;
(9) To invest any funds not required for immediate disbursement inobligations of the state of Missouri or of the United States government orany instrumentality thereof, the principal and interest of which areguaranteed by the state of Missouri, or the United States government or anyinstrumentality thereof, or bank certificates of deposit, or, in the caseof funds pledged to note or bond issues of the commission, in suchinvestments as the commission may determine; provided that on the date ofissuance such note or bond issues are rated by Standard & Poor'sCorporation not lower than "AA" in the case of long-term obligations or"SP-1+" in the case of short-term obligations or rated by Moody's InvestorsService, Inc., not lower than "Aa" in the case of long-term obligations orMoody's Investment Grade I in the case of short-term obligations, or theequivalent ratings by such rating agencies in the event the ratingsdescribed in this section are changed;
(10) To sue and be sued;
(11) To have a seal and alter the same at will;
(12) To make, and from time to time, amend and repeal bylaws, rulesand regulations not inconsistent with the provisions of sections 215.010 to215.250;
(13) To acquire, hold and dispose of personal property for itspurposes;
(14) To enter into agreements or other transactions with any federalor state agency, any person and any domestic or foreign partnership,corporation, association or organization;
(15) To acquire real property, or an interest therein, in its ownname, to sell, transfer and convey any such property to a buyer, to leasesuch property to a tenant to manage and operate such property, to enterinto management contracts with respect to such property and to mortgagesuch property;
(16) To sell, at public or private sale, any mortgage, negotiableinstrument or obligation securing a construction, land development,mortgage or temporary loan;
(17) To procure insurance against any loss in connection with itsproperty in such amounts, and from such insurers, as may be necessary ordesirable;
(18) To consent, whenever it deems it necessary or desirable in thefulfillment of its purpose, to the modification of the rate of interest,time of payment or any installment of principal or interest, or any otherterms, of any mortgage loan, mortgage loan commitment, construction loan,temporary loan, contract or agreement of any kind to which the commissionis a party;
(19) To make and publish rules and regulations respecting itslending, insurance of loans, federally insured construction lending andtemporary lending to defray development costs and any such other rules andregulations as are necessary to effectuate its purpose;
(20) To borrow money to carry out and effectuate its purpose and toissue its negotiable bonds or notes as evidence of any such borrowing insuch principal amounts and upon such terms as shall be necessary to providesufficient funds for achieving its purpose, and to secure such bonds ornotes by the pledge of revenues, mortgages or notes of others;
(21) To issue renewal notes, to issue bonds to pay notes, andwhenever it deems refunding expedient, to refund any bonds by the issuanceof new bonds, whether the bonds to be refunded have or have not matured;
(22) To apply the proceeds from the sale of renewal notes orrefunding bonds to the purchase, redemption, or payment of the notes orbonds to be refunded;
(23) To provide technical services to assist in the planning,processing, design, construction or rehabilitation of residential housingfor occupancy by persons and families of low and moderate income, personsand families in distressed communities as defined in section 135.530, RSMo,of any income level or land development for residential housing foroccupancy by persons and families of low and moderate income or persons andfamilies in distressed communities of any income level;
(24) To provide consultative project assistance services forresidential housing for occupancy by persons and families of low andmoderate income or persons and families of any income level in distressedcommunities as defined in section 135.530, RSMo, and for land developmentfor residential housing for occupancy by persons and families of low andmoderate income, or for persons and families of any income level indistressed communities and for the residents thereof with respect tomanagement, training and social services;
(25) To promote research and development in scientific methods ofconstructing low cost residential housing of high durability; and
(26) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans and home improvement loans tosponsors to finance the weatherization of single and multifamily dwellings,and shall issue its negotiable bonds or notes for such purpose.
2. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is promulgated under the authority of this chapter,shall become effective only if the agency has fully complied with all ofthe requirements of chapter 536, RSMo, including but not limited to,section 536.028, RSMo, if applicable, after January 1, 1999. Allrulemaking authority delegated prior to January 1, 1999, is of no force andeffect and repealed as of January 1, 1999, however nothing in this act*shall be interpreted to repeal or affect the validity of any rule adoptedand promulgated prior to January 1, 1999. If the provisions of section536.028, RSMo, apply, the provisions of this section are nonseverable andif any of the powers vested with the general assembly pursuant to section536.028, RSMo, to review, to delay the effective date, or to disapprove andannul a rule or portion of a rule are held unconstitutional or invalid, thepurported grant of rulemaking authority and any rule so proposed andcontained in the order of rulemaking shall be invalid and void, except thatnothing in this act* shall affect the validity of any rule adopted andpromulgated prior to January 1, 1999.
215.030. 1. The commission is hereby granted, has and may exerciseall powers necessary or appropriate to carry out and effectuate itspurpose, including but not limited to the following:
(1) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans, including mortgages insured orotherwise guaranteed by the federal government, or mortgages insured orotherwise guaranteed by other insurers of mortgages to approved mortgagorsto finance the building, rehabilitation or purchase of residential housingdesigned and planned to be available for rental or sale to low-income ormoderate-income persons or families, as well as to finance the building,rehabilitation or purchase of residential housing in distressed communitiesas defined in section 135.530, RSMo, planned to be available for rental orsale to persons or families of any income level, or which will be occupiedand owned by low-income or moderate-income persons, persons of any incomelevel in distressed communities or families upon such terms as designatedin sections 215.010, 215.030, 215.060, 215.070, 215.090 and 215.160; or topurchase or participate in the purchase of any other securities which aresecured, directly or indirectly, by any such loan;
(2) Insure any loan, the funds of which are to be used for thepurposes of sections 215.010 to 215.250 and the borrower of which agrees tothe restrictions placed on such projects by the commission;
(3) To make or participate in the making of uninsured or federallyinsured construction loans to approve mortgagors of residential housing foroccupancy by persons and families of low to moderate income or occupancy bypersons and families of any income level in distressed communities asdefined in section 135.530, RSMo. Such loans shall be made only upondetermination by the commission that construction loans are not otherwiseavailable, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions. No commitment for a loan, except a"commitment in principle", shall be made unless all plans for developmenthave been completed and submitted to the commission;
(4) To make temporary loans, with or without interest, but with suchsecurity for repayment as the commission deems reasonably necessary andpracticable, to defray development costs to approved mortgagors ofresidential housing for occupancy by persons and families of low andmoderate income;
(5) Adopt bylaws for the regulation of its affairs and the conduct ofits business and define, from time to time, the terms "low-income" and"moderate-income" so as to best carry out the purposes of sections 215.010to 215.250 for the people intended hereby to be assisted. The definitionmay vary from one part of the state to another depending on economicfactors in each section;
(6) To accept appropriations, gifts, grants, bequests, and devisesand to utilize or dispose of the same to carry out its purpose;
(7) To make and execute contracts, releases, compromises, and otherinstruments necessary or convenient for the exercise of its powers, or tocarry out its purpose;
(8) To collect reasonable fees and charges in connection with makingand servicing its loans, notes, bonds, obligations, commitments, and otherevidences of indebtedness, and in connection with providing technical,consultative and project assistant services. Such fees and charges shallbe limited to the amounts required to pay the costs of the commission,including operating and administrative expenses, and reasonable allowancesfor losses which may be incurred;
(9) To invest any funds not required for immediate disbursement inobligations of the state of Missouri or of the United States government orany instrumentality thereof, the principal and interest of which areguaranteed by the state of Missouri, or the United States government or anyinstrumentality thereof, or bank certificates of deposit, or, in the caseof funds pledged to note or bond issues of the commission, in suchinvestments as the commission may determine; provided that on the date ofissuance such note or bond issues are rated by Standard & Poor'sCorporation not lower than "AA" in the case of long-term obligations or"SP-1+" in the case of short-term obligations or rated by Moody's InvestorsService, Inc., not lower than "Aa" in the case of long-term obligations orMoody's Investment Grade I in the case of short-term obligations, or theequivalent ratings by such rating agencies in the event the ratingsdescribed in this section are changed;
(10) To sue and be sued;
(11) To have a seal and alter the same at will;
(12) To make, and from time to time, amend and repeal bylaws, rulesand regulations not inconsistent with the provisions of sections 215.010 to215.250;
(13) To acquire, hold and dispose of personal property for itspurposes;
(14) To enter into agreements or other transactions with any federalor state agency, any person and any domestic or foreign partnership,corporation, association or organization;
(15) To acquire real property, or an interest therein, in its ownname, to sell, transfer and convey any such property to a buyer, to leasesuch property to a tenant to manage and operate such property, to enterinto management contracts with respect to such property and to mortgagesuch property;
(16) To sell, at public or private sale, any mortgage, negotiableinstrument or obligation securing a construction, land development,mortgage or temporary loan;
(17) To procure insurance against any loss in connection with itsproperty in such amounts, and from such insurers, as may be necessary ordesirable;
(18) To consent, whenever it deems it necessary or desirable in thefulfillment of its purpose, to the modification of the rate of interest,time of payment or any installment of principal or interest, or any otherterms, of any mortgage loan, mortgage loan commitment, construction loan,temporary loan, contract or agreement of any kind to which the commissionis a party;
(19) To make and publish rules and regulations respecting itslending, insurance of loans, federally insured construction lending andtemporary lending to defray development costs and any such other rules andregulations as are necessary to effectuate its purpose;
(20) To borrow money to carry out and effectuate its purpose and toissue its negotiable bonds or notes as evidence of any such borrowing insuch principal amounts and upon such terms as shall be necessary to providesufficient funds for achieving its purpose, and to secure such bonds ornotes by the pledge of revenues, mortgages or notes of others;
(21) To issue renewal notes, to issue bonds to pay notes, andwhenever it deems refunding expedient, to refund any bonds by the issuanceof new bonds, whether the bonds to be refunded have or have not matured;
(22) To apply the proceeds from the sale of renewal notes orrefunding bonds to the purchase, redemption, or payment of the notes orbonds to be refunded;
(23) To provide technical services to assist in the planning,processing, design, construction or rehabilitation of residential housingfor occupancy by persons and families of low and moderate income, personsand families in distressed communities as defined in section 135.530, RSMo,of any income level or land development for residential housing foroccupancy by persons and families of low and moderate income or persons andfamilies in distressed communities of any income level;
(24) To provide consultative project assistance services forresidential housing for occupancy by persons and families of low andmoderate income or persons and families of any income level in distressedcommunities as defined in section 135.530, RSMo, and for land developmentfor residential housing for occupancy by persons and families of low andmoderate income, or for persons and families of any income level indistressed communities and for the residents thereof with respect tomanagement, training and social services;
(25) To promote research and development in scientific methods ofconstructing low cost residential housing of high durability; and
(26) To make, purchase or participate in the purchase of uninsured,partially insured or fully insured loans and home improvement loans tosponsors to finance the weatherization of single and multifamily dwellings,and shall issue its negotiable bonds or notes for such purpose.
2. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is promulgated under the authority of this chapter,shall become effective only if the agency has fully complied with all ofthe requirements of chapter 536, RSMo, including but not limited to,section 536.028, RSMo, if applicable, after January 1, 1999. Allrulemaking authority delegated prior to January 1, 1999, is of no force andeffect and repealed as of January 1, 1999, however nothing in this act*shall be interpreted to repeal or affect the validity of any rule adoptedand promulgated prior to January 1, 1999. If the provisions of section536.028, RSMo, apply, the provisions of this section are nonseverable andif any of the powers vested with the general assembly pursuant to section536.028, RSMo, to review, to delay the effective date, or to disapprove andannul a rule or portion of a rule are held unconstitutional or invalid, thepurported grant of rulemaking authority and any rule so proposed andcontained in the order of rulemaking shall be invalid and void, except thatnothing in this act* shall affect the validity of any rule adopted andpromulgated prior to January 1, 1999.
