The general assembly hereby finds and declares that: There exists in both the urban and rural areas of the state a substantial quantity of older houses which, while still structurally sound and safe, are in danger of deteriorating due to the lack of available private investment capital which would help ensure their purchase or rehabilitation; […]
As used in this article, unless the context otherwise requires: “Corporation” means the Colorado older housing preservation corporation authorized to be created in this article. “Eligible housing structure” or “eligible housing” means a structure occupied by the owner and used primarily for residential purposes, consisting of eight or less units, thirty years of age or […]
A corporation, for the purposes enumerated in this article, may be incorporated upon approval of the governor and the state treasurer. The provisions of the “Colorado Business Corporation Act”, articles 101 to 117 of this title, not in conflict with or inconsistent with the provisions of this article shall apply to such corporation. The purpose […]
The corporation shall be called the Colorado older housing preservation corporation. Source: L. 75: Entire article added, p. 265, § 1, effective June 29.
The articles of incorporation shall not be delivered to the secretary of state, for filing pursuant to part 3 of article 90 of this title, unless the governor and the state treasurer have approved in writing the method for selection of public members of the board of directors and the creation of the corporation. Source: […]
The business and affairs of the corporation shall be conducted by a board of directors comprised of: Four members elected by a vote of the eight participating financial institutions who have made or committed the largest contributions to the loan and insurance funds provided for in sections 7-49-108 and 7-49-109; and Two members elected by […]
The powers of the corporation shall be subject to the following restrictions: It shall not approve any application for a loan until the applicant has shown that the applicant has applied to two or more financial institutions that could lawfully lend the amount of money sought and that the financial institutions have refused in writing […]
Any financial institution is authorized to become a member of the corporation by making application to the board of directors on such form and in such manner as the board of directors may by rule require, and membership shall become effective upon approval of the application by said board. Membership shall be for the duration […]
The articles of incorporation shall include provisions for the establishment of a loan insurance fund as follows: At the time of incorporation, and prior to initiating any loans under section 7-49-108, the corporation may call upon each member institution to contribute to the loan insurance fund. The contribution of each institution shall not exceed two-one […]
Fund insurance may be made available under the following conditions: Fund insurance is applicable to loans originated by mortgagees approved by the corporation. Mortgage loans must be a first lien against subject property. Mortgage loans involving leaseholds must have a remaining lease term of not less than the mortgage term plus ten years. Mortgage loans […]
The corporation may insure: Up to one hundred percent of the unpaid principal amount of loans for the purpose of purchasing, rehabilitating, or repairing eligible housing; Up to thirty percent of the original principal amount of refinancing loans, if the funds in excess of those required to discharge existing mortgages are used for rehabilitation of […]
Insurance on a loan qualifying for mortgage insurance under this article shall be in effect as of the date on which the lender has made a report to the corporation which shall document: The estimated cost of the rehabilitation work to be done; In the case of a refinancing loan or acquisition loan, that such […]
Property which is the subject of mortgage insurance or a mortgage or rehabilitation loan must: Meet the provisions of section 7-49-102 (2); Be located in this state; Be primarily residential in nature and use. If the housing facility includes three or more units, the corporation or lending institution may require appraisal as an investment and […]
The corporation shall, at the time of incorporation, establish a general fund, referred to in this article as the “working capital fund”, and shall pay into such working capital fund any other moneys which may be available to the corporation for its general purposes from any source. All moneys held in the working capital fund, […]
The division of housing of the department of local affairs is hereby authorized to assist individuals and the corporation as to: The nature, extent, and manner of repairs, remodeling, or rehabilitation financed under this article and the nature, extent, and manner of repairs required to ensure that the dwelling structure will not be structurally unsound […]
This state shall not be liable for mortgage insurance commitments of the fund beyond the reserves and fee revenues of the fund. The mortgage insurance commitments issued on the fund shall contain a statement to that effect. Source: L. 75: Entire article added, p. 270, § 1, effective June 29.
The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so […]
In addition to the books and records required by sections 7-116-101 to 7-116-105, the corporation shall keep a record showing the names and addresses of all members of the corporation and the current status of loans made by each to the corporation. Members shall have the same rights with respect to such books and records […]
