§ 9-7-106 — Community development authority; additional powers; purchase of mortgages; loans to lenders; funds appropriated for low interest mortgages

Wyoming § 9-7-106

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 7: COMMUNITY DEVELOPMENT, AND SCIENCE, TECHNOLOGY
• Art. 1: COMMUNITY DEVELOPMENT AUTHORITY

Text

(a) In addition to the other powers granted in this act,
the authority:
(i) May purchase from mortgage lenders or make
commitments to purchase, or take assignments from mortgage
lenders of notes and mortgages evidencing loans for the
purchase, construction or rehabilitation of residential real
property in the state. If the notes and mortgages are financed
with bond proceeds, the notes and mortgages shall be insured or
guaranteed in whole or in part by governmental or private
mortgage insurers, including the fund created by W.S. 9-7-123,
or otherwise secured as provided in the resolution or trust
indenture authorizing bonds of the authority;
(ii) May make loans to mortgage lenders which are
general obligations of the respective lenders and may establish
maturity dates, repayment schedules, provisions for prepayment,
the nature, bond, note or other certificate of indebtedness and
other provisions consistent with this section which the
authority determines are necessary. The authority shall require
as a condition of each loan to a mortgage lender that the
mortgage lender, on or before a designated date shall have
entered into written commitments to make, and shall proceed as
promptly as practicable to make and disburse, new mortgages on
residential real property in an aggregate principal amount equal
to the amount of the loan;
(iii) Shall require that loans to mortgage lenders
are additionally secured as to payment of both principal and
interest by a pledge of and lien upon collateral security in the
amounts the authority by resolution determines to be necessary
to assure the payment of the loans and the interest thereon as
they become due. Such collateral security shall be determined by
the authority and may consist of those obligations described in
W.S. 9-7-105(a)(xiv) or mortgages secured by first mortgage
liens on residential real property in the state;
(iv) May, in connection with any mortgage loan or
loan to a mortgage lender, foreclose on any property on which
the authority holds a mortgage loan, or realize upon any
collateral pledged as security, or commence any action to
protect or enforce any right conferred upon it by any law,
mortgage, contract or other agreement, and bid for and purchase
such property or collateral at any foreclosure or at any other
sale, or acquire or take possession of any such property or
collateral. In the event of a proposed or existing foreclosure
or sale of collateral the authority may complete, administer,
pay the principal of and interest on any obligations in
connection with the property, subordinate its interest to other
financing, dispose of, and otherwise deal with the property in
the manner that may be necessary or desirable to protect the
interest of the authority therein;
(v) Shall adopt, modify or repeal rules and
regulations governing the making of loans to mortgage lenders,
the purchase and sale of mortgage loans and the application of
the proceeds thereof, including but not limited to rules and
regulations relating to:
(A) Housing, income or other reasonable
eligibility standards for persons or families to be financed
from mortgage loans purchased from mortgage lenders or from
loans to mortgage lenders;
(B) Limitations or restrictions as to the
location or other qualifications or characteristics of
residences to be financed from the proceeds of the purchases or
loans;
(C) Restrictions as to the interest rates on
loans made from the proceeds of the purchase of mortgage loans
or from loans to mortgage lenders or the return realized
therefrom by mortgage lenders;
(D) Requirements as to any commitments by
mortgage lenders with respect to the application of the proceeds
of the purchase or loan; and
(E) Schedules of any fees and charges necessary
to provide for expenses and reserves of the authority.
(vi) May adopt a program or issue bonds to purchase
mortgage loans or make loans to mortgage lenders if the
authority finds:
(A) That the mortgage lending resources of the
mortgage lenders are not sufficient to adequately finance the
housing needs of the state; and
(B) That the loan to lenders or mortgage loan
purchased will promote better housing in the state.
(vii) May make, purchase from lenders, make
commitments to purchase or take assignments from mortgage
lenders of notes for home improvement loans, or make loans or
commitments to lenders for the purpose of making funds available
for home improvement loans. The home improvement loans to
lenders shall be secured in a manner the authority determines;
(viii) Shall receive all funds which may be
appropriated to it from the state treasury for the purpose of
reducing the interest rate on mortgage loans made to low and
moderate income persons. The authority shall allocate the lower
interest rate mortgages only to persons and families of low and
moderate income in need of assistance in obtaining decent, safe
and sanitary housing at affordable rates;
(ix) Shall perform other duties consistent with its
purpose as authorized by the legislature for the period
prescribed by the legislature.