Print Friendly SENATE BILL NO. 1382 – Mortgage credit certifict/issuance
SENATE BILL NO. 1382
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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
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE SENATE
SENATE BILL NO. 1382
BY LOCAL GOVERNMENT AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO MUNICIPAL HOUSING AUTHORITIES; AMENDING SECTION 50-1904, IDAHO
3 CODE, TO AUTHORIZE A MUNICIPAL HOUSING AUTHORITY TO ISSUE MORTGAGE CREDIT
4 CERTIFICATES TO PERSONS OF LOW INCOME AND TO REMOVE REDUNDANT LANGUAGE;
5 AND PROVIDING AN EFFECTIVE DATE.
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
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
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
No fiscal impact.
CONTACT: Senator J.L. "Jerry" Thorne
STATEMENT OF PURPOSE/ FISCAL NOTE S1382