§ 622. Powers relative to purchase of and sale to mortgage lenders of mortgage loans; loans
through mortgage lenders
The Agency shall have the following powers in addition to others granted in this chapter:
(1) To invest in, purchase or make commitments to purchase, and take assignments from
mortgage lenders, of notes and mortgages evidencing mortgage loans for the purchase
or refinancing of residential housing, whether or not for occupancy by persons and
families of low and moderate income in this State upon the terms set forth in section 623 of this title.
(2) To make loans to mortgage lenders under terms and conditions set forth in section 623 of this title.
(3) To make commitments to purchase, and to purchase, service, and sell mortgage loans
and to make loans directly upon the security of any such mortgage, provided the underlying
mortgage loans shall have been made and shall be continued to be used solely to finance
or refinance the construction, rehabilitation, purchase, or leasing of residential
housing in this State.
(4) To sell, at public or private sale, with or without public bidding, any mortgage or
other obligation held by the Agency.
(5) Subject to any agreement with bondholders or noteholders, to collect, enforce the
collection of, and foreclose on any collateral securing its loans to mortgage lenders
and acquire or take possession of such collateral and sell the same at public or private
sale, with or without public bidding, and otherwise deal with such collateral as may
be necessary to protect the interest of the Agency therein.
(6) Renegotiate, refinance, or foreclose or sell, or contract for the foreclosure of or
sale of, any mortgage in default; waive any default or consent to the modification
of the terms of any mortgage; commence any action to protect or enforce any right
conferred upon it by any law, mortgage, 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 interests
of the Agency and the holders of its bonds, notes or other obligations.
(7) To purchase, make, or otherwise participate in the making, to enter into commitments,
for the purchase, making, or participation in the making, of eligible loans for rehabilitation
to persons and families of low and moderate income, and to owners of existing residential
housing for occupancy by those persons and families, for the rehabilitation of existing
residential housing owned by them. The loans may be insured or uninsured and shall
be made with such security as the Agency considers advisable. They may be made in
amounts sufficient to refinance existing indebtedness secured by the property, if
the refinancing is determined by the Agency to be necessary to permit the owner to
meet his or her housing costs without expending an unreasonable portion of his or
her income on it. A loan for rehabilitation shall not be made unless the Agency determines
that the loan is to be used primarily to make the housing more desirable to live in,
to increase the market value of the housing, to comply with building, housing maintenance,
fire, health, or similar codes and standards applicable to housing, to accomplish
energy conservation related improvements, or to ensure independent living for elders
or persons who have a disability. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 1977, No. 59, § 1, eff. April 23, 1977; 1987, No. 41, § 3; 2005, No. 189 (Adj. Sess.), § 3; 2013, No. 96 (Adj. Sess.), § 35.)