67-6201. PURPOSE. It is hereby declared: (a) That within the state there is a shortage of safe or sanitary dwelling accommodations available which persons of low incomes can afford and that such persons are forced to occupy overcrowded and congested dwelling accommodations; that the aforesaid conditions cause an increase in and spread of disease and […]
67-6202. IDAHO HOUSING AND FINANCE ASSOCIATION CREATED. There is hereby created an independent public body corporate and politic to be known as the Idaho housing and finance association. History: [67-6202, added 1972, ch. 324, sec. 2, p. 789; am. 1974, ch. 104, sec. 2, p. 1210; am. 1996, ch. 253, sec. 1, p. 803.]
67-6203. COMMISSIONERS — CHAIRMAN — APPOINTMENTS. The governor shall appoint seven (7) persons to be commissioners of the Idaho housing and finance association. Preference shall be given to persons representing persons of low income and to persons with experience in the fields of mortgage lending, finance, banking, real estate, or home building. The governor shall […]
67-6204. VICE-CHAIRMAN, EXECUTIVE DIRECTOR AND OTHER PERSONNEL — APPOINTMENTS — QUORUM. As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a vice-chairman and by adopting bylaws and rules suitable to the purpose of organizing the association and conducting the business thereof. The powers of the association […]
67-6205. DEFINITIONS. The following terms, wherever used or referred to in this chapter, shall have the following respective meanings, unless a different meaning clearly appears from the context: (a) "Association" or "housing association" shall mean the Idaho housing and finance association created by section 67-6202, Idaho Code. (b) "Housing project" shall mean any work or […]
67-6206. POWERS OF ASSOCIATION. The housing and finance association is an independent public body corporate and politic, exercising public and essential governmental functions, and having all the powers which are hereby declared to be public purposes necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers […]
67-6207. MANAGEMENT AND OPERATION OF HOUSING PROJECTS — PRIORITY OF APPLICATIONS — LIMITED PROFIT SPONSORS. (a) It is hereby declared to be the policy of the state that the Idaho housing and finance association shall manage and operate housing projects or cause its housing projects to be managed and operated in an efficient manner so […]
67-6207A. ADDITIONAL POWERS. In addition to all other powers, the association also shall have the following specific powers: (a) To make and publish rules respecting making mortgage loans pursuant to this act, the regulations of borrowers, housing sponsors, mortgage lenders, and the construction of ancillary commercial facilities. (b) To make rules respecting the qualifications for […]
67-6207B. MORTGAGE LOANS — RULES — PURCHASE. The association shall promulgate rules governing the various programs which it has authorized to be undertaken. In promulgating such rules it shall consider the following: (a) The association shall from time to time adopt, modify or repeal rules governing the making of loans to housing sponsors and the […]
67-6207C. HOUSING SPONSORSHIP. The association shall have the power to supervise housing sponsors, including limited profit housing sponsors, and their real and personal property in the following respects: (a) The reorganization of any housing sponsor shall be subject to the supervision and control of the association, and no such reorganization shall be had without the […]
67-6207D. PERIODIC EXAMINATION OF INCOME OF PERSONS RESIDING IN HOUSING PROJECTS. (a) The association shall, by rules, provide for the periodic examination of the income of any person or family residing in and renting a dwelling unit in any rental housing project, assisted by virtue of the powers granted the association under this act. In […]
67-6208. TAX EXEMPT STATUS. As set forth in the declaration and statement of intent herein, the association will be performing an essential governmental function in the exercise of the powers conferred upon it by this act, and the notes and bonds of the association issued pursuant to this act, and the income therefrom, including any […]
67-6209. HOUSING PROJECTS SUBJECTED TO ORDINANCES AND REGULATIONS. All housing projects of the association shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality of any housing project and the association shall take into consideration the relationship of the project to any larger plan or long-range program […]
67-6210. POWER TO ISSUE BONDS. The association shall have power and is hereby authorized to issue, from time to time, its negotiable notes and bonds in conformity with the applicable provisions of the uniform commercial code in such principal amount as the association shall determine to be necessary for sufficient funds for achieving any of […]
67-6211. ADDITIONAL DEFINITIONS AND CAPITAL RESERVE FUND PROCEDURES. As used in this section, the following words and phrases shall have the following meanings unless the context shall indicate another or different meaning or intent: (a) "Maximum capital reserve fund requirement" shall mean the amount set forth in the association’s resolution or indenture authorizing the bonds […]
67-6212. REFUNDING OF OBLIGATIONS. The association 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 act, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such […]
67-6213. DEPOSIT OF FUNDS. All moneys of the association except as otherwise authorized or provided in this act shall be deposited as soon as practicable in a separate account or accounts in banks organized under the laws of the state or national banking associations. All deposits of such moneys shall, if required by the association, […]
67-6214. RIGHTS OF BONDHOLDER. A bondholder of the association shall have the right, in addition to all other rights, which may be conferred on such bondholder, subject only to any contractual restrictions binding upon such bondholder, by mandamus, suit, action or proceedings at law or in equity to compel said association and the commissioners, officers, […]
67-6215. RIGHTS NOT TO BE IMPAIRED BY STATE. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this act that the state will not limit or alter the rights hereby vested in the association to fulfill the terms of any agreements made with the said holders […]
67-6215A. REMEDIES OF BONDHOLDERS. In the event that the association shall default in the payment of principal of or interest on any issue of notes and bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty (30) days, or in […]
