Creation of nonprofit corporation authorized, promotion of housingequity funds, purpose--definitions--powers--board, appointment,members, terms, expenses, personnel--report.
215.033. 1. The Missouri housing development commission is herebygranted all powers necessary to create a nonprofit corporation to promote oneor more housing equity funds to serve the state of Missouri. The nonprofitcorporation shall be known as the "Missouri Equity Fund Support Corporation".The purpose of the housing equity fund is to receive annual capitalinvestments from investors and to invest those funds in the construction orrenovation of affordable housing units for low-income families throughout thestate of Missouri. The nonprofit corporation shall not be deemed to be apolitical subdivision of the state and shall not be subject to therequirements of chapter 610, RSMo.
2. As used in this section, the following terms mean:
(1) "Developer", any entity responsible for a tax credit development;
(2) "Housing equity fund", the fund or funds established to receive andinvest moneys invested by the investors in tax credit developments;
(3) "Investors", individuals, profit-making private corporations,partnerships or other entities which invest money in the housing equity fundand who generally pay Missouri income taxes;
(4) "Nonprofit corporation", the "Missouri Equity Fund SupportCorporation";
(5) "Tax credit development", a development which constructs orrehabilitates affordable housing in the state of Missouri which is eligiblefor state and federal low-income housing tax credits, or federalrehabilitation tax credits.
3. The nonprofit corporation shall establish and operate, or assist andadvise in the establishment and operation of the housing equity fund whichreceives investments from investors and invest such funds in tax creditdevelopments.
4. The nonprofit corporation shall have the following powers:
(1) To contract with corporations and partnerships operating orintending to operate a housing equity fund, to provide to them in exchange forreasonable compensation the following services:
(a) Legal counsel and representation;
(b) Technical assistance;
(c) Administrative assistance;
(d) Marketing of the housing equity fund to potential investors;
(e) Investment underwriting assistance;
(2) To sue and be sued;
(3) To engage in and contract for any and all types of services, actionsor endeavors, not contrary to the law, necessary to the successful andefficient operation and continuation of the business and purposes for which itis created;
(4) To purchase, receive, lease or otherwise acquire, own, hold,improve, use, sell, convey, exchange, transfer and otherwise dispose of realand personal property, or any interest therein, or other assets whereversituated; and
(5) To incur liabilities and borrow money at rates of interest up to themarket rate.
5. The governor shall appoint a board of directors to oversee thenonprofit corporation. The board shall consist of a total of sixteen members,who have demonstrated knowledge of housing and related issues. Such boardshall include the following:
(1) A representative of real estate brokers and agents;
(2) A representative of residential appraisers;
(3) A representative of affordable housing advocates, which includehomeless service providers, not-for-profit social service organizations andnot-for-profit housing providers;
(4) A representative of the home construction industry;
(5) A representative of banking and savings and loan institutions;
(6) Five representatives of investors who have made capital investmentsin housing equity funds which have entered, or can reasonably be expected toenter, into service contracts with the nonprofit corporation, orrepresentatives of the investment partners of such investors. If unable toselect suitable members in this category, the governor may instead selectadditional representatives from subdivisions (1) to (5) of this subsection;
(7) By virtue of the office, the treasurer shall be a member of theboard;
(8) By virtue of the office, the lieutenant governor shall be a memberof the board;
(9) By virtue of the office, the governor shall be a member of theboard;
(10) By virtue of the office, the secretary of state shall be a memberof the board;
(11) By virtue of the office, the director of the department of economicdevelopment shall be a member of the board; and
(12) By virtue of the office, the director of the Missouri housingdevelopment commission shall be a member of the board.
6. Except for members serving by virtue of the office, the members' termof office shall be four years and until their successors are appointed, exceptthat of the members first appointed, four shall be appointed for a term of twoyears, three shall be appointed for a term of three years, and three shall beappointed for a term of four years. Vacancies on the board shall be filled inthe same manner as the original appointments, except that, if the vacancyoccurs during an unexpired term, the appointment shall be for only theunexpired portion of that term.
7. Board members of the nonprofit corporation shall not be compensatedfor their services while serving on the board; however, board members mayreceive reimbursement for their actual and necessary expenses incurred in theperformance of their duties.
8. The board shall elect chair and other such officers as it deemsnecessary for the conduct of its business. If so required by the board, anofficer shall give bond, in such form and amounts and with such sureties asthe board may provide, for the faithful discharge of such officer's duties,but the premiums for any such bond shall be borne by the nonprofitcorporation.
9. The board shall employ all necessary personnel, fix theircompensation, and provide suitable quarters and equipment for the operation ofthe housing equity fund.
10. The Missouri housing development commission may provide thenecessary start-up costs for the nonprofit corporation by grant or loan andmay provide subsequent operating funds as it determines.
11. The nonprofit corporation shall publish an annual report which shallinclude, but not be limited to, a description of its efforts in establishingand maintaining the operation of the housing equity fund, the types ofprojects invested in and fund expenditures made by the housing equity fund.Copies of such annual reports shall be submitted to the governor, the membersof the general assembly and the Missouri housing development commission on orbefore February fifteenth of each year.
Creation of nonprofit corporation authorized, promotion of housingequity funds, purpose--definitions--powers--board, appointment,members, terms, expenses, personnel--report.
215.033. 1. The Missouri housing development commission is herebygranted all powers necessary to create a nonprofit corporation to promote oneor more housing equity funds to serve the state of Missouri. The nonprofitcorporation shall be known as the "Missouri Equity Fund Support Corporation".The purpose of the housing equity fund is to receive annual capitalinvestments from investors and to invest those funds in the construction orrenovation of affordable housing units for low-income families throughout thestate of Missouri. The nonprofit corporation shall not be deemed to be apolitical subdivision of the state and shall not be subject to therequirements of chapter 610, RSMo.
2. As used in this section, the following terms mean:
(1) "Developer", any entity responsible for a tax credit development;
(2) "Housing equity fund", the fund or funds established to receive andinvest moneys invested by the investors in tax credit developments;
(3) "Investors", individuals, profit-making private corporations,partnerships or other entities which invest money in the housing equity fundand who generally pay Missouri income taxes;
(4) "Nonprofit corporation", the "Missouri Equity Fund SupportCorporation";
(5) "Tax credit development", a development which constructs orrehabilitates affordable housing in the state of Missouri which is eligiblefor state and federal low-income housing tax credits, or federalrehabilitation tax credits.
3. The nonprofit corporation shall establish and operate, or assist andadvise in the establishment and operation of the housing equity fund whichreceives investments from investors and invest such funds in tax creditdevelopments.
4. The nonprofit corporation shall have the following powers:
(1) To contract with corporations and partnerships operating orintending to operate a housing equity fund, to provide to them in exchange forreasonable compensation the following services:
(a) Legal counsel and representation;
(b) Technical assistance;
(c) Administrative assistance;
(d) Marketing of the housing equity fund to potential investors;
(e) Investment underwriting assistance;
(2) To sue and be sued;
(3) To engage in and contract for any and all types of services, actionsor endeavors, not contrary to the law, necessary to the successful andefficient operation and continuation of the business and purposes for which itis created;
(4) To purchase, receive, lease or otherwise acquire, own, hold,improve, use, sell, convey, exchange, transfer and otherwise dispose of realand personal property, or any interest therein, or other assets whereversituated; and
(5) To incur liabilities and borrow money at rates of interest up to themarket rate.
5. The governor shall appoint a board of directors to oversee thenonprofit corporation. The board shall consist of a total of sixteen members,who have demonstrated knowledge of housing and related issues. Such boardshall include the following:
(1) A representative of real estate brokers and agents;
(2) A representative of residential appraisers;
(3) A representative of affordable housing advocates, which includehomeless service providers, not-for-profit social service organizations andnot-for-profit housing providers;
(4) A representative of the home construction industry;
(5) A representative of banking and savings and loan institutions;
(6) Five representatives of investors who have made capital investmentsin housing equity funds which have entered, or can reasonably be expected toenter, into service contracts with the nonprofit corporation, orrepresentatives of the investment partners of such investors. If unable toselect suitable members in this category, the governor may instead selectadditional representatives from subdivisions (1) to (5) of this subsection;
(7) By virtue of the office, the treasurer shall be a member of theboard;
(8) By virtue of the office, the lieutenant governor shall be a memberof the board;
(9) By virtue of the office, the governor shall be a member of theboard;
(10) By virtue of the office, the secretary of state shall be a memberof the board;
(11) By virtue of the office, the director of the department of economicdevelopment shall be a member of the board; and
(12) By virtue of the office, the director of the Missouri housingdevelopment commission shall be a member of the board.
6. Except for members serving by virtue of the office, the members' termof office shall be four years and until their successors are appointed, exceptthat of the members first appointed, four shall be appointed for a term of twoyears, three shall be appointed for a term of three years, and three shall beappointed for a term of four years. Vacancies on the board shall be filled inthe same manner as the original appointments, except that, if the vacancyoccurs during an unexpired term, the appointment shall be for only theunexpired portion of that term.
7. Board members of the nonprofit corporation shall not be compensatedfor their services while serving on the board; however, board members mayreceive reimbursement for their actual and necessary expenses incurred in theperformance of their duties.
8. The board shall elect chair and other such officers as it deemsnecessary for the conduct of its business. If so required by the board, anofficer shall give bond, in such form and amounts and with such sureties asthe board may provide, for the faithful discharge of such officer's duties,but the premiums for any such bond shall be borne by the nonprofitcorporation.
9. The board shall employ all necessary personnel, fix theircompensation, and provide suitable quarters and equipment for the operation ofthe housing equity fund.
10. The Missouri housing development commission may provide thenecessary start-up costs for the nonprofit corporation by grant or loan andmay provide subsequent operating funds as it determines.
11. The nonprofit corporation shall publish an annual report which shallinclude, but not be limited to, a description of its efforts in establishingand maintaining the operation of the housing equity fund, the types ofprojects invested in and fund expenditures made by the housing equity fund.Copies of such annual reports shall be submitted to the governor, the membersof the general assembly and the Missouri housing development commission on orbefore February fifteenth of each year.
Creation of nonprofit corporation authorized, promotion of housingequity funds, purpose--definitions--powers--board, appointment,members, terms, expenses, personnel--report.
215.033. 1. The Missouri housing development commission is herebygranted all powers necessary to create a nonprofit corporation to promote oneor more housing equity funds to serve the state of Missouri. The nonprofitcorporation shall be known as the "Missouri Equity Fund Support Corporation".The purpose of the housing equity fund is to receive annual capitalinvestments from investors and to invest those funds in the construction orrenovation of affordable housing units for low-income families throughout thestate of Missouri. The nonprofit corporation shall not be deemed to be apolitical subdivision of the state and shall not be subject to therequirements of chapter 610, RSMo.
2. As used in this section, the following terms mean:
(1) "Developer", any entity responsible for a tax credit development;
(2) "Housing equity fund", the fund or funds established to receive andinvest moneys invested by the investors in tax credit developments;
(3) "Investors", individuals, profit-making private corporations,partnerships or other entities which invest money in the housing equity fundand who generally pay Missouri income taxes;
(4) "Nonprofit corporation", the "Missouri Equity Fund SupportCorporation";
(5) "Tax credit development", a development which constructs orrehabilitates affordable housing in the state of Missouri which is eligiblefor state and federal low-income housing tax credits, or federalrehabilitation tax credits.
3. The nonprofit corporation shall establish and operate, or assist andadvise in the establishment and operation of the housing equity fund whichreceives investments from investors and invest such funds in tax creditdevelopments.
4. The nonprofit corporation shall have the following powers:
(1) To contract with corporations and partnerships operating orintending to operate a housing equity fund, to provide to them in exchange forreasonable compensation the following services:
(a) Legal counsel and representation;
(b) Technical assistance;
(c) Administrative assistance;
(d) Marketing of the housing equity fund to potential investors;
(e) Investment underwriting assistance;
(2) To sue and be sued;
(3) To engage in and contract for any and all types of services, actionsor endeavors, not contrary to the law, necessary to the successful andefficient operation and continuation of the business and purposes for which itis created;
(4) To purchase, receive, lease or otherwise acquire, own, hold,improve, use, sell, convey, exchange, transfer and otherwise dispose of realand personal property, or any interest therein, or other assets whereversituated; and
(5) To incur liabilities and borrow money at rates of interest up to themarket rate.
5. The governor shall appoint a board of directors to oversee thenonprofit corporation. The board shall consist of a total of sixteen members,who have demonstrated knowledge of housing and related issues. Such boardshall include the following:
(1) A representative of real estate brokers and agents;
(2) A representative of residential appraisers;
(3) A representative of affordable housing advocates, which includehomeless service providers, not-for-profit social service organizations andnot-for-profit housing providers;
(4) A representative of the home construction industry;
(5) A representative of banking and savings and loan institutions;
(6) Five representatives of investors who have made capital investmentsin housing equity funds which have entered, or can reasonably be expected toenter, into service contracts with the nonprofit corporation, orrepresentatives of the investment partners of such investors. If unable toselect suitable members in this category, the governor may instead selectadditional representatives from subdivisions (1) to (5) of this subsection;
(7) By virtue of the office, the treasurer shall be a member of theboard;
(8) By virtue of the office, the lieutenant governor shall be a memberof the board;
(9) By virtue of the office, the governor shall be a member of theboard;
(10) By virtue of the office, the secretary of state shall be a memberof the board;
(11) By virtue of the office, the director of the department of economicdevelopment shall be a member of the board; and
(12) By virtue of the office, the director of the Missouri housingdevelopment commission shall be a member of the board.
6. Except for members serving by virtue of the office, the members' termof office shall be four years and until their successors are appointed, exceptthat of the members first appointed, four shall be appointed for a term of twoyears, three shall be appointed for a term of three years, and three shall beappointed for a term of four years. Vacancies on the board shall be filled inthe same manner as the original appointments, except that, if the vacancyoccurs during an unexpired term, the appointment shall be for only theunexpired portion of that term.
7. Board members of the nonprofit corporation shall not be compensatedfor their services while serving on the board; however, board members mayreceive reimbursement for their actual and necessary expenses incurred in theperformance of their duties.
8. The board shall elect chair and other such officers as it deemsnecessary for the conduct of its business. If so required by the board, anofficer shall give bond, in such form and amounts and with such sureties asthe board may provide, for the faithful discharge of such officer's duties,but the premiums for any such bond shall be borne by the nonprofitcorporation.
9. The board shall employ all necessary personnel, fix theircompensation, and provide suitable quarters and equipment for the operation ofthe housing equity fund.
10. The Missouri housing development commission may provide thenecessary start-up costs for the nonprofit corporation by grant or loan andmay provide subsequent operating funds as it determines.
11. The nonprofit corporation shall publish an annual report which shallinclude, but not be limited to, a description of its efforts in establishingand maintaining the operation of the housing equity fund, the types ofprojects invested in and fund expenditures made by the housing equity fund.Copies of such annual reports shall be submitted to the governor, the membersof the general assembly and the Missouri housing development commission on orbefore February fifteenth of each year.
