§ 42-55-7.1 - Powers relative to acquisition and operation of housing projects.
SECTION 42-55-7.1
§ 42-55-7.1 Powers relative to acquisitionand operation of housing projects. – The corporation shall have all the powers necessary or convenient to carry outand effectuate the purposes and provisions of this chapter, including thefollowing powers in addition to others granted in this chapter:
(1) To acquire on either a temporary or long-term basis, inits own name, from any person, joint venture, partnership, trust, association,firm, corporation, municipality, municipal agency or entity, governmentalagency, housing sponsor, or other legal entity or combination thereof by grant,purchase, transfer, foreclosure, or otherwise, housing projects or any interestor any option in housing projects, and to sell, assign, exchange, transfer,mortgage, or encumber housing projects or any interest in housing projects andto accomplish any of the foregoing by public or private sale, with or withoutpublic bidding, notwithstanding the provisions of other laws;
(2) To own, hold, clear, and improve, in its own name,housing projects or any interest in housing projects;
(3) To construct, reconstruct, rehabilitate, improve, alter,repair, or provide for the construction, reconstruction, improvement,alteration, or repair of any housing project;
(4) To operate, manage, and control housing projects, in itsown name, and to do all things necessary and incidental to the ownership ofhousing projects, including making rules and regulations;
(5) To lease, with or without an option to purchase, all orany part of a housing project to any person, firm, partnership, trust, jointventure, association, municipal or state entity, or corporation. The lease mayprovide for the assumption by the lessee of the management and control of thehousing project, as well as the right of the lessee to collect all revenues;
(6) To finance the acquisition and operation of housingprojects in accordance with the provisions of this chapter; provided, however,that prior to the corporation issuing any obligations, it makes the findings asprovided in subdivisions (1), (2), and (4) of § 42-55-12;
(7) To enter into all agreements and contracts with thirdparties, including owners, residents, housing sponsors, and tenants of housingprojects, necessary to accomplish the purposes of this section, including thepower to enter into leases, joint ventures, reverse annuity agreements, salesagreements, equity participation agreements, and mortgage agreements; and
(8) To enter into partnership agreements as a general orlimited partner with any housing sponsor as a general or limited partner; thesepartnerships may exercise any and all of the powers granted to partnershipsunder the laws of this state, as well as exercise all of the rights, duties,and privileges of a housing sponsor under the provisions of this chapter.