§ 36-55.31. Powers relative to making mortgage loans and temporaryconstruction loans to housing sponsors and persons and families of low andmoderate income.
The HDA shall have all the powers necessary or convenient to carry out andeffectuate the purpose and provisions of this chapter, including thefollowing powers in addition to others herein granted:
(1) through (3) [Repealed.]
(4) Enter into agreements and contracts with housing sponsors under theprovisions of this section;
(5) Institute any action or proceeding against any housing sponsor or personsand families of low or moderate income receiving a loan under the provisionshereof, or owning any housing development hereunder in any court of competentjurisdiction in order to enforce the provisions of this chapter, the termsand provisions of any agreement or contract between HDA and such recipientsof loans under the provisions hereof, including without limitation provisionsas to rental or carrying charges and income limits as applied to tenants oroccupants, or to foreclose its mortgage, or to protect the public interest,persons and families of low and moderate income, stockholders, or creditorsof such sponsor. In connection with any such action or proceeding it mayapply for the appointment of a trustee or receiver to take over, manage,operate and maintain the affairs of a housing sponsor and HDA through suchagent as it shall designate is hereby authorized to accept appointment astrustee or receiver of any such sponsor when so appointed by a court ofcompetent jurisdiction.
The reorganization of any housing sponsor shall be subject to the supervisionand control of HDA, and no such reorganization shall be had without theconsent of HDA. Upon any such reorganization the amount of capitalization,including therein all stocks, income debentures and bonds and other evidenceof indebtedness shall be such as is authorized by HDA, but not in excess ofthe fair value of the property received;
(6) In any foreclosure action involving a housing sponsor other than aforeclosure action instituted by HDA, the municipality in which any housingdevelopment is situate shall, in addition to other necessary parties, be madeparties defendant. HDA and the municipality shall take all steps in suchaction necessary to protect the interest of the public therein, and no costsshall be awarded against HDA or the municipality.
Subject to the terms of any applicable agreement, contract or otherinstrument entered into or obtained pursuant to this chapter, judgment offoreclosure shall not be entered unless the court to which applicationtherefor is made shall be satisfied that the interest of the lienholders orholders of bonds or other obligations cannot be adequately secured orsafeguarded except by the sale of the property; and in such proceeding thecourt shall be authorized to make an order increasing the rental or carryingcharges to be charged for the housing accommodations in the housingdevelopment involved in such foreclosure, or appoint a member of HDA or anyofficer of the municipality, as a receiver or trustee of the property, orgrant such other and further relief as may be reasonable and proper; and inthe event of a foreclosure or other judicial sale, the property shall be soldonly to a housing sponsor which will manage, operate and maintain the housingdevelopment subject to the provisions of this chapter, unless the court shallfind that the interest and principal on the obligations secured by the lienwhich is the subject of foreclosure cannot be earned under the limitationsimposed by the provisions of this chapter and that the proceeding was broughtin good faith, in which event the property may be sold free of limitationsimposed by this chapter or subject to such limitations as the court may deemadvisable to protect the public interest;
(7) In the event of a judgment against any housing sponsor in any action notpertaining to the foreclosure of a mortgage, there shall be no sale of any ofthe real property included in any housing development hereunder of suchhousing sponsor except upon 60 days' written notice to HDA. Upon receipt ofsuch notice HDA shall take such steps as in its judgment may be necessary toprotect the rights of all parties;
(8) In the event of violation by a housing sponsor of any provision of aloan, the terms of any agreement between HDA and the housing sponsor, theprovisions of this chapter or of any rules or regulations duly promulgatedpursuant to the provisions of this chapter, HDA may remove any or all of theexisting directors or officers of such corporate housing sponsor and mayappoint such person or persons who HDA in its sole discretion deems advisableas new directors or officers to serve in the places of those removednotwithstanding the provisions of any other law and may designate a managingagent with complete and exclusive power to act on behalf of a defaultingpartnership housing sponsor; provided, however, that any such directors orofficers or managing agents so appointed by HDA shall serve only for a periodcoexistent with the duration of such violation or until HDA is assured in amanner satisfactory to it against violations of a similar nature or both.Officers or directors so appointed need not be stockholders or meet otherqualifications which may be prescribed by the certificate of incorporation orby other laws governing such qualified housing sponsor;
(9) Foreclose under deeds of trust by powers of sale pursuant to Title 55 andamendments thereto;
(10) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors to finance the ownership and operation of housingdevelopments and multifamily residential housing intended for occupancy bypersons and families of low and moderate income, upon the terms andconditions set forth in subsections A and B of § 36-55.33:1;
(11) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to persons and families of low and moderate income to finance thepurchase or refinancing of single-family residential housing, upon the termsand conditions set forth in subsections A and C of § 36-55.33:1;
(12) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors and persons and families of low and moderateincome to finance the construction, rehabilitation, preservation orimprovement of housing developments and residential housing intended, uponcompletion of such construction, rehabilitation, preservation or improvement,for ownership or occupancy by persons and families of low and moderateincome, upon the terms and conditions set forth in subsections A and D of §36-55.33:1;
(13) Make, undertake commitments to make and participate in the making ofmortgage loans to finance the construction, rehabilitation, preservation orimprovement, or ownership and operation, of economically mixed projects and,if any such project is within a revitalization area designated in or pursuantto § 36-55.30:2, any nonhousing buildings that are incidental to such projector are determined by such governing body to be necessary or appropriate forthe revitalization of such area or for the industrial, commercial or othereconomic development of such area, upon the terms and conditions set forth insubsections A and E of § 36-55.33:1.
(1972, c. 830; 1975, c. 536; 1979, c. 374; 2004, c. 187.)
§ 36-55.31. Powers relative to making mortgage loans and temporaryconstruction loans to housing sponsors and persons and families of low andmoderate income.
The HDA shall have all the powers necessary or convenient to carry out andeffectuate the purpose and provisions of this chapter, including thefollowing powers in addition to others herein granted:
(1) through (3) [Repealed.]
(4) Enter into agreements and contracts with housing sponsors under theprovisions of this section;
(5) Institute any action or proceeding against any housing sponsor or personsand families of low or moderate income receiving a loan under the provisionshereof, or owning any housing development hereunder in any court of competentjurisdiction in order to enforce the provisions of this chapter, the termsand provisions of any agreement or contract between HDA and such recipientsof loans under the provisions hereof, including without limitation provisionsas to rental or carrying charges and income limits as applied to tenants oroccupants, or to foreclose its mortgage, or to protect the public interest,persons and families of low and moderate income, stockholders, or creditorsof such sponsor. In connection with any such action or proceeding it mayapply for the appointment of a trustee or receiver to take over, manage,operate and maintain the affairs of a housing sponsor and HDA through suchagent as it shall designate is hereby authorized to accept appointment astrustee or receiver of any such sponsor when so appointed by a court ofcompetent jurisdiction.
The reorganization of any housing sponsor shall be subject to the supervisionand control of HDA, and no such reorganization shall be had without theconsent of HDA. Upon any such reorganization the amount of capitalization,including therein all stocks, income debentures and bonds and other evidenceof indebtedness shall be such as is authorized by HDA, but not in excess ofthe fair value of the property received;
(6) In any foreclosure action involving a housing sponsor other than aforeclosure action instituted by HDA, the municipality in which any housingdevelopment is situate shall, in addition to other necessary parties, be madeparties defendant. HDA and the municipality shall take all steps in suchaction necessary to protect the interest of the public therein, and no costsshall be awarded against HDA or the municipality.
Subject to the terms of any applicable agreement, contract or otherinstrument entered into or obtained pursuant to this chapter, judgment offoreclosure shall not be entered unless the court to which applicationtherefor is made shall be satisfied that the interest of the lienholders orholders of bonds or other obligations cannot be adequately secured orsafeguarded except by the sale of the property; and in such proceeding thecourt shall be authorized to make an order increasing the rental or carryingcharges to be charged for the housing accommodations in the housingdevelopment involved in such foreclosure, or appoint a member of HDA or anyofficer of the municipality, as a receiver or trustee of the property, orgrant such other and further relief as may be reasonable and proper; and inthe event of a foreclosure or other judicial sale, the property shall be soldonly to a housing sponsor which will manage, operate and maintain the housingdevelopment subject to the provisions of this chapter, unless the court shallfind that the interest and principal on the obligations secured by the lienwhich is the subject of foreclosure cannot be earned under the limitationsimposed by the provisions of this chapter and that the proceeding was broughtin good faith, in which event the property may be sold free of limitationsimposed by this chapter or subject to such limitations as the court may deemadvisable to protect the public interest;
(7) In the event of a judgment against any housing sponsor in any action notpertaining to the foreclosure of a mortgage, there shall be no sale of any ofthe real property included in any housing development hereunder of suchhousing sponsor except upon 60 days' written notice to HDA. Upon receipt ofsuch notice HDA shall take such steps as in its judgment may be necessary toprotect the rights of all parties;
(8) In the event of violation by a housing sponsor of any provision of aloan, the terms of any agreement between HDA and the housing sponsor, theprovisions of this chapter or of any rules or regulations duly promulgatedpursuant to the provisions of this chapter, HDA may remove any or all of theexisting directors or officers of such corporate housing sponsor and mayappoint such person or persons who HDA in its sole discretion deems advisableas new directors or officers to serve in the places of those removednotwithstanding the provisions of any other law and may designate a managingagent with complete and exclusive power to act on behalf of a defaultingpartnership housing sponsor; provided, however, that any such directors orofficers or managing agents so appointed by HDA shall serve only for a periodcoexistent with the duration of such violation or until HDA is assured in amanner satisfactory to it against violations of a similar nature or both.Officers or directors so appointed need not be stockholders or meet otherqualifications which may be prescribed by the certificate of incorporation orby other laws governing such qualified housing sponsor;
(9) Foreclose under deeds of trust by powers of sale pursuant to Title 55 andamendments thereto;
(10) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors to finance the ownership and operation of housingdevelopments and multifamily residential housing intended for occupancy bypersons and families of low and moderate income, upon the terms andconditions set forth in subsections A and B of § 36-55.33:1;
(11) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to persons and families of low and moderate income to finance thepurchase or refinancing of single-family residential housing, upon the termsand conditions set forth in subsections A and C of § 36-55.33:1;
(12) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors and persons and families of low and moderateincome to finance the construction, rehabilitation, preservation orimprovement of housing developments and residential housing intended, uponcompletion of such construction, rehabilitation, preservation or improvement,for ownership or occupancy by persons and families of low and moderateincome, upon the terms and conditions set forth in subsections A and D of §36-55.33:1;
(13) Make, undertake commitments to make and participate in the making ofmortgage loans to finance the construction, rehabilitation, preservation orimprovement, or ownership and operation, of economically mixed projects and,if any such project is within a revitalization area designated in or pursuantto § 36-55.30:2, any nonhousing buildings that are incidental to such projector are determined by such governing body to be necessary or appropriate forthe revitalization of such area or for the industrial, commercial or othereconomic development of such area, upon the terms and conditions set forth insubsections A and E of § 36-55.33:1.
(1972, c. 830; 1975, c. 536; 1979, c. 374; 2004, c. 187.)
§ 36-55.31. Powers relative to making mortgage loans and temporaryconstruction loans to housing sponsors and persons and families of low andmoderate income.
The HDA shall have all the powers necessary or convenient to carry out andeffectuate the purpose and provisions of this chapter, including thefollowing powers in addition to others herein granted:
(1) through (3) [Repealed.]
(4) Enter into agreements and contracts with housing sponsors under theprovisions of this section;
(5) Institute any action or proceeding against any housing sponsor or personsand families of low or moderate income receiving a loan under the provisionshereof, or owning any housing development hereunder in any court of competentjurisdiction in order to enforce the provisions of this chapter, the termsand provisions of any agreement or contract between HDA and such recipientsof loans under the provisions hereof, including without limitation provisionsas to rental or carrying charges and income limits as applied to tenants oroccupants, or to foreclose its mortgage, or to protect the public interest,persons and families of low and moderate income, stockholders, or creditorsof such sponsor. In connection with any such action or proceeding it mayapply for the appointment of a trustee or receiver to take over, manage,operate and maintain the affairs of a housing sponsor and HDA through suchagent as it shall designate is hereby authorized to accept appointment astrustee or receiver of any such sponsor when so appointed by a court ofcompetent jurisdiction.
The reorganization of any housing sponsor shall be subject to the supervisionand control of HDA, and no such reorganization shall be had without theconsent of HDA. Upon any such reorganization the amount of capitalization,including therein all stocks, income debentures and bonds and other evidenceof indebtedness shall be such as is authorized by HDA, but not in excess ofthe fair value of the property received;
(6) In any foreclosure action involving a housing sponsor other than aforeclosure action instituted by HDA, the municipality in which any housingdevelopment is situate shall, in addition to other necessary parties, be madeparties defendant. HDA and the municipality shall take all steps in suchaction necessary to protect the interest of the public therein, and no costsshall be awarded against HDA or the municipality.
Subject to the terms of any applicable agreement, contract or otherinstrument entered into or obtained pursuant to this chapter, judgment offoreclosure shall not be entered unless the court to which applicationtherefor is made shall be satisfied that the interest of the lienholders orholders of bonds or other obligations cannot be adequately secured orsafeguarded except by the sale of the property; and in such proceeding thecourt shall be authorized to make an order increasing the rental or carryingcharges to be charged for the housing accommodations in the housingdevelopment involved in such foreclosure, or appoint a member of HDA or anyofficer of the municipality, as a receiver or trustee of the property, orgrant such other and further relief as may be reasonable and proper; and inthe event of a foreclosure or other judicial sale, the property shall be soldonly to a housing sponsor which will manage, operate and maintain the housingdevelopment subject to the provisions of this chapter, unless the court shallfind that the interest and principal on the obligations secured by the lienwhich is the subject of foreclosure cannot be earned under the limitationsimposed by the provisions of this chapter and that the proceeding was broughtin good faith, in which event the property may be sold free of limitationsimposed by this chapter or subject to such limitations as the court may deemadvisable to protect the public interest;
(7) In the event of a judgment against any housing sponsor in any action notpertaining to the foreclosure of a mortgage, there shall be no sale of any ofthe real property included in any housing development hereunder of suchhousing sponsor except upon 60 days' written notice to HDA. Upon receipt ofsuch notice HDA shall take such steps as in its judgment may be necessary toprotect the rights of all parties;
(8) In the event of violation by a housing sponsor of any provision of aloan, the terms of any agreement between HDA and the housing sponsor, theprovisions of this chapter or of any rules or regulations duly promulgatedpursuant to the provisions of this chapter, HDA may remove any or all of theexisting directors or officers of such corporate housing sponsor and mayappoint such person or persons who HDA in its sole discretion deems advisableas new directors or officers to serve in the places of those removednotwithstanding the provisions of any other law and may designate a managingagent with complete and exclusive power to act on behalf of a defaultingpartnership housing sponsor; provided, however, that any such directors orofficers or managing agents so appointed by HDA shall serve only for a periodcoexistent with the duration of such violation or until HDA is assured in amanner satisfactory to it against violations of a similar nature or both.Officers or directors so appointed need not be stockholders or meet otherqualifications which may be prescribed by the certificate of incorporation orby other laws governing such qualified housing sponsor;
(9) Foreclose under deeds of trust by powers of sale pursuant to Title 55 andamendments thereto;
(10) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors to finance the ownership and operation of housingdevelopments and multifamily residential housing intended for occupancy bypersons and families of low and moderate income, upon the terms andconditions set forth in subsections A and B of § 36-55.33:1;
(11) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to persons and families of low and moderate income to finance thepurchase or refinancing of single-family residential housing, upon the termsand conditions set forth in subsections A and C of § 36-55.33:1;
(12) Make, undertake commitments to make and participate in the making ofmortgage loans, including without limitation federally insured mortgageloans, to housing sponsors and persons and families of low and moderateincome to finance the construction, rehabilitation, preservation orimprovement of housing developments and residential housing intended, uponcompletion of such construction, rehabilitation, preservation or improvement,for ownership or occupancy by persons and families of low and moderateincome, upon the terms and conditions set forth in subsections A and D of §36-55.33:1;
(13) Make, undertake commitments to make and participate in the making ofmortgage loans to finance the construction, rehabilitation, preservation orimprovement, or ownership and operation, of economically mixed projects and,if any such project is within a revitalization area designated in or pursuantto § 36-55.30:2, any nonhousing buildings that are incidental to such projector are determined by such governing body to be necessary or appropriate forthe revitalization of such area or for the industrial, commercial or othereconomic development of such area, upon the terms and conditions set forth insubsections A and E of § 36-55.33:1.
(1972, c. 830; 1975, c. 536; 1979, c. 374; 2004, c. 187.)
