§ 42-55-8. Supervision of housing sponsors and healthcare sponsors.
The corporation shall have the power to supervise housing sponsors of multi-family
residential housing units and single family residential housing units designed by
the sponsor for occupancy primarily by persons and families of low and moderate income
or sponsors of healthcare facilities and their real and personal property in the following
respects:
(1) The corporation may prescribe uniform systems of accounts and records for housing
sponsors and healthcare sponsors and may require them to make reports and give answers
to specific questions on those forms and at times necessary for the purposes of this
chapter;
(2) Through its agents or employees, the corporation may enter upon and inspect the lands,
buildings, and equipment of a housing sponsor or healthcare sponsor, including all
parts thereof, and may examine all books and records with reference to capital structure,
income, expenditures, and other payments of a housing sponsor or healthcare sponsor;
(3) The corporation may supervise the operation and maintenance of any housing development,
housing project, or healthcare facilities, and may order any repairs that may be necessary
to protect the public interest or the health, welfare, or safety of the housing development
or housing project occupants or healthcare facility user;
(4) The corporation may fix, and alter from time to time, a schedule of charges for any
housing development, housing project, or healthcare facility;
(5) The corporation may determine standards for, and may control resident selection by
a housing sponsor or healthcare sponsor;
(6) The corporation may require any housing sponsor or healthcare sponsor to pay to the
corporation any fees that it may prescribe in connection with the examination, inspection,
supervision, auditing, or other regulation 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 comply with the provisions of law, the rules
and regulations of the corporation, and the 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 any capital investment or the redemption
of stock where the retirement or redemption when added to any dividend or other distribution
shall exceed in any one fiscal year ten percent (10%) (or such lesser amount as may
be determined by the rules and regulations of the corporation) of the original face
amount of any investment or equity in any housing sponsor or healthcare sponsor;
(9) The corporation may prescribe regulations specifying the categories of cost which
shall be allowable in the construction or rehabilitation of a housing development
or housing project or healthcare facility. The corporation may require any housing
sponsor or healthcare sponsor to certify the actual housing development or healthcare
facility costs upon completion of the housing development or healthcare facility,
subject to audit and determination by the corporation. Notwithstanding the provisions
of this subsection, the corporation may accept, in lieu of any certification of housing
development or healthcare facility costs, any other assurances of the housing development
or healthcare facility costs, in any form or manner whatsoever, as will enable the
corporation to determine with reasonable accuracy the amount of the housing development
or healthcare facility costs.