Section 1680.205 - Agency powersThe agency shall have the following powers:
(1) To adopt, use and alter at will a corporate seal.(2) To make and alter bylaws for the management and regulation of its affairs and to make and from time to time amend and repeal rules and regulations governing the various programs of the agency pursuant to this act and the conduct of its business.(3) To enter into contracts of all kinds and to execute all instruments necessary or convenient for carrying on its operations.(4) To accept grants and subsidies from and to enter into agreements or other transactions with any Federal agency or agency of the Commonwealth or other entity.(5) To accept grants-in-aid, gifts, donations, legacies or usages of money made or extended by individuals, organizations, public or private corporations, departments or instrumentalities of the Commonwealth, or the Federal government, and to return money advanced for its usage not otherwise required for its purposes or for any capital reserve fund created in accordance with section 504-A of this act. (6) To be a party litigant in any court having jurisdiction according to law in any form of action whatsoever.(7) In accordance with the provisions of this act, or in conjunction with Federal law or a Federal program, to make commitments to purchase and to purchase, service and sell mortgages, and to make loans directly upon the security of mortgages.(7.1) To cooperate with and assist the Pennsylvania Department of Community Affairs as such department carries into effect the powers and duties vested in it.(7.2) To make commitments to purchase and to purchase loans with respect to rehabilitation or home improvements of residences with such security as determined by the agency.(8) To acquire, hold and dispose of personal property, tangible and intangible.(9) To acquire, hold and dispose of real property, or any interest therein, to be used by the agency for the purpose of its offices and operations.(10) Acquire by purchase, gift or foreclosure any real or personal property, or any interest therein, to enter into any lease of property and to hold, sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or mortgage lien interest owned by it or under its control, custody or in its possession 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 to do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law.(11) To borrow money for the operation and work of the agency by the making of notes and by the issuance of bonds in accordance with the provisions of Article V-A of this act.(12) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries under any law of the Commonwealth, including insured mortgages, which for such temporary purposes alone, need not be made by a mortgagor or involve real estate located in Pennsylvania.(13) To conduct housing studies and to enter into contracts with the Department of Community Affairs and to do all things necessary or convenient to carry out the powers granted by this act or other acts.(14) Employ an executive director and such other officers, agents, employes, professional and business advisers as may from time to time be necessary in its judgment and to fix their compensation; and to promote and discharge such officers, employes and agents.(15) Appear in its own behalf before boards, commissions, departments or other agencies of government, municipal, State or Federal.(16) Procure insurance against any loss in connection with its property in such amounts, and from such insurers, as may be necessary or desirable.(17) To do all things necessary or convenient to carry out the powers granted by this act or other acts.(18) Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateral securing its loans and acquire or take possession of such collateral and sell the same at public or private sale, with or without bidding, and otherwise deal with such collateral as may be necessary to protect the interests of the agency therein or in which the agency has an interest.(19) Subject to any agreement with bondholders or noteholders and with the written approval of the Governor, to 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 loan to a mortgage lender or any bond or note, contract or agreement of any kind to which the agency is a party.(20) To invest in, pledge capital to, lease, own, manage or develop housing projects and programs in the furtherance of the purposes set forth in this act, individually, as a shareholder, stockholder, partner, equity participant or joint venturer.(21) To form corporations under the not-for-profit laws of this Commonwealth for the purpose of owning or developing low-income and moderate-income housing and housing for persons with disabilities, the elderly or other persons with special needs. Any such corporation shall be subject to the same oversight and auditing requirements which are applicable to the agency under this act.1959, Dec. 3, P.L. 1688, Art. II, § 205. Amended 1968, July 31, P.L. 914, No. 274, §§ 1 to 3; 1972, Dec. 5, P.L. 1259, No. 282, § 3, eff. Jan. 11, 1973; 1976 , April 7, P.L. 73, No. 33, §§ 2, 3, imd. effective; 1981, Dec. 31, P.L. 594, No. 176, § 3, effective 1/1/1982; 1992, Dec. 18, P.L. 1652, No. 182, § 3, imd. effective.