§ 42-55-5 - General powers.
SECTION 42-55-5
§ 42-55-5 General powers. – The corporation shall have all of the powers necessary and convenient to carryout and effectuate the purposes and provisions of this chapter; including, butwithout limiting the generality of the foregoing, the power to:
(1) Sue and be sued in its own name;
(2) Have an official seal and alter it at pleasure;
(3) Have perpetual succession;
(4) Maintain an office in the city of Providence or at anyother place or places within this state as it may designate;
(5) Adopt and from time to time amend and repeal by-laws,rules, and regulations, not inconsistent with this chapter, to carry intoeffect the powers and purposes of the corporation and the conduct of itsbusiness, and such by-laws, rules, and regulations may contain provisionsindemnifying any person who is or was a commissioner, officer, employee, oragent of the corporation, or is or was serving at the request of thecorporation as a commissioner, director, officer, employee, or agent of anothercorporation, partnership, joint venture, trust, or other enterprise, in themanner and to the extent provided in § 7-1.2-814;
(6) Make and execute contracts and all other instrumentsnecessary or convenient for the exercise of its powers and functions under thischapter;
(7) Acquire real or personal property, or any interesttherein, on either a temporary or long term basis in its own name by gift,purchase, transfer, foreclosure, lease, or otherwise, including rights oreasements in property; to hold, sell, assign, lease, encumber, mortgage, orotherwise dispose of any real or personal property or any interest therein; tohold, sell, assign, or otherwise dispose of any mortgage interest owned by itor under its control, custody or in its possession; and to release orrelinquish any right, title, claim, lien, interest, easement, or demand,however acquired, including any equity or right of redemption in propertyforeclosed by it, and to do any of the foregoing by public or private sale,with or without public bidding, notwithstanding the provisions of any other law;
(8) Enter into agreements or other transactions with andaccept grants and the cooperation of the United States or any governmentalagency or instrumentality thereof or of the state or any governmental agency orinstrumentality thereof in furtherance of the purposes of this chapter,including, but not limited to, the development, maintenance, operation, andfinancing of any housing development, housing project, or health care facility,and to do any and all things necessary in order to avail itself of such aid andcooperation;
(9) Make contracts with the state or any governmental agencythereof, municipalities, and counties of the state, the federal government,public corporations or bodies, and private corporations or individuals;
(10) Receive and accept aid or contributions from any sourceof money, property, labor, or other things of value, to be held, used, andapplied to carry out the purposes of this chapter subject to the conditionsupon which the grants and contributions may be made, including, but not limitedto, gifts or grants from any governmental agency or instrumentality of theUnited States or this state for payment of rent supplements to eligible personsor families or for the payment in whole or in part of the interest expense fora housing development, housing project, or health care facility or for anyother purpose consistent with this chapter;
(11) Provide, contract, or arrange for consolidatedprocessing of any aspect of a housing development, housing project, or healthcare facility in order to avoid duplication thereof by either undertaking thatprocessing in whole or in part on behalf of any governmental agency, orinstrumentality of the United States or of this state, or, in the alternative,to delegate the processing in whole or in part to any governmental agency orinstrumentality;
(12) Stimulate environmental planning for housing for personsof low and moderate income in order to enhance opportunities of those personsfor self-development and employment;
(13) Employ architects, engineers, attorneys, accountants,housing construction and financial experts, and any other advisors,consultants, and agents that may be necessary in its judgment and to fix theircompensation;
(14) Procure insurance against any loss in connection withits property and other assets, including mortgages and mortgage loans, in anyamounts and from any insurers as it deems desirable;
(15) Subject to any agreement with bondholders or noteholders, invest monies of the corporation not required for immediate use,including proceeds from the sale of any bonds or notes, in any securities,obligations, time or other deposit accounts as shall be permitted by law forinvestment or deposit of state funds by the general treasurer and in securedpromissory notes held by municipal corporations which notes represent theborrowings by third parties of federal grants;
(16) Include in any borrowing any amount deemed necessary bythe corporation to pay financing charges, interest on these obligations for anyperiod the corporation shall permit, consultant, advisory and legal fees, andthose other expenses that are necessary or incident to this borrowing;
(17) Subject to any agreements with bondholders or noteholders, to purchase bonds or notes of the corporation out of any funds ormoney of the corporation available for this purpose, and to hold, cancel, orresell those bonds or notes;
(18) Make and publish rules and regulations respecting itslending programs and any other rules and regulations that are necessary toeffectuate its corporate purposes;
(19) Make and execute contracts with mortgage bankers orother financial institutions in this state for the servicing of mortgagesacquired by the corporation pursuant to this chapter, and pay the reasonablevalue of services rendered to the corporation pursuant to these contracts;
(20) Subject to any agreement with bondholders or noteholders, renegotiate, refinance, or foreclose, or contract for the foreclosureof, any mortgage in default; waive any default or consent to the modificationof the terms of any mortgage; commence any action to protect or enforce anyright conferred upon it by any law, mortgage, contract, or other agreement, andbid for and purchase property at any foreclosure or at any other sale, oracquire or take possession of property; operate, manage, lease, dispose of, andotherwise deal with this property, in any manner necessary to protect theinterest of the corporation and the holders of its bonds, notes, and otherobligations;
(21) Borrow money and issue bonds and notes or otherevidences of indebtedness;
(22) Subject to any agreement with bondholders or noteholders, consent to any modification with respect to rate of interest, time,and payment of any installment of principal or interest security or any otherterm of any contract, mortgage, mortgage loan, mortgage loan commitment,contract, or agreement of any kind to which the corporation is a party;
(23) Procure or agree to the procurement of insurance orguarantees from the federal government or any governmental agency orinstrumentality thereof, or from any private insurance company, of the paymentof any bonds or notes or any other evidences of indebtedness issued by thecorporation including the power to pay premiums on that insurance;
(24) Insure long-term mortgage loans made by mortgage lendersapproved by the corporation to eligible housing sponsors as determined by thecorporation. The corporation may establish any terms and conditions it deemsnecessary for the supervision of the holders of corporation insured loans andfor its insurance program, including the maximum amount which may be insured,maximum interest rates, down payment requirements, refinancing terms, insurancepremium requirements, and remedies on default or foreclosure;
(25) Make temporary loans, with or without interest, toeligible housing sponsors of single-family residential housing units to beowned and occupied by the sponsor to defray down payment costs and charges onmortgage loans purchased or made by the corporation;
(26) Make and undertake to make any and all contracts andagreements, including the payment of fees, with mortgage lenders in this statefor assistance rendered to the corporation;
(27) Subject to any agreement with bondholders or noteholders, to purchase and make commitments for the purchase of, to invest in,and dispose of securities or other obligations issued by mortgage lenders tofinance residential housing for persons and families of low and moderateincome, including, but not limited to, securities or other obligations payablefrom, backed by or otherwise evidencing an interest in mortgages securingmortgage loans to finance residential housing for persons and families of lowand moderate income;
(28) To the extent permitted under its contract with theholders of bonds, bond anticipation notes and other obligations, enter intocontracts with any mortgagor containing provisions enabling the mortgagor toreduce the rental or carrying charges to families of persons unable to pay theregular schedule of charges for housing where, by reason of other income orpayment from any department, agency, or instrumentality of the United States orthis state, the reductions can be made without jeopardizing the economicstability of housing being financed;
(29) Establish any programs of compensation, includingdeferred compensation and retirement plans, as the commissioner may deemappropriate;
(30) Do any and all things necessary or convenient tocarrying out its purposes and exercise the powers given and granted in thischapter;
(31) Issue assurances and guarantees and to secure them withany collateral that the corporation may deem appropriate;
(32) Notwithstanding any other law to the contrary, to makesubsidies in furtherance of its corporate purposes, whether in the form ofinterest cost savings or otherwise, and to require a recipient thereof to repayall or any portion of that subsidy upon those terms and conditions that thecorporation may establish;
(33) Establish an insurance fund and to insure therefrom,either alone or in conjunction with private enterprise, the state, the UnitedStates, or any governmental agency or instrumentality thereof, mortgage loansor participations whether or not made or acquired by the corporation;
(34) Establish an equal employment and affirmative actionprogram applicable to direct and indirect recipients of funds of thecorporation; and
(35) To administer and manage Section 8 tenant basedcertificate programs and Section 8 rental voucher programs in thosemunicipalities that do not have a local housing authority and in thosemunicipalities whose local housing authority elects to contract with RhodeIsland housing mortgage and finance corporation.