§ 42-55-8 - Supervision of housing sponsors and health care sponsors.
SECTION 42-55-8
§ 42-55-8 Supervision of housing sponsorsand health care sponsors. – The corporation shall have the power to supervise housing sponsors ofmulti-family residential housing units and single family residential housingunits designed by the sponsor for occupancy primarily by persons and familiesof low and moderate income or sponsors of health care facilities and their realand personal property in the following respects:
(1) The corporation may prescribe uniform systems of accountsand records for housing sponsors and health care sponsors and may require themto make reports and give answers to specific questions on those forms and attimes necessary for the purposes of this chapter;
(2) Through its agents or employees, the corporation mayenter upon and inspect the lands, buildings and equipment of a housing sponsoror health care sponsor, including all parts thereof, and may examine all booksand records with reference to capital structure, income, expenditures, andother payments of a housing sponsor or health care sponsor;
(3) The corporation may supervise the operation andmaintenance of any housing development, housing project, or health carefacilities, and may order any repairs that may be necessary to protect thepublic interest or the health, welfare, or safety of the housing development orhousing project occupants or health care facility user;
(4) The corporation may fix, and alter from time to time, aschedule of charges for any housing development, housing project or health carefacility;
(5) The corporation may determine standards for, and maycontrol resident selection by a housing sponsor or health care sponsor;
(6) The corporation may require any housing sponsor or healthcare sponsor to pay to the corporation any fees that it may prescribe inconnection with the examination, inspection, supervision, auditing, or otherregulation of the housing sponsor;
(7) The corporation may order any housing sponsor or healthcare sponsor to do, or to refrain from doing, those things necessary to complywith the provisions of law, the rules and regulations of the corporation, andthe terms of any contract or agreement to which the housing sponsor or healthcare sponsor may be a party;
(8) The corporation may regulate the retirement of anycapital investment or the redemption of stock where the retirement orredemption when added to any dividend or other distribution shall exceed in anyone fiscal year ten percent (10%) (or such lesser amount as may be determinedby the rules and regulations of the corporation) of the original face amount ofany investment or equity in any housing sponsor or health care sponsor;
(9) The corporation may prescribe regulations specifying thecategories of cost which shall be allowable in the construction orrehabilitation of a housing development or housing project or health carefacility. The corporation may require any housing sponsor or health caresponsor to certify the actual housing development or health care facility costsupon completion of the housing development or health care facility, subject toaudit and determination by the corporation. Notwithstanding the provisions ofthis subdivision, the corporation may accept, in lieu of any certification ofhousing development or health care facility costs, any other assurances of thehousing development or health care facility costs, in any form or mannerwhatsoever, as will enable the corporation to determine with reasonableaccuracy the amount of the housing development or health care facility costs.