Section 462A.01 — Citation.
462A.01 CITATION. Sections 462A.01 to 462A.34 shall be known as and may be cited as the “Minnesota Housing Finance Agency Law of 1971.” History: 1971 c 702 s 1; 1Sp2001 c 4 art 4 s 1
Section 462A.02 — Policy.
462A.02 POLICY. Subdivision 1. Findings; housing shortage. It is hereby found and declared that as a result of public actions involving highways, public facilities and urban renewal activities, and as a result of the spread of deteriorated housing and blight to formerly sound urban and rural neighborhoods, and as a result of the inability of […]
Section 462A.03 — Definitions.
462A.03 DEFINITIONS. Subdivision 1. Application. For the purpose of this chapter, the terms defined in this section have the meanings ascribed to them. Subd. 2. Development costs. “Development costs” means the costs approved by the agency as appropriate expenditures which may be incurred by sponsors of land development for residential housing or of residential housing, […]
Section 462A.04 — Housing Finance Agency.
462A.04 HOUSING FINANCE AGENCY. Subdivision 1. Creation; members. There is created a public body corporate and politic to be known as the “Minnesota Housing Finance Agency,” which shall perform the governmental functions and exercise the sovereign powers delegated to it in this chapter in furtherance of the public policies and purposes declared in section 462A.02. […]
Section 462A.041 — Meetings By Telephone Or Other Electronic Means.
462A.041 MEETINGS BY TELEPHONE OR OTHER ELECTRONIC MEANS. (a) Notwithstanding sections 13D.01 and 13D.02, the Housing Finance Agency may conduct a meeting of its members by telephone or other electronic means so long as the following conditions are met: (1) all members of the agency participating in the meeting, wherever their physical location, can hear […]
Section 462A.05 — Specific Powers Of The Agency.
462A.05 SPECIFIC POWERS OF THE AGENCY. Subdivision 1. Application. The agency shall have the specific powers and duties set forth in this section. Subd. 2. Residential construction loans. It may make or participate in the making of eligible construction loans to sponsors or builders of residential housing for occupancy by persons or families of low […]
Section 462A.057 — Minnesota Urban And Rural Homesteading Program.
462A.057 MINNESOTA URBAN AND RURAL HOMESTEADING PROGRAM. Subdivision 1. Establishment; purpose. The agency may establish the Minnesota urban and rural homesteading program for the purpose of making grants or loans to eligible applicants to acquire, rehabilitate, demolish or remove existing structures and construct new housing, and sell single family residential properties to home buyers committed […]
Section 462A.06 — General Powers Of The Agency.
462A.06 GENERAL POWERS OF THE AGENCY. Subdivision 1. Listed here. For the purpose of exercising the specific powers granted in section 462A.05 and effectuating the other purposes of this chapter, the agency shall have the general powers granted in this section. Subd. 2. Suits. It may sue and be sued. Subd. 3. Seal. It may […]
Section 462A.065 — Financial Information.
462A.065 FINANCIAL INFORMATION. Financial information, including but not limited to credit reports, financial statements and net worth calculations, received or prepared by the agency regarding any agency loan or grant and the name of each individual who is the recipient of an agency grant are private data on individuals, pursuant to section 13.02, subdivision 12. […]
Section 462A.07 — Additional Powers And Duties Of The Agency.
462A.07 ADDITIONAL POWERS AND DUTIES OF THE AGENCY. Subdivision 1. Application. In addition to the powers granted in sections 462A.05 and 462A.06 the agency shall have the further powers granted in this section. Subd. 2. Technical assistance; residential housing. It may provide general technical services and support to assist in the planning, processing, design, construction […]
Section 462A.073 — Single-family Mortgage Bonds; Limitations.
462A.073 SINGLE-FAMILY MORTGAGE BONDS; LIMITATIONS. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given them. (b) “Existing housing” means single-family housing that (i) has been previously occupied prior to the first day of the origination period; or (ii) has been available for occupancy for at least 12 months […]
Section 462A.08 — Bonds And Notes; Purposes, Terms, Approval.
462A.08 BONDS AND NOTES; PURPOSES, TERMS, APPROVAL. Subdivision 1. Issue of bonds and notes; generally. The agency from time to time may issue its bonds and notes in such principal amount as, in the opinion of the agency, shall be necessary to provide sufficient funds for achieving its purposes, including the making of eligible loans […]
Section 462A.09 — Bonds And Notes; Resolutions Authorizing, Additional Terms, Sale.
462A.09 BONDS AND NOTES; RESOLUTIONS AUTHORIZING, ADDITIONAL TERMS, SALE. The notes and bonds of the agency shall be authorized by a resolution or resolutions adopted by the agency, shall bear such date or dates, shall mature at such time or times, shall bear interest at such rate or rates, be in such denominations, be in […]
Section 462A.10 — Bonds And Notes; Optional Resolution And Contract Provisions.
462A.10 BONDS AND NOTES; OPTIONAL RESOLUTION AND CONTRACT PROVISIONS. Subdivision 1. Resolution terms part of contract. Any resolution authorizing any notes or bonds or any issue thereof may contain provisions, which shall be a part of the contract with the holders thereof, as to the matters referred to in this section. Subd. 2. Liens. It […]
Section 462A.105 — Interest Rate Exchanges.
462A.105 INTEREST RATE EXCHANGES. The agency may enter into an agreement with a third party for an exchange of interest rates under this section. With respect to bonds or notes outstanding or proposed to be issued bearing interest at a variable rate, the agency may agree to pay sums equal to interest at a fixed […]
Section 462A.11 — Pledges.
462A.11 PLEDGES. Any pledge made by the agency shall be valid and binding from the time when the pledge is made, the moneys or property so pledged and thereafter received by the agency shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of […]
Section 462A.12 — Bonds And Notes; Nonliability Of Individuals.
462A.12 BONDS AND NOTES; NONLIABILITY OF INDIVIDUALS. Neither the members of the agency nor any person executing the notes or bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof. History: 1971 c 702 s 12
Section 462A.13 — Bonds And Notes; Purchase By Agency.
462A.13 BONDS AND NOTES; PURCHASE BY AGENCY. The agency, subject to such agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase notes or bonds of the agency, either at initial issuance or at a subsequent date, for cancellation or as an investment of funds […]
Section 462A.14 — Bonds And Notes; Nonliability Of State.
462A.14 BONDS AND NOTES; NONLIABILITY OF STATE. The state of Minnesota shall not be liable on notes or bonds of the agency and such notes and bonds shall not be a debt of the state. The notes and bonds shall contain on the face thereof, a statement to such effect. History: 1971 c 702 s […]
Section 462A.15 — State Pledge Against Impairment Of Contracts.
462A.15 STATE PLEDGE AGAINST IMPAIRMENT OF CONTRACTS. The state pledges 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 agency to fulfill the terms of any agreements made with the holders thereof, or in any way impair […]