The Vermont Statutes Online

Title 10 : Conservation and Development

Chapter 025 : Vermont Housing Finance Agency

Subchapter 003 : Powers and Duties

• § 621. General powers and duties

  The Agency shall have all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including those general powers provided a business corporation by 11A V.S.A. § 3.02 and those general powers provided a nonprofit corporation by 11B V.S.A. § 3.02 and including, without limiting the generality of the foregoing, the power to:

  (1) make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter, including contracts and instruments that may be made and executed with the State or the United States or any agency or instrumentality of either of them or with private corporations or individuals, including contracts with mortgage lenders or other qualified entities for the servicing of mortgages made or acquired by the Agency pursuant to this chapter or for assistance rendered the Agency in the location of all eligible mortgagees or to pay the reasonable value of services rendered to the Agency pursuant to these contracts;

  (2) acquire real or personal property, or any interest therein, on either a temporary or long-term basis in its own name by gift, transfer, foreclosure, lease, pledge, assignment, or otherwise, including rights or easements in real property; hold, sell, assign, lease, encumber, mortgage, or otherwise dispose of any real or personal property or any interest therein; hold, sell, assign, or otherwise dispose of any 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;

  (3) receive and accept grants, aid, or contributions, from any source, of money, property, labor, or other things of value, to be held, used, and applied or awarded to carry out the purposes of this chapter subject to the conditions upon which the grants, aid, and contributions may be made, including gifts or grants from any agency or instrumentality of the United States or of this State for payment of rent supplements to eligible persons or families or for the payment in whole or in part of the interest expense of residential housing or for any other purpose consistent with this chapter;

  (4) provide, contract, or arrange for consolidated processing of any aspect of the financing of residential housing under this chapter in order to avoid duplication thereof by either undertaking the processing in whole or in part on behalf of any department, agency, or instrumentality of the United States or of this State, or, in the alternative, to delegate or contract for the processing in whole or in part to any department, agency, or instrumentality of the United States or of this State, or to a private contractor acceptable to the Agency;

  (5) provide advice, technical information, assistance in obtaining federal and State aid, and make such grants, loans, or advances as will assist the planning, construction, rehabilitation, and operation of residential housing primarily for persons of low and moderate income, including assistance in community development and organization, advisory services, the formation of cooperative housing corporations and to encourage community organizations to assist in developing same;

  (6) conduct research and promote development in housing, building technology, and related fields;

  (7) stimulate environmental planning for housing for persons of low and moderate income in order to enhance opportunities of such persons for self-development and employment;

  (8) 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;

  (9) subject to any agreement with bondholders or noteholders, invest monies of the Agency not required for immediate use, including proceeds from the sale of any bonds or notes, at the discretion of the Agency in the same manner as permitted for investment of funds belonging to the State or held in the Treasury;

  (10) include in any borrowing such amounts as may be deemed necessary by the Agency to pay financing charges, interest on its obligations for a period not exceeding one year from their date, consultant advisory and legal fees, and such other expenses as are necessary or incident to such borrowing;

  (11) subject to any agreement with bondholders or noteholders, purchase bonds or notes of the Agency out of any funds or money of the Agency available therefor, and to hold, cancel, or resell such bonds or notes;

  (12) make and publish rules and regulations respecting its housing programs and such other rules and regulations as are necessary to effectuate its corporate purposes;

  (13) borrow money and issue bonds and notes or other evidences of indebtedness thereof, issue mortgage credit certificates as hereinafter provided;

  (14) subject to any agreement with bondholders or noteholders, refinance any mortgage loan made by the Agency in accordance with this chapter and 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, mortgage, mortgage loan, mortgage loan commitment, contract, or agreement of any kind to which the Agency is a party, and refinance any loan made by others if the Agency finds that such refinancing will maintain or increase the supply of residential housing in the State for persons and families of low and moderate income;

  (15) procure or agree to the procurement of insurance or guarantees from the federal government of the payment of any bonds or notes or any other evidences of indebtedness thereof issued by the Agency including the power to pay premiums on any such insurance;

  (16) purchase and enter into commitments to purchase eligible securities from mortgage lenders provided the proceeds of such purchase are reinvested by such mortgage lenders in new mortgage loans on residential housing for occupancy by persons and families of low and moderate income;

  (17) do any and all things necessary or convenient to effectuate the purposes and provisions of this chapter and to carry out its purposes and exercise the powers given and granted in this chapter;

  (18) make grants and loans or advances for predevelopment activities related to the development of residential housing;

  (19) make loans or advances secured by a mortgage to housing sponsors for the acquisition, construction, rehabilitation, operation, or maintenance of residential housing;

  (20) make loans to members of a housing cooperative corporation to finance their cooperative interests in such housing cooperative corporation and make mortgage loans and loans to persons or families to finance mobile homes;

  (21) use funds received from real estate trust and escrow accounts established under 26 V.S.A. § 2214(c), IORTA funds, for down payment and closing cost assistance with priority given to persons and families at or below 90 percent of median income and to persons and families purchasing perpetually affordable housing;

  [Subdivision (22) repealed on July 1, 2039.]

  (22) issue bonds, notes, and other obligations secured by the property transfer tax revenues transferred to the Agency pursuant to 32 V.S.A. § 9610(d); and

  (23) develop a program to finance and promote housing weatherization using funds appropriated by the State, funds generated through issuing bonds, notes and other obligations of the Agency, and funds from other sources obtained through grants or other arrangements, giving priority to programs benefiting persons and families at or below 120 percent of median income with high energy burdens and to programs to expand the pool of qualified weatherization contractors in the State. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 1975, No. 176 (Adj. Sess.), § 4, eff. March 26, 1976; 1987, No. 8, § 1, eff. April 14, 1987; 1987, No. 41, § 2; 1987, No. 250 (Adj. Sess.), § 2, eff. June 13, 1988; 1989, No. 77, § 3, eff. June 7, 1989; 1991, No. 86, § 2, eff. Jan. 1, 1992; 2005, No. 189 (Adj. Sess.), § 2; 2017, No. 85, § I.5; 2017, No. 85, § I.11; 2021, No. 74, § E.802.)