New Hampshire Revised Statutes 204-C:8 – General Powers
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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 N.H. Rev. Stat. § 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.
I. Sue and be sued in its own name;
Terms Used In New Hampshire Revised Statutes 204-C:8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Bonds: shall mean bonds of the authority issued under this chapter, including refunding bonds. See New Hampshire Revised Statutes 204-C:1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Elderly: shall mean a person who qualifies to live in housing for older persons, as defined in N. See New Hampshire Revised Statutes 204-C:1
- Eligible persons and families: shall mean a person or persons, and families of 2 or more persons, irrespective of race, creed, national origin, sex, or gender identity, determined by the authority to require assistance under this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows: (a) the amount of the total income of such persons and families available for housing needs; (b) the size of the family; (c) the cost and condition of housing facilities available; (d) the ability of such persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and (e) if appropriate, standards established for various federal programs determining eligibility based on income of such persons and families. See New Hampshire Revised Statutes 204-C:1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Governmental agency: shall mean the United States, the state, any municipality within the state, or any agency, authority, board, commission, department, division, public corporation, public agency or authority, political subdivision or other public instrumentality thereof. See New Hampshire Revised Statutes 204-C:1
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
- Housing project: shall mean any work or undertaking:
(a) To demolish, clear or remove buildings from any slum area; such work or undertaking may embrace the adoption of such area to public purposes, including parks or other recreational or community purposes; or
(b) To provide decent, safe and sanitary urban or rural multi-family housing for persons of low income; such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, parks, site preparation, gardening, administrative, community, health, recreational, welfare or other purposes; or
(c) To accomplish a combination of the foregoing. See New Hampshire Revised Statutes 204-C:1 - Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lending institution: shall mean any bank or trust company; Federal National Mortgage Association approved mortgage banker; savings bank; credit union; national banking association; insurance company; financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages located in the state. See New Hampshire Revised Statutes 204-C:1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument which shall constitute or create a security interest in tangible personal property constituting housing, or a lien on real property or on a leasehold under a lease having a remaining term, at any time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the authority as necessary to protect its interest as mortgagee. See New Hampshire Revised Statutes 204-C:1
- Mortgage loan: shall mean an interest-bearing obligation secured by a mortgage. See New Hampshire Revised Statutes 204-C:1
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligations: shall mean collectively any bonds, notes, bond anticipation notes, debentures, interim certificates or other evidence of financial indebtedness issued by the authority pursuant to this chapter. See New Hampshire Revised Statutes 204-C:1
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: shall mean all land, including appurtenances, improvements and fixtures on the land, and property of any nature appurtenant to the land, or used in connection with the land, and every estate, interest and rights, legal or equitable in the land, including terms of years and liens by way of attachment, judgment, mortgage or otherwise and the indebtedness secured by such liens. See New Hampshire Revised Statutes 204-C:1
- seal: shall include an impression of the official seal made upon the paper alone, as well as an impression thereof made by means of wax, or a wafer, affixed thereto. See New Hampshire Revised Statutes 21:11
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
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 N.H. Rev. Stat. § 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.