TITLE 42
State Affairs and Government

CHAPTER 42-55
Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-8


§ 42-55-8. Supervision of housing sponsors and health care sponsors.

The corporation shall have the power to supervise housing sponsors of multi-family residential housing units and single family residential housing units designed by the sponsor for occupancy primarily by persons and families of low and moderate income or sponsors of health care facilities and their real and personal property in the following respects:

(1) The corporation may prescribe uniform systems of accounts and records for housing sponsors and health care sponsors and may require them to make reports and give answers to specific questions on those forms and at times necessary for the purposes of this chapter;

(2) Through its agents or employees, the corporation may enter upon and inspect the lands, buildings and equipment of a housing sponsor or health care sponsor, including all parts thereof, and may examine all books and records with reference to capital structure, income, expenditures, and other payments of a housing sponsor or health care sponsor;

(3) The corporation may supervise the operation and maintenance of any housing development, housing project, or health care facilities, and may order any repairs that may be necessary to protect the public interest or the health, welfare, or safety of the housing development or housing project occupants or health care facility user;

(4) The corporation may fix, and alter from time to time, a schedule of charges for any housing development, housing project or health care facility;

(5) The corporation may determine standards for, and may control resident selection by a housing sponsor or health care sponsor;

(6) The corporation may require any housing sponsor or health care sponsor to pay to the corporation any fees that it may prescribe in connection with the examination, inspection, supervision, auditing, or other regulation of the housing sponsor;

(7) The corporation may order any housing sponsor or health care sponsor to do, or to refrain from doing, those things necessary to comply with the provisions of law, the rules and regulations of the corporation, and the terms of any contract or agreement to which the housing sponsor or health care sponsor may be a party;

(8) The corporation may regulate the retirement of any capital investment or the redemption of stock where the retirement or redemption when added to any dividend or other distribution shall exceed in any one fiscal year ten percent (10%) (or such lesser amount as may be determined by the rules and regulations of the corporation) of the original face amount of any investment or equity in any housing sponsor or health care sponsor;

(9) The corporation may prescribe regulations specifying the categories of cost which shall be allowable in the construction or rehabilitation of a housing development or housing project or health care facility. The corporation may require any housing sponsor or health care sponsor to certify the actual housing development or health care facility costs upon completion of the housing development or health care facility, subject to audit and determination by the corporation. Notwithstanding the provisions of this subdivision, the corporation may accept, in lieu of any certification of housing development or health care facility costs, any other assurances of the housing development or health care facility costs, in any form or manner whatsoever, as will enable the corporation to determine with reasonable accuracy the amount of the housing development or health care facility costs.

History of Section.
(P.L. 1973, ch. 262, § 1; P.L. 1977, ch. 195, § 3; P.L. 1982, ch. 295, § 6; P.L. 1987, ch. 287, § 1.)