36-55.30 - Powers of HDA generally.
§ 36-55.30. Powers of HDA generally.
The HDA is hereby granted, has and may exercise all powers necessary orappropriate to carry out and effectuate its corporate purposes, including,without limitation, the following:
1. Sue and be sued in its own name;
2. Have an official seal and to alter the same at pleasure;
3. Have perpetual succession;
4. Maintain an office at such place or places within this Commonwealth as itmay designate;
5. Adopt and from time to time amend and repeal bylaws, not inconsistent withthis chapter, to carry into effect the powers and purposes of HDA and theconduct of its business;
6. Make and execute contracts and all other instruments and agreementsnecessary or convenient for the exercise of its powers and functions;
7. Acquire real or personal property, or any interest therein, by purchase,exchange, gift, assignment, transfer, foreclosure, lease or otherwise,including rights or easements; to hold, manage, operate, or improve real orpersonal property; to sell, assign, lease, encumber, mortgage or otherwisedispose of any real or personal property, or any interest therein, or deed oftrust or mortgage lien interest owned by it or under its control, custody orin its possession and release or relinquish any right, title, claim, lien,interest, easement or demand however acquired, including any equity or rightof redemption in property foreclosed by it and to do any of the foregoing bypublic or private sale, with or without public bidding, notwithstanding theprovisions of any other law;
8. To lease or rent any dwellings, houses, accommodations, lands, buildings,structures or facilities to effectuate the purposes of this chapter;
9. To enter into agreements or other transactions with the federalgovernment, the Commonwealth of Virginia or any governmental agency thereofor any municipality in furtherance of the purposes of this chapter, includingbut not limited to the development, maintenance, operation and financing ofany housing development or residential housing, or land improvement; to enterinto agreements with the federal government or other parties for theprovision by the HDA, or any entity or fund owned or sponsored by or relatedto the HDA, of services and assistance in the restructuring or modificationof debt or subsidy, or in the improvement of the financial or physicalcondition, of any housing development or residential housing, includingwithout limitation any housing development or residential housing owned,financed or assisted by the federal government or financed by a mortgage loaninsured by the federal government, which agreements may provide for theindemnification by the HDA of the federal government or other parties againstliabilities and costs in connection with the provision of such services andassistance if such indemnification is determined by the executive director tobe in furtherance of the public purposes of this chapter, provided that (i)such indemnification shall be payable solely from the funds of the HDA,excluding any funds appropriated by the Commonwealth which shall be held bythe HDA in a separate fund while such indemnification is in effect, (ii) suchindemnification shall not constitute a debt or obligation of the Commonwealthand the Commonwealth shall not be liable therefor, and (iii) any suchagreement limits the HDA's total liability for the indemnification thereunderto a stated dollar amount and notifies the federal government or otherparties that the full faith and credit of the Commonwealth are not pledged orcommitted to payment of the HDA's obligation to indemnify the federalgovernment or other parties under such agreement; to operate and administerloan programs of the federal government, the Commonwealth of Virginia, or anygovernmental agency thereof or any municipality involving land development,the planning, development, construction or rehabilitation of housingdevelopments and residential housing, the acquisition, preservation,improvement or financing of existing residential housing or other forms ofhousing assistance for persons and families of low and moderate income,however funded; and to operate and administer any program of housingassistance for persons and families of low and moderate income, howeverfunded;
10. To receive and accept aid, grants, contributions and cooperation of anykind from any source for the purposes of this chapter subject to suchconditions, acceptable to HDA, upon which such aid, grants, contributions andcooperation may be made, including, but not limited to, rent supplementpayments made on behalf of eligible persons or families or for the payment inwhole or in part of the interest expense for a housing development or for anyother purpose consistent with this chapter;
11. To provide, contract or arrange for consolidated processing of any aspectof a housing development in order to avoid duplication thereof by eitherundertaking the processing in whole or in part for any department, agency, orinstrumentality of the United States or of this Commonwealth, or, in thealternative, to delegate the processing in whole or in part to any suchdepartment, agency or instrumentality;
12. To provide advice and technical information, including technicalassistance at the state and local levels in the use of both public andprivate resources to increase low-income housing resources for the disabled;
13. To employ architects, engineers, attorneys, accountants, housing,construction and financial experts and such other advisors, consultants andagents as may be necessary in its judgment and to fix their compensation;
14. To procure insurance against any loss in connection with its property andother assets, including mortgages and mortgage loans, in such amounts andfrom such insurers as it deems desirable;
15. To insure mortgage payments of any mortgage loan made for the purpose ofconstructing, rehabilitating, purchasing, leasing, or refinancing housingdevelopments for persons and families of low and moderate income upon suchterms and conditions as HDA may prescribe and to create insurance funds andform corporations for the purpose of providing mortgage guaranty insurance onmortgage loans made or financed by HDA pursuant to this chapter;
16. To invest its funds as provided in this chapter or permitted byapplicable law;
17. To borrow money and issue bonds and notes or other evidences ofindebtedness thereof as hereinafter provided;
18. Subject to the requirements of any agreements with bondholders ornoteholders, to consent to any modification with respect to rate of interest,time and payment of any installment of principal or interest, security or anyother term of any contract, mortgage, mortgage loan, mortgage loancommitment, contract or agreement of any kind to which HDA is a party;
19. Subject to the requirements of any agreements with bondholders ornoteholders, to enter into contracts with any mortgagor containing provisionsenabling such mortgagor to reduce the rental or carrying charges to personsunable to pay the regular schedule of charges where, by reason of otherincome or payment from any department, agency or instrumentality of theUnited States or this Commonwealth, such reductions can be made withoutjeopardizing the economic stability of housing being financed;
20. To procure or agree to the procurement of insurance or guarantees fromthe federal government of the payment of any bonds or notes or any otherevidences of indebtedness thereof issued by HDA or an authority, includingthe power to pay premiums on any such insurance;
21. To make and enter into all contracts and agreements with mortgage lendersfor the servicing and processing of mortgage loans pursuant to this chapter;
22. To establish, and revise from time to time and charge and collect feesand charges in connection with any agreements made by HDA under this chapter;
23. To do any act necessary or convenient to the exercise of the powersherein granted or reasonably implied;
24. To invest in, purchase or make commitments to purchase securities orother obligations secured by or payable from mortgage loans on, or issued forthe purpose of financing or otherwise assisting land development orresidential housing for persons or families of low or moderate income;
25. To acquire, develop and own multifamily residential housing ashereinafter provided;
26. To enter into agreements with owners of housing developments eligible forfederal low-income housing credits as hereinafter provided in this chapter;and
27. To exercise any of the powers granted by this chapter for the purpose offinancing an economically mixed project and, if such project is within arevitalization area designated in or pursuant to § 36-55.30:2, any nonhousingbuildings that are incidental to such project or are determined by suchgoverning body to be necessary or appropriate for the revitalization of sucharea or for the industrial, commercial, or other economic development of sucharea; provided that a capital reserve fund shall not be created for any suchfinancing pursuant to § 36-55.41.
(1972, c. 830; 1975, c. 536; 1979, c. 613; 1986, c. 6; 1987, c. 254; 1990, c.956; 1996, c. 498; 1998, c. 442; 2004, c. 187.)