Section 12-501 – Status of Authorities

    An authority is a public body corporate and politic that:         (1)    exercises public and essential governmental functions; and         (2)    has all the powers necessary or convenient to carry out the purposes of this Division II.

Section 12-502 – Enumerated Powers — in General

    (a)    In addition to any powers set forth elsewhere, an authority has the powers set forth in this section.     (b)    An authority may:         (1)    sue and be sued;         (2)    have and alter a seal at pleasure;         (3)    have perpetual existence;         (4)    make contracts and other instruments necessary or convenient to the exercise of the authority’s powers;         (5)    make, amend, and repeal bylaws, […]

Section 12-503 – Enumerated Powers — Powers Authorized by Articles of Organization

    (a)    If authorized under its articles of organization, an authority within its area of operation may:         (1)    make mortgage loans and mortgage subsidy payments to or for the benefit of persons of eligible income;         (2)    make construction loans and long-term mortgage loans to any person to produce housing for persons of eligible income;         (3)    purchase mortgages secured by housing […]

Section 12-504 – Enumerated Powers — Effect on Economic Competition

    (a)    An authority may exercise the powers that are granted by this Division II, even if economic competition is displaced or limited as a result.     (b)    This section does not preempt or supersede the regulatory authority of a State unit under public general law.

Section 12-505 – Exemption From State Law on Property Transactions

    Unless the General Assembly specifically states otherwise, State law on the financing, acquisition, operation, or disposition of property by other State public bodies does not apply to an authority.

Section 12-506 – Cooperation Among Authorities and State Public Bodies on Housing Projects

    (a)    Two or more authorities may join or cooperate with one another in the exercise of any power under this subtitle to finance, plan, undertake, construct, or operate a housing project or housing projects in the area of operation of any one or more of them.     (b)    To aid and cooperate in the planning, undertaking, construction, or […]

Section 12-507 – Housing Projects Taken Over by State Public Body From Federal Government

    A State public body may not require changes to be made in a housing project or the manner of its construction or take any other action relating to the construction if the authority:         (1)    has acquired or taken over the housing project from the federal government; and         (2)    has found and declared by resolution that the housing […]