Section 42-55-1. – Short title.
§ 42-55-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Housing and Mortgage Finance Corporation Act”. History of Section.P.L. 1973, ch. 262, § 1; P.L. 1986, ch. 198, § 36.
Section 42-55-10. – Terms and conditions of the purchase and sale to mortgage lender of loans — Loans to mortgage lenders.
§ 42-55-10. Terms and conditions of the purchase and sale to mortgage lender of loans — Loans to mortgage lenders. (a) No obligation purchased from a mortgage lender shall be eligible for purchase or commitment to purchase by the corporation unless at or before the time of transfer to the corporation the mortgage lender certifies […]
Section 42-55-11. – Admission and income limitations relative to housing developments.
§ 42-55-11. Admission and income limitations relative to housing developments. (a) Admission to housing developments financed or insured by corporation mortgage loans or by the proceeds of mortgage loans purchased by the corporation or the proceeds of a loan to a mortgage lender or financed by the proceeds of obligations issued by the corporation pursuant […]
Section 42-55-12. – Procedure prior to financing of housing developments undertaken by housing sponsors.
§ 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors. Notwithstanding any other provision of this chapter, the corporation is not empowered to finance any housing development undertaken by a housing sponsor pursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing any housing development under this chapter, the corporation finds: (1) […]
Section 42-55-13. – Bonds and notes.
§ 42-55-13. Bonds and notes. (a)(1) The corporation shall have the power and is hereby authorized to issue from time to time its negotiable notes and bonds, whether tax exempt or taxable in the principal amount that the corporation shall determine to be necessary to provide sufficient funds for achieving any of its corporate purposes […]
Section 42-55-14. – Reserve funds and appropriations.
§ 42-55-14. Reserve funds and appropriations. (a) The corporation may create and establish one or more special funds (“capital reserve funds”), and shall pay into each capital reserve fund (1) any moneys appropriated and made available by the state for the purpose of the fund, (2) any proceeds of sale of notes or bonds to […]
Section 42-55-15. – Issuance of refunding obligations.
§ 42-55-15. Issuance of refunding obligations. The corporation may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of […]
Section 42-55-16. – Sale of refunding obligations.
§ 42-55-16. Sale of refunding obligations. Refunding obligations issued as provided in § 42-55-15 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of outstanding obligations. Pending the application of the […]
Section 42-55-17. – Remedies of bondholders and note holders.
§ 42-55-17. Remedies of bondholders and note holders. (a) In the event that the corporation shall default in the payment of principal of or interest on any bonds or notes issued under this chapter after they shall become due, whether at maturity or upon call for redemption, and that default shall continue for a period […]
Section 42-55-18. – Pledge of the state.
§ 42-55-18. Pledge of the state. The state pledges to and agrees with the holders of any notes or bonds issued under this chapter that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders or in any way impair the […]
Section 42-55-19. – Credit of state not pledged.
§ 42-55-19. Credit of state not pledged. Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision of […]
Section 42-55-2. – Legislative findings.
§ 42-55-2. Legislative findings. (a) It is hereby found and declared as follows: there exists a serious shortage of safe and sanitary residential housing and shelter in the state available to and affordable by persons and families of low and moderate income, the elderly and workers, and their families; this condition is conducive to disease, […]
Section 42-55-20. – Notes and bonds as legal investments.
§ 42-55-20. Notes and bonds as legal investments. The notes and bonds of the corporation shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, banking […]
Section 42-55-21. – Repealed.
§ 42-55-21. Repealed.
Section 42-55-22. – Annual reports.
§ 42-55-22. Annual reports. The corporation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, general treasurer and the general assembly. Each report shall set forth a complete operating and financial statement of the corporation during that year. The corporation shall […]
Section 42-55-22.1. – Mortgage disclosure reports.
§ 42-55-22.1. Mortgage disclosure reports. (a) Subject to the requirements of § 9-1-28.1, the corporation shall compile a report and deliver it on or before the close of calendar year 1986 to the governor, general treasurer, and general assembly containing the following information: (1) The number and total dollar amount of loans the corporation has […]
Section 42-55-22.2. – Fair housing policy reports.
§ 42-55-22.2. Fair housing policy reports. The corporation shall administer all of its programs and activities relating to housing or community development in a manner affirmatively to further the policies of chapter 37 of title 34 (Rhode Island Fair Housing Practices Act). The corporation shall annually report to the general assembly on the measures it […]
Section 42-55-22.3. – Emergency housing assistance.
§ 42-55-22.3. Emergency housing assistance. The department of human services shall administer the emergency housing assistance program in accordance with the Rhode Island housing and mortgage finance corporation rules and regulations and contracts with community action program agencies, as those rules and regulations may be currently in force and effect. In so far as the […]
Section 42-55-23. – Authorization to accept appropriated moneys.
§ 42-55-23. Authorization to accept appropriated moneys. The corporation is authorized to accept any moneys appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation and the establishment of reserves or contingency funds to be available for the […]
Section 42-55-24. – Tax exemption.
§ 42-55-24. Tax exemption. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their well being and prosperity and for the improvement of their social and economic conditions, and the corporation shall not be required to pay any tax or […]