§ 13-23-115 — General powers

Tennessee § 13-23-115

• Jurisdiction: Tennessee
• Title: 13

Text

The agency has all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, to: (1) Make or participate in the making of insured construction loans to qualified sponsors, developers, and builders for land development and/or for residential housing for lower and moderate income persons and families, all subject to § 13-23-116 ; (2) Make or participate in the making of insured mortgage loans to qualified sponsors, developers, builders and purchasers of residential housing for lower and moderate income persons and families, all subject to § 13-23-117 ; (3) Acquire, and contract to acquire, insured mortgages owned by lenders, and enter into advance commitments to lenders for the purchase of the mortgages, all subject to § 13-23-118 ; (4) Purchase, make, or participate in the making of insured loans to low and moderate income persons and families for the purpose of improving or rehabilitating existing residential housing and, in connection therewith, refinance existing loans involving the same property. Such loans shall be secured by a mortgage lien on the improved or rehabilitated property. The agency is also empowered to make loans to low and moderate income persons and families for the purpose of purchasing and rehabilitating residential housing; (5) Establish, and revise from time to time and charge and collect fees and charges in connection with making, purchasing and servicing any of its loans, notes, commitments and other evidences of indebtedness; (6) Pay reasonable fees and charges in connection with making or purchasing its loans, notes, bonds and other evidences of indebtedness; (7) Acquire real property, or any interest therein, in its own name, by purchase, transfer, foreclosure or otherwise; but only as may be necessary to carry out and effectuate the purposes of this part. This subdivision (7) shall be limited to meeting the requirements of the agency relative to a delinquency or default on the payment of any loan owned by the agency; (8) Subject to any agreement with bondholders or noteholders, sell any mortgages or other personal property acquired by the agency at public or private sale and at such price or prices as it shall determine; (9) Subject to any agreement with bondholders or noteholders, collect, enforce the collection of, and foreclose on any mortgage or other collateral securing an insured construction loan or an insured mortgage loan, and acquire or take possession of such mortgage or other collateral and sell the same at public or private sale, with or without bidding, and otherwise deal with such mortgage or collateral as may be necessary to protect the interests of the agency therein; (10) Procure insurance against any loss in connection with its operations in such amounts, and from such insurers, as it may deem necessary or desirable; (11) Subject to any agreement with bondholders or noteholders, consent, whenever it deems it necessary or desirable in the fulfillment of its corporate purposes, to the modification of the rate of interest, time of payment of any installment of principal or interest, or any other terms of a mortgage loan, mortgage loan commitment, construction loan, contract or agreement of any kind to which the agency is a party; (12) Subject to any agreement with bondholders or noteholders, invest moneys of the agency not required for immediate use, including proceeds from the sale of any bonds and notes in collateralized guaranteed investment contracts of longer than one (1) year and otherwise in the same manner as permitted by law for the investment of state funds; (13) Make, enter into and enforce all contracts or agreements necessary, convenient or desirable for the purposes of the agency or to the performance of its duties and execution or carrying out of its powers under this part, including contracts or agreements with any person, firm, agency, governmental agency or other entity, and all Tennessee governmental agencies are hereby authorized to enter into contracts and agreements, and otherwise cooperate with the agency to facilitate the purposes of this part; (14) Contract for and accept any gifts or grants or loans or appropriations of funds or property, or financial or other aid in any form from the United States or any agency or instrumentality thereof, or from the state or any agency, instrumentality or political subdivision thereof, or from any other source, and comply, subject to provisions of this part and to any agreements with bondholders or noteholders, with the terms and conditions thereof. Any grant funds becoming available to the agency for subsidies of housing for low-income families, other than those becoming available to the agency in its capacity as a mortgage lender or construction loan lender, shall be paid first to the various housing authorities in the state, to meet the subsidy needs of low-rent public housing as determined necessary by the agency, before any such funds are made available for any housing financed through this part; (15) Borrow money and issue negotiable bonds and notes for the purposes provided in this part and provide for and secure the payment thereof and provide for the rights of the holders thereof; (16) Include in any borrowing such amounts as may be deemed necessary by the agency to pay financing charges, interest on the obligations for a period not exceeding two (2) years from their date, consultant, advisory and legal fees, and such other expenses as are necessary or incident to such borrowing; (17) Subject to any agreements with bondholders or noteholders, purchase bonds or notes of the agency out of any funds or money of the agency available therefor, and hold, cancel or resell such bonds or notes; (18) Make and publish rules and regulations respecting its financial assistance programs and such other rules and regulations as are necessary to effectuate its corporate purposes; (19) Make and execute contracts for the servicing of mortgages acquired by the agency pursuant to this part, and pay the reasonable value of services rendered to the agency pursuant to those contracts; (20) (A) Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default; (B) Waive any default or consent to the modification of the terms of any mortgage; (C) Commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement, and to bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; or (D) Operate, manage, lease, dispose of, and otherwise deal with such property, in such manner as may be necessary to protect the interests of the agency and the holders of its bonds and notes; (21) Employ fiscal consultants, engineers, attorneys, real estate counselors, appraisers and such other consultants and employees as may be required in the judgment of the agency, and fix and pay their compensation from funds available to the agency therefor. All reimbursement for travel expenses shall be in accordance with the comprehensive travel regulations as promulgated by the department of finance and administration and approved by the attorney general and reporter. The employees of the agency may participate in the Tennessee consolidated retirement system established under title 8, chapters 34-37, and the state comprehensive group insurance program; (22) Provide technical and advisory services to sponsors, builders, and developers of residential housing and to residents thereof, including relocation assistance services to persons and families displaced because of public works projects; (23) Promote research and development in proper land use planning for both urban and rural areas, in the use of technical codes in the home building industry, in planning and providing adequate community services and facilities, and in scientific methods of constructing low-cost residential housing of high durability; (24) Sue and be sued in its own name, plead and be impleaded; (25) Maintain an office in Nashville and at such other place or places as it may determine; (26) Adopt an official seal and alter the same at pleasure; (27) Adopt bylaws for the regulation of its affairs and the conduct of its business and prescribe rules, regulations and policies in connection with the performance of its functions and duties; (28) Do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part; (29) Purchase, make, or participate in the making of insured loans to low and moderate income persons and families for the purpose of making energy-saving improvements to residential housing units. Such loans shall be secured by a mortgage lien on the improved or rehabilitated property. The agency shall also be empowered to make loans to low and moderate income persons and families for the purpose of purchasing solar hot water heaters for residential housing units; (30) Designate "areas of chronic economic distress" to be the target areas required by § 103A of the Internal Revenue Code ( 26 U.S.C. § 103A ); (31) Make grants to eligible political subdivisions and to such private nonprofit corporations that provide housing and related services in the state consistent with the purposes and mission of the agency; (32) Serve as a clearinghouse for properties made available through the federal Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA); (33) Provide a reserve for the bond and loan programs and provide for administrative and operational support of the Tennessee industrial finance corporation, created pursuant to title 4, chapter 17, part 4 [repealed]; and (34) When entering into any contracts or agreements authorized under this chapter, including contracts or agreements providing for liquidity and credit enhancement and reimbursement agreements relating thereto, interest rate swap or exchange agreements, agreements establishing interest rate floors or ceilings or both, other interest rate hedging agreements, evidencing a transaction bearing a reasonable relationship to this state and also to another state or nation, agree in the written contract or agreement that the rights and remedies of the parties thereto shall be governed by the laws of this state or the laws of such other state or nation; provided, however, jurisdiction over the agency against which an action on such a contract or agreement is brought shall lie solely in a court located in Tennessee which would otherwise have jurisdiction of actions brought in contract against the agency.

Legislative History

Acts 1973, ch. 241, § 5; 1974, ch. 702, § 3; 1976, ch. 806, § 1(57); 1977, ch. 483, § 9; 1978, ch. 884, § 2; T.C.A., § 13-2315; Acts 1981, ch. 505, § 3; 1988, ch. 900, § 6; 1990, ch. 979, § 1; 1992, ch. 724, § 3; 1998, ch. 724, § 3; 2001, ch. 253, § 16.