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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rules, and is subject to the Administrative Procedure Act when rules of the association are promulgated, amended or repealed. 02/24 House intro - 1st rdg - to printing 02/25 Rpt prt - to St Aff
|||| 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SECTION 67-6206, IDAHO CODE, TO 6 PROVIDE THAT THE RULES OF THE ASSOCIATION SHALL BE PROMULGATED, AMENDED 7 AND REPEALED IN ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT; AND PRO- 8 VIDING AN EFFECTIVE DATE. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION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