§ 29-4-1106 — Additional powers - affordable workforce housing projects

(1)
In addition to the powers specified in section 29-4-1105, the authority has the
following powers:

(a) To acquire, construct, rehabilitate, own, operate, and finance affordable
rental housing projects;

(b) To consult with a qualified nonprofit organization, county, municipality,
housing authority, school district, or other relevant entity as determined by the
authority to identify gaps in affordable housing capacity, disproportionately
impacted communities, or other communities or localities in need of workforce
housing to guide the authority in its selection of project proposals to fund;

(c) To exercise general control and supervision of affordable rental housing
projects and the land they are located on and exercise plenary power to adopt all
bylaws and regulations pertaining to the acquisition, financing, development, use,
and operation of affordable rental housing projects in order to advance the state
interest in the provision of affordable rental workforce housing pursuant to this part
11, not in conflict with the law, as the board may deem necessary to secure the
successful operation of the authority and promote the purposes of this part 11;

(d) To enter into a public-private partnership;

(e) To contract with experienced real estate professionals with a proven
track record in developing and operating projects of similar scale and complexity
for the development and operation of affordable rental housing projects and to
employ its own personnel or contract with public or private entities, or both, for
other services necessary or convenient to the conduct of all of the authority's other
activities. The authority shall hire full-time staff who are full-time employees of the
authority and are responsible for compliance with public meeting laws and open
records requests, affordable rental housing project proposal solicitation and
review, and reporting.

(f) To provide housing assistance to a tenant in a rental unit of an affordable
rental housing project in order for the tenant to transition to home ownership on
affordable terms, provided that:

(I) Any funds used for such assistance are deemed to be excess funds from
those funds needed to develop and operate an affordable rental housing project;
and

(II) The housing assistance may take the form of a grant, a subordinated loan,
or an interest in the residential property purchased by the tenant; and

(g) In order to isolate operating risk on a project-by-project basis, to
establish, or adopt a resolution approving the establishment of, one or more
controlled entities on a per-project basis for the duration of the affordable rental
housing project unless the controlled entity must oversee more than one affordable
rental housing project as demonstrated by an applicant for funding to the authority,
provided that:

(I) The controlled entity may be a nonprofit corporation, limited liability
company, or other entity formed pursuant to state law and the authority shall be
the sole member of the entity;

(II) The authority shall appoint the governing body of or agent to oversee the
controlled entity and may remove a member of the governing body or agent for
cause;

(III) Any revenue of the controlled entity not required to pay its expenses and
obligations and to fund reserves therefor for such expenses and obligations and,
upon dissolution of the controlled entity, any assets of the controlled entity not
required to pay its expenses and obligations must be distributed to or at the
direction of the authority and shall not be used for or accrue to the benefit of any
private interests;

(IV) The authority may loan proceeds from bonds issued by the authority to
the controlled entity; and

(V) The controlled entity shall enjoy the same privileges and immunities as
the authority, including but not limited to the exemptions from taxation pursuant to
section 29-4-1104 (12)(a).

Legislative History

Source: L. 2022: Entire part added, (SB 22-232), ch. 354, p. 2525, � 2, effective June 3. L. 2023: (1)(d) amended, (SB 23-035), ch. 317, p. 1920, � 4, effective June 2.