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H0683......................................................by STATE AFFAIRS
IDAHO HOUSING AND FINANCE ASSOCIATION - Amends existing law to provide that
the Idaho Housing and Finance Association is a state agency for the
purposes of prescribing rules, and is subject to the Administrative
Procedure Act when rules of the association are promulgated, amended or
repealed.
02/24 House intro - 1st rdg - to printing
02/25 Rpt prt - to St Aff
H0683
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 683
BY STATE AFFAIRS COMMITTEE
1 AN ACT
2 RELATING TO THE IDAHO HOUSING AND FINANCE ASSOCIATION; AMENDING SECTION
3 67-6202, IDAHO CODE, TO PROVIDE THAT THE ASSOCIATION SHALL BE CONSIDERED A
4 STATE AGENCY FOR THE PURPOSE OF PROMULGATING RULES AND SHALL BE SUBJECT TO
5 THE ADMINISTRATIVE PROCEDURE ACT; AMENDING SECTION 67-6206, IDAHO CODE, TO
6 PROVIDE THAT THE RULES OF THE ASSOCIATION SHALL BE PROMULGATED, AMENDED
7 AND REPEALED IN ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT; AND PRO-
8 VIDING AN EFFECTIVE DATE.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 67-6202, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 67-6202. IDAHO HOUSING AND FINANCE ASSOCIATION CREATED. (1) There is
13 hereby created an independent public body corporate and politic to be known as
14 the Idaho housing and finance association.
15 (2) For the purpose of promulgating, amending and repealing rules of the
16 association, as such powers are given to the association pursuant to section
17 67-6206, Idaho Code, the Idaho housing and finance association shall be con-
18 sidered a state agency and shall be subject to the provisions of chapter 52,
19 title 67, Idaho Code.
20 SECTION 2. That Section 67-6206, Idaho Code, be, and the same is hereby
21 amended to read as follows:
22 67-6206. POWERS OF ASSOCIATION. The housing and finance association is an
23 independent public body corporate and politic, exercising public and essential
24 governmental functions, and having all the powers which are hereby declared to
25 be public purposes necessary or convenient to carry out and effectuate the
26 purposes and provisions of this act, including the following powers in addi-
27 tion to others herein granted:
28 (a) To sue and to be sued; to have a seal and to alter the same at pleas-
29 ure; to have perpetual succession; to make and execute contracts and other
30 instruments necessary or convenient to the exercise of the powers of the asso-
31 ciation; and to make and from time to time amend and repeal bylaws, rules, not
32 inconsistent with this act, to carry into effect the powers and purposes of
33 the association.
34 (b) To conduct its operations within any or all of the counties of the
35 state.
36 (c) To cooperate with housing authorities throughout Idaho in the devel-
37 opment of housing projects.
38 (d) To assign priorities for action and revise or modify said priorities
39 from time to time.
40 (e) To make and execute agreements, contracts and other instruments nec-
41 essary or convenient in the exercise of the powers and functions of the asso-
2
1 ciation under this act, including contracts with any housing sponsor, mortgage
2 lender, person, firm, corporation, governmental agency, or other entity; and
3 to include in any contract let in connection with a project, stipulations
4 requiring that the contractor and any subcontractors comply with requirements
5 as to minimum wages and maximum hours of labor, and comply with any conditions
6 which the federal government may have attached to its financial aid of the
7 project and to designate mortgage lenders to act for and in behalf of the
8 association, with respect to originating or servicing and processing mortgage
9 loans of the association, and to pay the reasonable value of service rendered
10 to the association by such mortgage lenders pursuant to contracts with mort-
11 gage lenders.
12 (f) To lease, sell, construct, finance, reconstruct, restore, rehabili-
13 tate, operate or rent any housing projects, nonprofit facilities or any dwell-
14 ings, houses, accommodations, lands, buildings, structures or facilities
15 embraced in any housing project or nonprofit facilities and, subject to the
16 limitations contained in this act, to establish and revise the rents or
17 charges therefor.
18 (g) To own, hold and improve real or personal property; to purchase,
19 lease, obtain options upon, acquire by gift, grant, bequest, devise, eminent
20 domain or otherwise, any real or personal property or any interest therein.
21 (h) To acquire any real property; to sell, lease, exchange, transfer,
22 assign, pledge or dispose of any real or personal property or any interest
23 therein.
24 (i) To insure or provide for the insurance of any real or personal prop-
25 erty or operation of the association against any risks or hazards, and to pro-
26 cure or agree to the procurement of insurance or guarantees from the federal
27 government or other source for the payment or purchase of any bonds or parts
28 thereof issued by the association, including the power to pay for any such
29 insurance or guarantees.
30 (j) To invest any funds held in reserves or sinking funds, or any funds
31 not required for immediate disbursement, in property or securities in which a
32 bank, as defined in the "bank act," title 26, Idaho Code, may legally invest
33 funds including without limitation, to agree to purchase the obligations of
34 any federal, state or local government upon such conditions as the association
35 may determine to be prudent and in its best interest.
36 (k) Within its area of operation: to investigate into living, dwelling
37 and housing conditions and into the means and methods of improving such condi-
38 tions; to determine where slum areas exist or where there is a shortage of
39 adequate, safe and sanitary dwelling accommodations for persons of low-income;
40 to make studies and recommendations relating to the problem of clearing,
41 replanning and reconstruction of slum areas and the problem of providing
42 dwelling accommodations for persons of low-income, and to cooperate with the
43 city, the county, the state or any political subdivision thereof in action
44 taken in connection with such problems; and to engage in research, studies and
45 experimentation on the subject of housing.
46 (l) To participate in cooperative ventures with any agencies, organiza-
47 tions and individuals in order to undertake the provision of housing for per-
48 sons of low-income or to undertake the provision of nonprofit facilities.
49 (m) To provide research and technical assistance to eligible agencies,
50 organizations and individuals eligible to develop low cost housing and to
51 research new low cost housing development and construction methods.
52 (n) To make and undertake commitments to make or participate in the mak-
53 ing of mortgage loans to persons of low-income and to housing sponsors,
54 including without limitation federally insured mortgage loans, and to make
55 temporary loans and advances in anticipation of permanent loans to housing
3
1 sponsors; said mortgage loans to housing sponsors shall be made to finance the
2 construction, improvement, or rehabilitation of housing projects for persons
3 of low-income, and/or mixed income housing projects upon the terms and condi-
4 tions set forth in this act; provided, however, that such loans shall be made
5 only upon the determination by the association that mortgage loans are not
6 otherwise available, wholly or in part, from private lenders upon reasonably
7 equivalent terms and conditions.
8 (o) To purchase, or make commitments to purchase or participate in the
9 purchase of mortgage loans from mortgage lenders which loans have been made
10 for the construction, improvement, or rehabilitation of housing projects for
11 persons of low-income and/or mixed income housing projects or loans which have
12 been made to persons of low-income for residential housing, upon terms set
13 forth in this act; provided, however, that any such purchase shall be made
14 only upon the determination by the association that the mortgage loans to be
15 made are not otherwise being made by mortgage lenders upon reasonably equiva-
16 lent terms and conditions. Also, to purchase, or make commitments to purchase
17 or participate in the purchase of mortgage loans from mortgage lenders whether
18 or not said loans were made to persons of low-income, upon terms set forth in
19 this act; provided, however, that the proceeds from such purchase or the
20 equivalent thereof shall be reinvested in obligations of the association, in
21 mortgage loans to persons of low-income or in mortgage loans for housing proj-
22 ects for persons of low-income and/or mixed income housing projects, and pro-
23 vided that any such purchase shall be made only upon the determination by the
24 association that the mortgage loans to be made are not otherwise being made by
25 mortgage lenders upon reasonably equivalent terms and conditions.
26 (p) To provide interim financing for housing projects including mixed
27 income housing projects approved by the association, provided that the associ-
28 ation has determined that such financing is not otherwise available from mort-
29 gage lenders upon reasonably equivalent terms and conditions.
30 (q) To prescribe rules in accordance with the provisions of chapter 52,
31 title 67, Idaho Code, and policies in connection with the performance of its
32 functions and duties.
33 (r) To do all other things deemed necessary and desirable to accomplish
34 the objectives of this act.
35 (s) To borrow money and issue bonds and notes or other obligations, to
36 invest the proceeds thereof in any lawful manner and to fund or refund the
37 same, and to provide for the rights of the holders of its obligations as pro-
38 vided in this act and in connection therewith, to waive, by resolution or
39 other document of the association, the exemption from federal income taxation
40 of interest on any of the association's obligations under existing or future
41 federal law and to establish, maintain and preserve the association's general
42 obligation rating and any rating on its bonds, notes or other obligations.
43 (t) To receive and accept aid or contributions from any source.
44 (u) To employ architects, engineers, attorneys, accountants, housing con-
45 struction and financial experts and such other advisors, consultants and
46 agents as may be necessary in its judgment and to fix their compensation.
47 (v) To insure mortgage payments of any mortgage loan made for the purpose
48 of constructing, rehabilitating, purchasing, leasing, or refinancing housing
49 projects upon such terms and conditions as the association may prescribe.
50 (w) To fix and revise from time to time and charge and collect fees and
51 charges in connection with loans made or other services provided by the asso-
52 ciation pursuant to this act, and to make and publish rules respecting the
53 making and purchase of mortgage loans.
54 (x) To organize a nonprofit corporation to assist the association in pro-
55 viding for housing projects.
4
1 (y) To enter upon and inspect any housing project, including housing
2 projects undertaken by housing sponsors, for the purpose of investigating the
3 physical and financial condition thereof, and its construction, rehabilita-
4 tion, operation, management and maintenance, and to examine all books and
5 records with respect to capitalization, income and other matters relating
6 thereto.
7 (z) To order such alterations, changes or repairs as may be necessary to
8 protect the security of its investment in a housing project or the health,
9 safety, and welfare of the occupants thereof.
10 (aa) To make secured loans for the purpose of providing temporary or per-
11 manent financing or refinancing of all or part of the project costs of any
12 nonprofit facility, including the refunding of any outstanding obligations,
13 mortgages or advances issued, made or given by any person for the project
14 costs of a nonprofit facility; and to charge and collect interest on the loans
15 for the loan payments upon such terms and conditions, including without limi-
16 tation bond rating and issuance conditions, as the board of commissioners con-
17 siders advisable which are not in conflict with this chapter.
18 (bb) As security for the payment of the principal of and interest on any
19 revenue bonds issued and any agreements made in connection therewith, to mort-
20 gage, pledge, or otherwise encumber any or all of nonprofit facilities or any
21 part or parts thereof, whether then owned or thereafter acquired, and to
22 assign any mortgage and repledge any security conveyed to the association, to
23 secure any loan made by the association and to pledge the revenues and
24 receipts therefrom.
25 (cc) To issue bonds for the purpose of financing all or part of the proj-
26 ect cost on any nonprofit facility and to secure the payment of the bonds as
27 provided in this chapter.
28 (dd) To purchase or sell by installment contract or otherwise, and convey
29 all or any part of any nonprofit facility for such purchase price and upon
30 such terms and conditions as this board of commissioners considers advisable
31 which are not in conflict with this chapter.
32 (ee) To lease all or any part of any nonprofit facility for such rentals
33 and upon such terms and conditions, including options to purchase, as the
34 board of commissioners considers advisable and not in conflict with this chap-
35 ter.
36 (ff) To construct and maintain one (1) or more nonprofit facilities that
37 the association shall not operate any nonprofit facility as a business other
38 than as lessor, seller or lender. The purchase, holding and enforcing of mort-
39 gages, deeds of trust, or other security interests and contracting for any
40 servicing thereof is not considered the operation of a nonprofit facility as a
41 business.
42 (gg) To act as the designated housing resource clearinghouse in the state
43 for matters relating to affordable housing.
44 (hh) To coordinate the development and maintenance of a housing policy for
45 the state.
46 SECTION 3. This act shall be in full force and effect on and after July
47 1, 2000.
STATEMENT OF PURPOSE
RS 09750
The Idaho Housing and Finance Association (IHFA) exercises many
governmental powers, including adopting their own rules and regulations without
legislative oversight. These rules and regulations oversee the allocation,
distribution and compliance for hundreds of millions of tax dollars. This
legislation would bring IHFA into the Administrative Procedure Act and provide
a means for the legislature and the public to review such rules and regulations.
FISCAL IMPACT
No fiscal impact.
Contact
Name: Representative Lenore Hardy Barrett
STATEMENT OF PURPOSE/FISCAL NOTE H 683