2000 Legislation
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SENATE BILL NO. 1382 – Mortgage credit certifict/issuance


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Daily Data Tracking History

S1382......................................by LOCAL GOVERNMENT AND TAXATION
MORTGAGE CREDIT CERTIFICATES - Amends existing law to authorize a municipal
housing authority to issue mortgage credit certificates to persons of low
02/08    Senate intro - 1st rdg - to printing
02/09    Rpt prt - to Loc Gov

Bill Text

  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-fifth Legislature                  Second Regular Session - 2000
                                       IN THE SENATE
                                    SENATE BILL NO. 1382
  1                                        AN ACT
  6    Be It Enacted by the Legislature of the State of Idaho:
  7        SECTION  1.  That  Section 50-1904, Idaho Code, be, and the same is hereby
  8    amended to read as follows:
  9        50-1904.  POWERS OF AUTHORITY. A housing  authority  shall  constitute  an
 10    independent public body corporate and politic, exercising public and essential
 11    governmental  functions,  and having all the powers necessary or convenient to
 12    carry out and effectuate the purposes and provisions of  this  act,  including
 13    the following powers in addition to others herein granted:
 14        (a)  To sue and to be sued; to have a seal and to alter the same at pleas-
 15    ure;  to  have  perpetual  succession; to make and execute contracts and other
 16    instruments necessary or convenient to the  exercise  of  the  powers  of  the
 17    authority,  including the power to contract with other housing authorities for
 18    services; and to make and from time to time amend and repeal bylaws, rules and
 19    regulations, not inconsistent with this act, to carry into effect  the  powers
 20    and purposes of the authority.
 21        (b)  Within  the  area of operation: to prepare, carry out, acquire, lease
 22    and operate housing projects; to provide for the construction, reconstruction,
 23    improvement, alteration or repair of any housing project or any part thereof.
 24        (c)  To arrange or contract for the furnishing by any  person  or  agency,
 25    public  or  private,  of  services, privileges, works or facilities for, or in
 26    connection with, a housing project or the  occupants  thereof;  and,  notwith-
 27    standing anything to the contrary contained in this act or in any other provi-
 28    sion  of  law,  to  include  in any contract let in connection with a project,
 29    stipulations requiring that the contractor and any subcontractors comply  with
 30    requirements  as  to minimum wages and maximum hours of labor, and comply with
 31    any conditions which the federal government may have attached to its financial
 32    aid of the project.
 33        (d)  To lease or rent any dwellings, houses, accommodations, lands, build-
 34    ings, structures or facilities embraced in any housing project and, subject to
 35    the limitations contained in this act, to establish and revise  the  rents  or
 36    charges  therefor; to own, hold and improve real or personal property; to pur-
 37    chase, lease, obtain options upon, acquire by gift, grant, bequest, devise  or
 38    otherwise,  any real or personal property or any interest therein; to acquire,
 39    by the exercise of the power of eminent domain, any real  property;  to  sell,
 40    lease,  exchange,  transfer, assign, pledge or dispose of any real or personal
 41    property or any interest therein; to insure or provide for  the  insurance  of
 42    any  real or personal property or operation of the authority against any risks
 43    or hazards; to procure or agree to the procurement of insurance or  guarantees
  1    from  the  federal  government  of  the  payment of any bonds or parts thereof
  2    issued by an authority, including the power to pay premiums on any such insur-
  3    ance; to rent or sell and to agree to rent or sell dwellings forming  part  of
  4    the  housing  projects to or for persons of low income.  Where an agreement or
  5    option is made to sell a dwelling to a person of low income, the authority may
  6    convey the dwelling to the person upon fulfillment of the agreement  irrespec-
  7    tive  of  whether  the person is at the time of the conveyance a person of low
  8    income.  Leases, options,  agreements or conveyances may  include  such  cove-
  9    nants  as  the  authority  deems  appropriate to assure the achievement of the
 10    objectives of this chapter.
 11        (e)  To invest any funds held in reserves or sinking funds, or  any  funds
 12    not  required  for  immediate disbursement, in property or securities in which
 13    banks may legally invest funds, subject to the control of the housing  author-
 14    ity;  to  purchase its own bonds at a price not more than the principal amount
 15    thereof and accrued interest, and all bonds so purchased shall be cancelled.
 16        (f)  Within its area of operation: to investigate  into  living,  dwelling
 17    and housing conditions and into the means and methods of improving such condi-
 18    tions;  to  determine  where  slum areas exist or where there is a shortage of
 19    adequate, safe and sanitary dwelling accommodations for persons of low income;
 20    to make studies and recommendations  relating  to  the  problem  of  clearing,
 21    replanning  and  reconstruction  of  slum  areas  and the problem of providing
 22    dwelling accommodations for persons of low income, and to cooperate  with  the
 23    city,  the  county,  the  state or any political subdivision thereof in action
 24    taken in connection with such problems; and to engage in research, studies and
 25    experimentation on the subject of housing.
 26        (g)  Acting through one (1) or more commissioners or other person or  per-
 27    sons  designated  by the authority, to conduct examinations and investigations
 28    and to hear testimony and take proof, under oath, at public or  private  hear-
 29    ings  on  any  matter material for its information; to administer oaths, issue
 30    subpoenas requiring attendance of witnesses or the  production  of  books  and
 31    papers, and to issue commissions for the examination of witnesses who are out-
 32    side  of  the  state or unable to attend before the authority, or excused from
 33    attendance; to  make  available,  to  appropriate  agencies  (including  those
 34    charged  with  the duty of abating or requiring the correction of nuisances or
 35    like conditions, or of demolishing unsafe or insanitary structures within  its
 36    area of operation), its findings and recommendations with regard to any build-
 37    ing  or  property  where  conditions  exist  which are dangerous to the public
 38    health, morals, safety or welfare.
 39        (h)  To make, purchase, participate in, invest in, take assignments of, or
 40    otherwise acquire loans or issue mortgage credit certificates  to  persons  of
 41    low  income  to  enable them to acquire, construct, reconstruct, rehabilitate,
 42    improve, lease or refinance their dwellings, and to take such security  there-
 43    for as is deemed necessary and prudent by the authority.
 44        (i)  To make, purchase, participate in, invest in, take assignments of, or
 45    otherwise  acquire  loans  for  the acquisition, construction, reconstruction,
 46    rehabilitation, improvement, leasing or  refinancing  of  land,  buildings  or
 47    developments  for housing for persons of low income. For purposes of this sub-
 48    section, development shall include either land or buildings or both.
 49        (j)  Any housing project shall be subject  to  the  requirement  that  the
 50    dwelling units made available to persons of low income together with function-
 51    ally  related  and subordinate facilities shall occupy at least thirty percent
 52    (30%) of the interior space of any individual building other than  a  detached
 53    single-family  or  duplex  residential building or mobile or manufactured home
 54    and shall occupy at least fifty percent (50%) of the total number of units  in
 55    the  development  or at least fifty percent (50%) of the total number of units
  1    in the development, whichever produces the greater number of units for persons
  2    of low income.  For mobile home parks, the mobile home lots made available  to
  3    persons  of low income shall be at least fifty percent (50%) of the total num-
  4    ber of mobile home lots in the park.
  5        (k)  To exercise all or any part or combination of powers herein granted.
  6        SECTION 2.  This act shall be in full force and effect on and  after  July
  7    1, 2000.

Statement of Purpose / Fiscal Impact

                STATEMENT OF PURPOSE 
     Local housing authorities can issue mortgage revenue bonds. The federal code
     sections governing the issuance of mortgage credit certificates provide that any
     entity that can issue mortgage revenue bonds may choose to issue mortgage credit
     certificates instead. 
     Some legal opinions suggest that a local housing authority must specifically be
     granted this authority to issue mortgage credit certificates. Other legal opinions
     suggest that there is sufficient authority in code now. This legislation would
     specifically provide for a local housing authority to issue mortgage credit
                     FISCAL NOTE
     No fiscal impact. 
               CONTACT:  Senator J.L. "Jerry" Thorne
                                                  STATEMENT OF PURPOSE/ FISCAL NOTE                         S1382