Title 42, Title 42 Affairs and Government

(a)(1) The corporation shall have the power and is hereby authorized to issue from time to time its negotiable notes and bonds, whether tax exempt or taxable in the principal amount that the corporation shall determine to be necessary to provide sufficient funds for achieving any…

(a) The corporation may create and establish one or more special funds (“capital reserve funds”), and shall pay into each capital reserve fund (1) any moneys appropriated and made available by the state for the purpose of the fund, (2) any proceeds of sale of notes or bonds to th…

The corporation 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 chapter, including the payment of any redemption premium and any interest accrued or to accrue t…

Refunding obligations issued as provided in § 42-55-15 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of outstanding ob…

(a) In the event that the corporation shall default in the payment of principal of or interest on any bonds or notes issued under this chapter after they shall become due, whether at maturity or upon call for redemption, and that default shall continue for a period of thirty (30)…

The state pledges to and agrees with the holders of any notes or bonds issued under this chapter that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders or in any way impair the rights and remedies o…

Obligations issued under the provisions of this chapter shall not be deemed to constitute a debt or liability or obligation of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision of the state but …

(a) It is hereby found and declared as follows: there exists a serious shortage of safe and sanitary residential housing and shelter in the state available to and affordable by persons and families of low and moderate income, the elderly and workers, and their families; this cond…

The notes and bonds of the corporation 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 other persons carrying on an ins…

The corporation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, general treasurer and the general assembly. Each report shall set forth a complete operating and financial statement of the c…

(a) Subject to the requirements of § 9-1-28.1, the corporation shall compile a report and deliver it on or before the close of calendar year 1986 to the governor, general treasurer, and general assembly containing the following information: (1) The number and total dollar amount …

The corporation shall administer all of its programs and activities relating to housing or community development in a manner affirmatively to further the policies of chapter 37 of title 34 (Rhode Island Fair Housing Practices Act). The corporation shall annually report to the gen…

The corporation is authorized to accept any moneys appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation and the establishment of reserves o…

The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state, for their wellbeing and prosperity and for the improvement of their social and economic conditions, and the corporation, or any subsidiary thereof created or aut…

The corporation shall be the sole and exclusive agent for the allocation of all federal tax credits for low-income housing under 26 U.S.C. § 42. The corporation shall have all of the powers necessary to effectuate those allocations, including without limitation, the power to adop…

Pursuant to the provisions of § 103A(g) (26 U.S.C. § 103A(g)) of the Internal Revenue Code of 1954, as amended by § 1102(a) of the Omnibus Reconciliation Act of 1980 (Pub. L. No. 96-499), the applicable limit of qualified mortgage bonds that may be issued by the corporation in an…

(a) There is created, as a separate fund within the treasury, the lead paint removal revolving fund. The fund shall consist of any sums that the state may from time to time appropriate, as well as money received from donations, gifts, bequests, or otherwise from any public or pri…

Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general, special, or local, the provisions of this chapter shall be controlling.

Neither this chapter nor anything contained in this section is or shall be construed as a restriction or limitation upon any powers which the corporation might otherwise have under any laws of this state, and this chapter is cumulative to those powers. The corporation shall use i…

The following words and terms, unless the context clearly indicates a different meaning, shall have the following meanings: (1) “Bonds, notes, and other obligations” or “bonds, bond anticipation notes, or other obligations” means any bonds, notes, debentures, interim certificates…

If any clause, sentence, paragraph, section, or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this chapter, but shall be confined in its operation to the clause, …

(a) There is authorized the creation and establishment of a public corporation of the state, having a distinct legal existence from the state and not constituting a department of the state government, with the politic and corporate powers as are set forth in this chapter to be kn…

The corporation shall have all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter; including, but without limiting the generality of the foregoing, the power to: (1) Sue and be sued in its own name; (2) Have an official …

(a) To further its purposes, the corporation shall have the power to form one or more subsidiary corporations under either § 7-1.2-101 et seq. or § 7-6-1 et seq. in accordance with the procedures therein contained. Each subsidiary corporation shall be governed by the section unde…

The corporation shall exercise its powers under this chapter in a manner that is consistent on a programmatic basis with the state guide plan, adopted pursuant to § 42-11-10 and with local comprehensive plans, prepared and adopted pursuant to chapter 22.2 of title 45, that have b…

The corporation shall issue all letters of eligibility for low- and moderate-income housing for applications made pursuant to chapter 53 of title 45. (a) Evaluation of requests for letters of eligibility: (1) The corporation shall establish for each application: (i) The name and …

On or before July 1, 2009, the corporation shall establish, in appropriate housing development programs it administers, criteria for priority consideration of housing development proposals which include renewable energy features which are demonstrated to be cost-effective and can…

The corporation shall have all of the powers necessary or convenient to carry out and effectuate the purpose and provisions of this chapter, including the following powers in addition to others granted in this chapter: (1) Make, undertake commitments to make, and participate in t…

The corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others granted in this chapter: (1) To invest in, purchase or to make commitments to purchase, …

The corporation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to others granted in this chapter: (1) To acquire on either a temporary or long-term basis, in its…

The corporation shall have the power to supervise housing sponsors of multi-family residential housing units and single family residential housing units designed by the sponsor for occupancy primarily by persons and families of low and moderate income or sponsors of healthcare fa…

Mortgage and other loans made by the corporation to housing sponsors of multi-family residential housing units or healthcare facilities shall be subject to the following terms and conditions: (1) No application for a loan for a housing development or healthcare facility shall be …