The Agency shall have all ofthe powers necessary or convenient to carry out and effectuate the purposes andprovisions of this Chapter, including, but without limiting the generality ofthe foregoing, the power:
(1) To participate inany federally assisted lease program for housing for persons of lower incomeunder any federal legislation, including, without limitation, section 8 of theNational Housing Act; provided, however, that such participation may take placeonly upon the request and approval of the governing body of the county, city ortown in which any such project is to be located;
(2) To make orparticipate in the making of mortgage loans to sponsors of residential housing;provided, however, that such loans shall be made only upon the determination bythe Agency that mortgage loans are not otherwise available wholly or in partfrom private lenders upon reasonably equivalent terms and conditions;
(3) To purchase orparticipate in the purchase and enter into commitments by itself or togetherwith others for
a. The purchase ofmortgage loans made by mortgage lenders to sponsors of residential housing orto persons of lower income for residential housing where the Agency has givenits approval prior to the initial making of the mortgage loan; provided,however, that any such purchase shall be made only upon the determination bythe Agency that mortgage loans were, at the time the approval was given, nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions, or
b. The purchase ofmortgage loans made by mortgage lenders without such prior approval to sponsorsof housing for persons and families of any income or to persons of any incomefor housing upon such terms and conditions requiring the proceeds thereof to beused by such mortgage lenders for the making of new mortgage loans to sponsorsof residential housing or to persons of lower income for residential housing asthe Agency may prescribe by its rules and regulations; provided, however, that(i) any such purchase of existing mortgage loans shall be made only upon thedetermination by the Agency that such new mortgage loans are not otherwiseavailable from private lenders upon reasonably equivalent terms and conditions,and (ii) the Agency shall purchase mortgage loans made to sponsors of housingfor persons and families not of lower income or to persons not of lower incomefor housing only upon the determination by the Agency that mortgage loans madeto sponsors of residential housing or to persons of lower income forresidential housing are not available for purchase by the Agency uponreasonable terms and conditions;
(4) Repealed by SessionLaws 1973, c. 1296, s. 24;
(4a) To make loans tomortgage lenders on terms and conditions requiring the proceeds thereof to beused by such mortgage lenders to originate new mortgage loans to (i) sponsorsof residential housing for persons and families of lower income and persons andfamilies of moderate income and (ii) persons and families of lower income andpersons and families of moderate income for residential housing. The loans tomortgage lenders and the loans to be made by such mortgage lenders shall bemade on such applicable terms and conditions as are set forth in rules and regulationsof the Agency; Provided, however, that loans shall be made by such mortgagelenders only upon the determination by the Agency that such financing is nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions;
(5) To collect and payreasonable fees and charges in connection with making, purchasing and servicingits loans, notes, bonds, commitments and other evidences of indebtedness;
(6) To acquire on atemporary basis real property, or an interest therein, in its own name, bypurchase, transfer or foreclosure, where such acquisition is necessary orappropriate to protect any loan in which the Agency has an interest and tosell, transfer and convey any such property to a buyer and, in the event suchsale, transfer or conveyance cannot be effected with reasonable promptness orat a reasonable price, to rent or lease such property to a tenant pending suchsale, transfer or conveyance;
(7) To sell, at publicor private sale, all or any part of any mortgage or other instrument ordocument securing a loan of any type permitted by this Chapter;
(8) To procure insuranceagainst any loss in connection with its operations in such amounts, and fromsuch insurers, as it may deem necessary or desirable;
(9) To consent, wheneverit deems it necessary or desirable in the fulfillment of its corporatepurposes, to the modification of the rate of interest, time of payment of anyinstallment of principal or interest, or any other terms, of any mortgage loan,mortgage loan commitment, contract or agreement of any kind to which the Agencyis a party;
(10) To borrow money asherein provided to carry out and effectuate its corporate purposes and to issueits obligation as evidence of any such borrowing;
(11) To include in anyborrowing such amounts as may be deemed necessary by the Agency to payfinancing charges, interest on the obligations for a period not exceeding twoyears from their date, consultant, advisory and legal fees and such otherexpenses as are necessary or incident to such borrowing;
(12) To make and publishrules and regulations respecting its lending programs and such other rules andregulations as are necessary to effectuate its corporate purposes;
(13) To provide technicaland advisory services to sponsors, builders and developers of residentialhousing and to residents thereof;
(14) To promote researchand development in scientific methods of constructing low‑costresidential housing of high durability;
(15) To service orcontract for the servicing of mortgage loans and to make and executeagreements, contracts and other instruments necessary or convenient in theexercise of the powers and functions of the Agency under this Chapter,including contracts with any person, firm, corporation, governmental agency orother entity, and each and any North Carolina governmental agency is herebyauthorized to enter into contracts and otherwise cooperate with the Agency tofacilitate the purposes of this Chapter;
(16) To receive,administer and comply with the conditions and requirements respecting anyappropriation or any gift, grant or donation of any property or money,including the proceeds of general obligation bonds of the State;
(17) To sue and be sued inits own name, plead and be impleaded;
(18) To establish andmaintain an office for the transaction of its business in the City of Raleighand at such place or places as the board of directors deems advisable ornecessary in carrying out the purposes of this Chapter; provided, however, thatthe Agency shall comply with the provisions of Articles 6 and 7 of Chapter 146of the General Statutes governing the acquisition of office space;
(19) To adopt an officialseal and alter the same at pleasure;
(20) To adopt bylaws forthe regulation of its affairs and the conduct of its business and to prescriberules, regulations and policies in connection with the performance of itsfunctions and duties;
(21) To employ fiscalconsultants, engineers, attorneys, real estate counselors, appraisers and suchother consultants and employees as may be required in the judgment of theAgency and to fix and pay their compensation from funds available to the Agencytherefor;
(22) To purchase or toparticipate in the purchase and enter into commitments by itself or togetherwith others for the purchase of federally insured securities; provided,however, that the Agency shall first determine that the proceeds of suchsecurities will be utilized for the purpose of making new mortgage loans tosponsors of residential housing or to persons of lower income for residentialhousing, all as specified in regulations to be adopted by the Agency;
(23) To provide, orcontract for the providing of, management and counseling services whenever, inthe judgment of the Agency, no other satisfactory low‑income housingcounseling service is available for occupants of rental projects for persons oflower income or for prospective homeowners of lower income; provided, however,that no such program shall be undertaken until the Agency shall have made astudy of its feasibility and shall have determined that the undertaking of suchprogram will not adversely affect other programs of the Agency;
(24) To advise theGovernor regarding the coordination of public and private low‑ andmoderate‑income housing programs;
(25) To participate in andadminister federal housing programs, including housing rehabilitation,construction of new housing, assistance to the homeless, and home ownershipassistance;
(26) To acquire, hold,rent, encumber, transfer, convey, and otherwise deal with real property andutilities in the same manner as a private person or corporation, subject onlyto the approval of the Governor and Council of State. The Board of Directorsmay pledge or encumber income and assets of the Agency to secure financing forreal property; and
(27) To select and retain,subject to the approval of the Local Government Commission, the financialconsultants, underwriters, and bond attorneys to be associated with theissuance of any bonds and to pay for services rendered by underwriters,financial consultants, or bond attorneys out of the proceeds of any such issuewith regard to which the services were performed. (1969, c. 1235, s. 5; 1973,c. 1296, ss. 21‑24, 27, 29, 35, 36, 40‑43; 1975, c. 616, ss. 1, 2;1981, c. 895, s. 3; 1983, c. 148, s. 2; 1993, c. 321, s. 305(b); 2008‑194,s. 1(a); 2009‑570, s. 15.)
The Agency shall have all ofthe powers necessary or convenient to carry out and effectuate the purposes andprovisions of this Chapter, including, but without limiting the generality ofthe foregoing, the power:
(1) To participate inany federally assisted lease program for housing for persons of lower incomeunder any federal legislation, including, without limitation, section 8 of theNational Housing Act; provided, however, that such participation may take placeonly upon the request and approval of the governing body of the county, city ortown in which any such project is to be located;
(2) To make orparticipate in the making of mortgage loans to sponsors of residential housing;provided, however, that such loans shall be made only upon the determination bythe Agency that mortgage loans are not otherwise available wholly or in partfrom private lenders upon reasonably equivalent terms and conditions;
(3) To purchase orparticipate in the purchase and enter into commitments by itself or togetherwith others for
a. The purchase ofmortgage loans made by mortgage lenders to sponsors of residential housing orto persons of lower income for residential housing where the Agency has givenits approval prior to the initial making of the mortgage loan; provided,however, that any such purchase shall be made only upon the determination bythe Agency that mortgage loans were, at the time the approval was given, nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions, or
b. The purchase ofmortgage loans made by mortgage lenders without such prior approval to sponsorsof housing for persons and families of any income or to persons of any incomefor housing upon such terms and conditions requiring the proceeds thereof to beused by such mortgage lenders for the making of new mortgage loans to sponsorsof residential housing or to persons of lower income for residential housing asthe Agency may prescribe by its rules and regulations; provided, however, that(i) any such purchase of existing mortgage loans shall be made only upon thedetermination by the Agency that such new mortgage loans are not otherwiseavailable from private lenders upon reasonably equivalent terms and conditions,and (ii) the Agency shall purchase mortgage loans made to sponsors of housingfor persons and families not of lower income or to persons not of lower incomefor housing only upon the determination by the Agency that mortgage loans madeto sponsors of residential housing or to persons of lower income forresidential housing are not available for purchase by the Agency uponreasonable terms and conditions;
(4) Repealed by SessionLaws 1973, c. 1296, s. 24;
(4a) To make loans tomortgage lenders on terms and conditions requiring the proceeds thereof to beused by such mortgage lenders to originate new mortgage loans to (i) sponsorsof residential housing for persons and families of lower income and persons andfamilies of moderate income and (ii) persons and families of lower income andpersons and families of moderate income for residential housing. The loans tomortgage lenders and the loans to be made by such mortgage lenders shall bemade on such applicable terms and conditions as are set forth in rules and regulationsof the Agency; Provided, however, that loans shall be made by such mortgagelenders only upon the determination by the Agency that such financing is nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions;
(5) To collect and payreasonable fees and charges in connection with making, purchasing and servicingits loans, notes, bonds, commitments and other evidences of indebtedness;
(6) To acquire on atemporary basis real property, or an interest therein, in its own name, bypurchase, transfer or foreclosure, where such acquisition is necessary orappropriate to protect any loan in which the Agency has an interest and tosell, transfer and convey any such property to a buyer and, in the event suchsale, transfer or conveyance cannot be effected with reasonable promptness orat a reasonable price, to rent or lease such property to a tenant pending suchsale, transfer or conveyance;
(7) To sell, at publicor private sale, all or any part of any mortgage or other instrument ordocument securing a loan of any type permitted by this Chapter;
(8) To procure insuranceagainst any loss in connection with its operations in such amounts, and fromsuch insurers, as it may deem necessary or desirable;
(9) To consent, wheneverit deems it necessary or desirable in the fulfillment of its corporatepurposes, to the modification of the rate of interest, time of payment of anyinstallment of principal or interest, or any other terms, of any mortgage loan,mortgage loan commitment, contract or agreement of any kind to which the Agencyis a party;
(10) To borrow money asherein provided to carry out and effectuate its corporate purposes and to issueits obligation as evidence of any such borrowing;
(11) To include in anyborrowing such amounts as may be deemed necessary by the Agency to payfinancing charges, interest on the obligations for a period not exceeding twoyears from their date, consultant, advisory and legal fees and such otherexpenses as are necessary or incident to such borrowing;
(12) To make and publishrules and regulations respecting its lending programs and such other rules andregulations as are necessary to effectuate its corporate purposes;
(13) To provide technicaland advisory services to sponsors, builders and developers of residentialhousing and to residents thereof;
(14) To promote researchand development in scientific methods of constructing low‑costresidential housing of high durability;
(15) To service orcontract for the servicing of mortgage loans and to make and executeagreements, contracts and other instruments necessary or convenient in theexercise of the powers and functions of the Agency under this Chapter,including contracts with any person, firm, corporation, governmental agency orother entity, and each and any North Carolina governmental agency is herebyauthorized to enter into contracts and otherwise cooperate with the Agency tofacilitate the purposes of this Chapter;
(16) To receive,administer and comply with the conditions and requirements respecting anyappropriation or any gift, grant or donation of any property or money,including the proceeds of general obligation bonds of the State;
(17) To sue and be sued inits own name, plead and be impleaded;
(18) To establish andmaintain an office for the transaction of its business in the City of Raleighand at such place or places as the board of directors deems advisable ornecessary in carrying out the purposes of this Chapter; provided, however, thatthe Agency shall comply with the provisions of Articles 6 and 7 of Chapter 146of the General Statutes governing the acquisition of office space;
(19) To adopt an officialseal and alter the same at pleasure;
(20) To adopt bylaws forthe regulation of its affairs and the conduct of its business and to prescriberules, regulations and policies in connection with the performance of itsfunctions and duties;
(21) To employ fiscalconsultants, engineers, attorneys, real estate counselors, appraisers and suchother consultants and employees as may be required in the judgment of theAgency and to fix and pay their compensation from funds available to the Agencytherefor;
(22) To purchase or toparticipate in the purchase and enter into commitments by itself or togetherwith others for the purchase of federally insured securities; provided,however, that the Agency shall first determine that the proceeds of suchsecurities will be utilized for the purpose of making new mortgage loans tosponsors of residential housing or to persons of lower income for residentialhousing, all as specified in regulations to be adopted by the Agency;
(23) To provide, orcontract for the providing of, management and counseling services whenever, inthe judgment of the Agency, no other satisfactory low‑income housingcounseling service is available for occupants of rental projects for persons oflower income or for prospective homeowners of lower income; provided, however,that no such program shall be undertaken until the Agency shall have made astudy of its feasibility and shall have determined that the undertaking of suchprogram will not adversely affect other programs of the Agency;
(24) To advise theGovernor regarding the coordination of public and private low‑ andmoderate‑income housing programs;
(25) To participate in andadminister federal housing programs, including housing rehabilitation,construction of new housing, assistance to the homeless, and home ownershipassistance;
(26) To acquire, hold,rent, encumber, transfer, convey, and otherwise deal with real property andutilities in the same manner as a private person or corporation, subject onlyto the approval of the Governor and Council of State. The Board of Directorsmay pledge or encumber income and assets of the Agency to secure financing forreal property; and
(27) To select and retain,subject to the approval of the Local Government Commission, the financialconsultants, underwriters, and bond attorneys to be associated with theissuance of any bonds and to pay for services rendered by underwriters,financial consultants, or bond attorneys out of the proceeds of any such issuewith regard to which the services were performed. (1969, c. 1235, s. 5; 1973,c. 1296, ss. 21‑24, 27, 29, 35, 36, 40‑43; 1975, c. 616, ss. 1, 2;1981, c. 895, s. 3; 1983, c. 148, s. 2; 1993, c. 321, s. 305(b); 2008‑194,s. 1(a); 2009‑570, s. 15.)
The Agency shall have all ofthe powers necessary or convenient to carry out and effectuate the purposes andprovisions of this Chapter, including, but without limiting the generality ofthe foregoing, the power:
(1) To participate inany federally assisted lease program for housing for persons of lower incomeunder any federal legislation, including, without limitation, section 8 of theNational Housing Act; provided, however, that such participation may take placeonly upon the request and approval of the governing body of the county, city ortown in which any such project is to be located;
(2) To make orparticipate in the making of mortgage loans to sponsors of residential housing;provided, however, that such loans shall be made only upon the determination bythe Agency that mortgage loans are not otherwise available wholly or in partfrom private lenders upon reasonably equivalent terms and conditions;
(3) To purchase orparticipate in the purchase and enter into commitments by itself or togetherwith others for
a. The purchase ofmortgage loans made by mortgage lenders to sponsors of residential housing orto persons of lower income for residential housing where the Agency has givenits approval prior to the initial making of the mortgage loan; provided,however, that any such purchase shall be made only upon the determination bythe Agency that mortgage loans were, at the time the approval was given, nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions, or
b. The purchase ofmortgage loans made by mortgage lenders without such prior approval to sponsorsof housing for persons and families of any income or to persons of any incomefor housing upon such terms and conditions requiring the proceeds thereof to beused by such mortgage lenders for the making of new mortgage loans to sponsorsof residential housing or to persons of lower income for residential housing asthe Agency may prescribe by its rules and regulations; provided, however, that(i) any such purchase of existing mortgage loans shall be made only upon thedetermination by the Agency that such new mortgage loans are not otherwiseavailable from private lenders upon reasonably equivalent terms and conditions,and (ii) the Agency shall purchase mortgage loans made to sponsors of housingfor persons and families not of lower income or to persons not of lower incomefor housing only upon the determination by the Agency that mortgage loans madeto sponsors of residential housing or to persons of lower income forresidential housing are not available for purchase by the Agency uponreasonable terms and conditions;
(4) Repealed by SessionLaws 1973, c. 1296, s. 24;
(4a) To make loans tomortgage lenders on terms and conditions requiring the proceeds thereof to beused by such mortgage lenders to originate new mortgage loans to (i) sponsorsof residential housing for persons and families of lower income and persons andfamilies of moderate income and (ii) persons and families of lower income andpersons and families of moderate income for residential housing. The loans tomortgage lenders and the loans to be made by such mortgage lenders shall bemade on such applicable terms and conditions as are set forth in rules and regulationsof the Agency; Provided, however, that loans shall be made by such mortgagelenders only upon the determination by the Agency that such financing is nototherwise available, wholly or in part, from private lenders upon reasonablyequivalent terms and conditions;
(5) To collect and payreasonable fees and charges in connection with making, purchasing and servicingits loans, notes, bonds, commitments and other evidences of indebtedness;
(6) To acquire on atemporary basis real property, or an interest therein, in its own name, bypurchase, transfer or foreclosure, where such acquisition is necessary orappropriate to protect any loan in which the Agency has an interest and tosell, transfer and convey any such property to a buyer and, in the event suchsale, transfer or conveyance cannot be effected with reasonable promptness orat a reasonable price, to rent or lease such property to a tenant pending suchsale, transfer or conveyance;
(7) To sell, at publicor private sale, all or any part of any mortgage or other instrument ordocument securing a loan of any type permitted by this Chapter;
(8) To procure insuranceagainst any loss in connection with its operations in such amounts, and fromsuch insurers, as it may deem necessary or desirable;
(9) To consent, wheneverit deems it necessary or desirable in the fulfillment of its corporatepurposes, to the modification of the rate of interest, time of payment of anyinstallment of principal or interest, or any other terms, of any mortgage loan,mortgage loan commitment, contract or agreement of any kind to which the Agencyis a party;
(10) To borrow money asherein provided to carry out and effectuate its corporate purposes and to issueits obligation as evidence of any such borrowing;
(11) To include in anyborrowing such amounts as may be deemed necessary by the Agency to payfinancing charges, interest on the obligations for a period not exceeding twoyears from their date, consultant, advisory and legal fees and such otherexpenses as are necessary or incident to such borrowing;
(12) To make and publishrules and regulations respecting its lending programs and such other rules andregulations as are necessary to effectuate its corporate purposes;
(13) To provide technicaland advisory services to sponsors, builders and developers of residentialhousing and to residents thereof;
(14) To promote researchand development in scientific methods of constructing low‑costresidential housing of high durability;
(15) To service orcontract for the servicing of mortgage loans and to make and executeagreements, contracts and other instruments necessary or convenient in theexercise of the powers and functions of the Agency under this Chapter,including contracts with any person, firm, corporation, governmental agency orother entity, and each and any North Carolina governmental agency is herebyauthorized to enter into contracts and otherwise cooperate with the Agency tofacilitate the purposes of this Chapter;
(16) To receive,administer and comply with the conditions and requirements respecting anyappropriation or any gift, grant or donation of any property or money,including the proceeds of general obligation bonds of the State;
(17) To sue and be sued inits own name, plead and be impleaded;
(18) To establish andmaintain an office for the transaction of its business in the City of Raleighand at such place or places as the board of directors deems advisable ornecessary in carrying out the purposes of this Chapter; provided, however, thatthe Agency shall comply with the provisions of Articles 6 and 7 of Chapter 146of the General Statutes governing the acquisition of office space;
(19) To adopt an officialseal and alter the same at pleasure;
(20) To adopt bylaws forthe regulation of its affairs and the conduct of its business and to prescriberules, regulations and policies in connection with the performance of itsfunctions and duties;
(21) To employ fiscalconsultants, engineers, attorneys, real estate counselors, appraisers and suchother consultants and employees as may be required in the judgment of theAgency and to fix and pay their compensation from funds available to the Agencytherefor;
(22) To purchase or toparticipate in the purchase and enter into commitments by itself or togetherwith others for the purchase of federally insured securities; provided,however, that the Agency shall first determine that the proceeds of suchsecurities will be utilized for the purpose of making new mortgage loans tosponsors of residential housing or to persons of lower income for residentialhousing, all as specified in regulations to be adopted by the Agency;
(23) To provide, orcontract for the providing of, management and counseling services whenever, inthe judgment of the Agency, no other satisfactory low‑income housingcounseling service is available for occupants of rental projects for persons oflower income or for prospective homeowners of lower income; provided, however,that no such program shall be undertaken until the Agency shall have made astudy of its feasibility and shall have determined that the undertaking of suchprogram will not adversely affect other programs of the Agency;
(24) To advise theGovernor regarding the coordination of public and private low‑ andmoderate‑income housing programs;
(25) To participate in andadminister federal housing programs, including housing rehabilitation,construction of new housing, assistance to the homeless, and home ownershipassistance;
(26) To acquire, hold,rent, encumber, transfer, convey, and otherwise deal with real property andutilities in the same manner as a private person or corporation, subject onlyto the approval of the Governor and Council of State. The Board of Directorsmay pledge or encumber income and assets of the Agency to secure financing forreal property; and
(27) To select and retain,subject to the approval of the Local Government Commission, the financialconsultants, underwriters, and bond attorneys to be associated with theissuance of any bonds and to pay for services rendered by underwriters,financial consultants, or bond attorneys out of the proceeds of any such issuewith regard to which the services were performed. (1969, c. 1235, s. 5; 1973,c. 1296, ss. 21‑24, 27, 29, 35, 36, 40‑43; 1975, c. 616, ss. 1, 2;1981, c. 895, s. 3; 1983, c. 148, s. 2; 1993, c. 321, s. 305(b); 2008‑194,s. 1(a); 2009‑570, s. 15.)
