TITLE 42
State Affairs and Government

CHAPTER 42-55
Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-7.1


§ 42-55-7.1. Powers relative to acquisition and operation of housing projects.

The corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others granted in this chapter:

(1) To acquire on either a temporary or long-term basis, in its own name, from any person, joint venture, partnership, trust, association, firm, corporation, municipality, municipal agency or entity, governmental agency, housing sponsor, or other legal entity or combination thereof by grant, purchase, transfer, foreclosure, or otherwise, housing projects or any interest or any option in housing projects, and to sell, assign, exchange, transfer, mortgage, or encumber housing projects or any interest in housing projects and to accomplish any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of other laws;

(2) To own, hold, clear, and improve, in its own name, housing projects or any interest in housing projects;

(3) To construct, reconstruct, rehabilitate, improve, alter, repair, or provide for the construction, reconstruction, improvement, alteration, or repair of any housing project;

(4) To operate, manage, and control housing projects, in its own name, and to do all things necessary and incidental to the ownership of housing projects, including making rules and regulations;

(5) To lease, with or without an option to purchase, all or any part of a housing project to any person, firm, partnership, trust, joint venture, association, municipal or state entity, or corporation. The lease may provide for the assumption by the lessee of the management and control of the housing project, as well as the right of the lessee to collect all revenues;

(6) To finance the acquisition and operation of housing projects in accordance with the provisions of this chapter; provided, however, that prior to the corporation issuing any obligations, it makes the findings as provided in subdivisions (1), (2), and (4) of § 42-55-12;

(7) To enter into all agreements and contracts with third parties, including owners, residents, housing sponsors, and tenants of housing projects, necessary to accomplish the purposes of this section, including the power to enter into leases, joint ventures, reverse annuity agreements, sales agreements, equity participation agreements, and mortgage agreements; and

(8) To enter into partnership agreements as a general or limited partner with any housing sponsor as a general or limited partner; these partnerships may exercise any and all of the powers granted to partnerships under the laws of this state, as well as exercise all of the rights, duties, and privileges of a housing sponsor under the provisions of this chapter.

History of Section.
(P.L. 1982, ch. 295, § 5.)