§ 42-55-7.1. Powers relative to acquisition and operation of housing projects.
The corporation shall have all the powers necessary or convenient to carry out and
effectuate the purposes and provisions of this chapter, including the following powers
in addition to others granted in this chapter:
(1) To acquire on either a temporary or long-term basis, in its own name, from any person,
joint venture, partnership, trust, association, firm, corporation, municipality, municipal
agency or entity, governmental agency, housing sponsor, or other legal entity or combination
thereof by grant, purchase, transfer, foreclosure, or otherwise, housing projects
or any interest or any option in housing projects, and to sell, assign, exchange,
transfer, mortgage, or encumber housing projects or any interest in housing projects
and to accomplish any of the foregoing by public or private sale, with or without
public 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 its own name, and to do all things
necessary and incidental to the ownership of housing projects, including making rules
and regulations;
(5) To lease, with or without an option to purchase, all or any part of a housing project
to any person, firm, partnership, trust, joint venture, association, municipal or
state entity, or corporation. The lease may provide for the assumption by the lessee
of the management and control of the housing project, as well as the right of the
lessee to collect all revenues;
(6) To finance the acquisition and operation of housing projects in accordance with the
provisions of this chapter; provided, however, that prior to the corporation issuing
any obligations, it makes the findings as provided in subsections (1), (2), and (4)
of § 42-55-12;
(7) To enter into all agreements and contracts with third parties, including owners, residents,
housing sponsors, and tenants of housing projects, necessary to accomplish the purposes
of this section, including the power to enter into leases, joint ventures, reverse
annuity agreements, sales agreements, equity participation agreements, and mortgage
agreements; and
(8) To enter into partnership agreements as a general or limited partner with any housing
sponsor as a general or limited partner; these partnerships may exercise any and all
of the powers granted to partnerships under 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.