N.H. Rev. Stat. § 204-C:8

Current through the 2024 Legislative Session

Section 204-C:8 - General Powers

The authority may:

I. Sue and be sued in its own name;

II. Have an official seal and alter the same at pleasure;

III. Maintain offices at such place within the state as it may designate;

IV. Explore all sources of federal funding for housing and housing related projects and programs; accept loans, grants, contributions and other financial assistance; acquire, lease, hold, and operate real property; engage in and administer housing and housing related projects and programs including, but not limited to programs and projects under sections 10(c) and 23 of the United States Housing Act of 1937, as amended;

V. Collect and correlate information regarding housing projects and housing laws either within or without the state, and upon request furnish local housing authorities, cities or towns, information and advice in connection with any housing project; conduct studies of housing needs in the state and use information gained thereby in planning how best to carry out the purposes of this chapter; work with other state and federal agencies in such studies and planning; develop such plans with the United States Department of Housing and Urban Development, the office of planning and development and other state agencies; and when in the opinion of the authority it is feasible to do so, select projects to fund consistent with the requirements of the plan;

VI. Enforce any of its authorized orders in the courts of the state;

VII. Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter with any governmental agency, private corporation, lending institution, or other entity, or individual;

VIII. Acquire or contract to acquire real or personal property, or any interest in real or personal property, in fee simple or otherwise, in its own name by gift, purchase, transfer, foreclosure, lease or otherwise, including rights or easements in property; hold, sell, assign, lease, encumber, mortgage, or otherwise dispose of any real or personal property or any interest in real or personal property; hold, sell, assign or otherwise dispose of any loan or mortgage interest owned by it or under its control, custody or in its possession at public or private sale, including, without limitation, sales of mortgages or loans to governmental agencies, and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption in property foreclosed by it and do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law;

IX. Enter into agreements or other transactions with, and accept grants, property loans, financial or other assistance of any governmental agency, lending institution or other source in furtherance of the purposes of this chapter;

X. Employ architects, engineers, attorneys, accountants, financial experts and such other advisors and employees, consultants and agents as may be necessary in its judgment and fix their compensation, provided that no such person shall be a classified state employee;

XI. Provide advice, technical information, training and educational services and conduct research and promote the development of housing, building technology and related fields;

XII. Make mortgage loans upon the terms and conditions set forth in this chapter to eligible mortgagors and eligible persons and families and make loans to lending institutions to finance the acquisition, construction or rehabilitation of housing designed and planned to be made available for eligible persons and families who may include eligible elderly and low income persons and families;

XIII. Purchase mortgages on housing;

XIV. Make and execute contracts with lending institutions for the servicing of mortgages or loans acquired by the authority pursuant to this chapter, and pay the reasonable value of services rendered to the authority pursuant to these contracts;

XV. Procure insurance against any loss in connection with its property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as it deems desirable;

XVI. Make loans or advances, with or without interest, and whether or not secured by a mortgage, to eligible persons and families for the costs of reconstruction, rehabilitation or other improvements of existing housing owned and occupied by such eligible persons and families and for down payment costs, closing costs and other initial expenses of acquiring, financing or refinancing housing owned and occupied or to be owned and occupied by such eligible persons and families;

XVII. Purchase and make commitments for the purchase of securities or other obligations issued by lending institutions to finance housing, subject to any agreement with bondholders or noteholders;

XVIII. Borrow money and issue bonds and notes or other obligations as it may from time to time determine necessary and convenient to provide sufficient funds for achieving any of its corporate purposes including funds to meet operating expenses for the first 5 years of its existence;

XIX. Invest or deposit moneys of the authority, subject to any agreement with bondholders or noteholders;

XX. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage or loan in default; waive any default or consent to the modification of the terms of any mortgage or loan; commence any action to protect or enforce any right conferred upon it by any law, mortgage, loan, contract or other agreement, and bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; operate, manage, lease, dispose of, and otherwise deal with such property, in such manner as may be necessary to protect the interest of the authority and the holders of its bonds, notes and other obligations; all subject to any agreement with bondholders or noteholders;

XXI. Institute any action or proceeding against the maker, payor or other party, hereafter referred to as the obligor, who is liable for the payment of any obligation, mortgage or loan held or made by the authority under the provisions of this chapter, or owning any housing under this chapter, in any court of competent jurisdiction in order to enforce the provisions of this chapter, or to foreclose mortgages or loans, or to protect the public interest, the occupants of the housing, or the stockholders or creditors, if any, of such obligor. In connection with any such action or proceeding, the authority may apply for the appointment of a receiver to take over, manage, operate and maintain the affairs of such obligor when so appointed by a court of competent jurisdiction. In the event of the reorganization of any obligor, to the extent possible under the provisions of law, such reorganization shall be subject to the supervision and control of the authority and no such reorganization shall be had without the prior written consent of the authority. In the event of a judgment against any obligor in any action not pertaining to the foreclosure of a mortgage or loan, there shall be no sale of any of the real property included in any residential housing of such obligor except upon 60 days written notice to the authority. Upon receipt of such notice the authority shall take such steps as in its judgment may be necessary to protect the rights of all parties;

XXII. Consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, loan, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the authority is a party, subject to any agreement with bondholders or noteholders;

XXIII. Procure or agree to the procurement of insurance or guarantees from any governmental agency or from any private insurance company, of the payment of any obligations issued by the authority or bonds or notes or any other evidences of indebtedness thereof issued by any lending institution, including the power to pay premiums on such insurance;

XXIV. Enter into regulatory and other agreements and contracts with eligible mortgagors under this chapter;

XXV. Charge and collect from eligible mortgagors, eligible persons and families and lending institutions, such fees and charges as the authority may establish from time to time for its lending programs;

XXVI. Create and establish such funds or accounts as may be necessary or desirable for furtherance of the purposes of this chapter;

XXVI-a. Finance, on such terms and conditions as the authority may determine, by the issuance of bonds or otherwise, homes for persons with disabilities without regard to any other requirement of this chapter relating to the making or purchasing of loans or mortgage loans or to the requirements of RSA 204-C:11 if the authority finds that such financing would result in a public benefit;

XXVI-b. Make loans, on such terms and conditions as the authority may determine, by issuance of bonds or otherwise, secured by homes owned by the elderly without regard to any other requirements of this chapter relating to the making or purchasing of loans or mortgage loans if the authority finds that such financing would result in a public benefit;

XXVI-c. Issue bonds, without regard to any other requirements of this chapter, for housing, housing projects, or any other facility located outside of the state that could be financed by the authority if it were located within the state, if the authority finds that such financing would result in a public benefit to the state or its citizens, provided that no such bonds shall be considered an obligation or pledge of the faith and credit of the state; and

XXVII. Do any and all things necessary or convenient to carry out its purposes and exercise, implement and perfect the powers given and granted in this chapter.

RSA 204-C:8

Amended by 2021, 91:198, eff. 7/1/2021.

Amended by 2018, 331:14, eff. 6/25/2018.

Amended by 2017, 156:64, eff. 7/1/2017.

1981, 466:2. 1988, 250:5. 1990, 140:2, III; 187:3. 2003, 319:9. 2004, 257:44, eff. July 1, 2004. 2017, 156:64, eff. July 1, 2017. 2018, 331:14, eff. June 25, 2018. 2021, 91:198, eff. July 1, 2021.