Title 67 — STATE GOVERNMENT AND STATE AFFAIRS

67-6201. Purpose. It is hereby declared: (a) That within the state there is a shortage of safe or sanitary dwelling accommodations available which persons of low incomes can afford and that such persons are forced to occupy overcrowded and congested dwelling accommodations; that …

67-6202. Idaho housing and finance association created. There is hereby created an independent public body corporate and politic to be known as the Idaho housing and finance association.

67-6203. Commissioners — Chairman — Appointments. The governor shall appoint seven (7) persons to be commissioners of the Idaho housing and finance association. Preference shall be given to persons representing persons of low income and to persons with experience in the fields of…

67-6204. Vice-chairman, executive director and other personnel — Appointments — Quorum. As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a vice-chairman and by adopting bylaws and rules suitable to the purpo…

67-6205. Definitions. The following terms, wherever used or referred to in this chapter, shall have the following respective meanings, unless a different meaning clearly appears from the context: (a) "Association" or "housing association" shall mean the Idaho housing and finance …

67-6206. Powers of association. The housing and finance association is an independent public body corporate and politic, exercising public and essential governmental functions, and having all the powers which are hereby declared to be public purposes necessary or convenient to ca…

67-6207. Management and operation of housing projects — Priority of applications — Limited profit sponsors. (a) It is hereby declared to be the policy of the state that the Idaho housing and finance association shall manage and operate housing projects or cause its housing projec…

67-6207A. Additional powers. In addition to all other powers, the association also shall have the following specific powers: (a) To make and publish rules respecting making mortgage loans pursuant to this act, the regulations of borrowers, housing sponsors, mortgage lenders, and …

67-6207B. Mortgage loans — Rules — Purchase. The association shall promulgate rules governing the various programs which it has authorized to be undertaken. In promulgating such rules it shall consider the following: (a) The association shall from time to time adopt, modify or re…

67-6207C. Housing sponsorship. The association shall have the power to supervise housing sponsors, including limited profit housing sponsors, and their real and personal property in the following respects: (a) The reorganization of any housing sponsor shall be subject to the supe…

67-6207D. Periodic examination of income of persons residing in housing projects. (a) The association shall, by rules, provide for the periodic examination of the income of any person or family residing in and renting a dwelling unit in any rental housing project, assisted by vir…

67-6208. Tax exempt status. As set forth in the declaration and statement of intent herein, the association will be performing an essential governmental function in the exercise of the powers conferred upon it by this act, and the notes and bonds of the association issued pursuan…

67-6209. Housing projects subjected to ordinances and regulations. All housing projects of the association shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality of any housing project and the association shall …

67-6210. Power to issue bonds. The association shall have power and is hereby authorized to issue, from time to time, its negotiable notes and bonds in conformity with the applicable provisions of the uniform commercial code in such principal amount as the association shall deter…

67-6211. Additional definitions and capital reserve fund procedures. As used in this section, the following words and phrases shall have the following meanings unless the context shall indicate another or different meaning or intent: (a) "Maximum capital reserve fund requirement"…

67-6212. Refunding of obligations. The association may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of this act, including the payment of any redemption premium thereon …

67-6213. Deposit of funds. All moneys of the association except as otherwise authorized or provided in this act shall be deposited as soon as practicable in a separate account or accounts in banks organized under the laws of the state or national banking associations. All deposit…

67-6214. Rights of bondholder. A bondholder of the association shall have the right, in addition to all other rights, which may be conferred on such bondholder, subject only to any contractual restrictions binding upon such bondholder, by mandamus, suit, action or proceedings at …

67-6215. Rights not to be impaired by state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this act that the state will not limit or alter the rights hereby vested in the association to fulfill the terms of any agreements made with …

67-6215A. Remedies of bondholders. In the event that the association shall default in the payment of principal of or interest on any issue of notes and bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a pe…

67-6215B. Legal investments. The notes and bonds of the association shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and oth…

67-6216. Authority to make loans. The association is authorized to make loans to housing sponsors for the necessary expenses, prior to construction, in planning, and obtaining financing for, the rehabilitation or construction of housing projects. Such loans shall be made without …

67-6218. Feasibility. The association shall encourage economically sound innovative approaches to housing development projects and, without limiting the foregoing, shall encourage consolidated financing through such techniques as blanket mortgages.

67-6219. Technical assistance. The association may provide technical assistance to eligible housing sponsors of housing projects, including assistance in arranging financing.

67-6220. Audits — Annual reports. (1) The legislative council is authorized to conduct a post audit of the books and records of the Idaho housing and finance association on the same basis as audits are conducted of state agencies. (2) The association shall file its financial repo…

67-6221. Conflict of interest. Any member, officer or employee of the association who is interested either directly or indirectly, or who is an officer or employee of, or has an ownership interest in any firm or agency interested directly or indirectly in any contract with the as…

67-6222. Exemption of real property of association from levy and sale by execution. All real property of the association shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall any judgment ag…

67-6223. Borrowing power — Financial assistance — Cooperation with state and federal government. In addition to the powers conferred upon the association by other provisions of this chapter, the association is empowered to administer any other state, private or federal assistance…

67-6223A. Donations to housing and finance association. The state of Idaho or any city or county located in the state of Idaho shall have the power, from time to time, to donate money, real property, or personal property to the Idaho housing and finance association; provided, how…

67-6224. Construction of act. Nothing in this act or any other law shall be construed as authorizing the association to levy or collect taxes or assessments, to create any indebtedness payable out of taxes or assessments, or in any manner to pledge the credit of the city, the cou…

67-6224A. Legislative construction. Neither this act nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the association might otherwise have under any laws of this state, and this act is cumulative to any such powers. This …

67-6225. Constitutionality. Notwithstanding any other evidence of legislative intent, it is hereby declared to be the controlling legislative intent, that if any provision of this act or the application thereof to any person or circumstance is held invalid, the remainder of this …

67-6226. Non-agency status. It is recognized that the association is not, and has not been since its inception, a state or local agency for purposes of Idaho law.

67-6227. IDAHO WORKFORCE HOUSING FUND. [EFFECTIVE UNTIL DECEMBER 31, 2026] (1) There is hereby created within the state treasury the Idaho workforce housing fund that will consist of such sums as may be appropriated by the legislature for the purpose of providing financial assist…