42 U.S.C. § 3936: Purposes and powers of…

Summary

Authorizes the corporation to plan, start, and carry out building, rehabbing, buying, and financing housing and related facilities mainly for low- and moderate-income families and individuals. It can buy, own, manage, lease, or sell property for those projects and provide money needed to make them happen. To raise income to support that housing work, the corporation can design, make, and sell construction products and services and can develop commercial, industrial, or retail properties not directly related to housing, but developing and preserving housing for low- and moderate-income people must be its main activity. Allows the corporation to enter partnerships and joint ventures and to act as manager or general partner. It can do or hire research, give technical help to other housing groups, make loans or grants (including grants of interests in housing), and hire consultants and advisory panels. It has the usual powers of a stock corporation under the District of Columbia Business Corporation Act. It must follow federal labor standards in sections 3141–3144, 3146, and 3147 of title 40 and other applicable laws. The combined outstanding equity commitment for the corporation and its partnership for the income-generating activities in (a)(4) may not exceed 7% during the first 12 months after October 17, 1984; 14% during the second 12 months; and 20% at any time after that.

Title 42, §3936

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Building, rehabilitation, acquisition, and financing of housing and related facilities for families and individuals of low or moderate income; acquisition and disposal of property; funds

In order to achieve the objectives and carry out the purposes of this chapter, the corporation is authorized to—

(1)plan, initiate, and carry out, pursuant to Federal programs or otherwise, the building, rehabilitation, acquisition, and financing of housing and related facilities primarily for the benefit of families and individuals of low or moderate income;

(2)buy, own, manage, lease, or otherwise acquire or dispose of property in connection with the developments, projects, or undertakings referred to in paragraph (1);

(3)provide such funds as may be necessary to accomplish the developments, projects, or undertakings referred to in paragraph (1); and

(4)for the purpose of generating income to support the building or rehabilitation of housing primarily for the benefit of families and individuals of low or moderate income (A) design, develop, manufacture and sell products and services for use in the construction, sale, or financing of housing, and (B) design and develop commercial, industrial, or retail facilities that are not directly related to housing, except that the development and preservation of housing for families and individuals of low or moderate income shall be the primary activity of the corporation.

(b)Authorization to enter into partnerships, limited partnerships, joint ventures, and other associations; manager or general partner of partnership, venture, or association; research and studies; technical assistance; loans or grants; hire or acceptance of services of consultants, experts, advisory boards and panels

Included in the activities authorized to the corporation for the accomplishment of the purposes indicated in subsection (a) of this section are, among others not specifically named—

(1)to enter into partnerships, limited partnerships, joint ventures, and other associations with individuals, corporations, and private and governmental agencies, organizations, and institutions;

(2)to act as manager or general partner of any such partnership, venture, or association;

(3)to conduct or contract for research and studies related to the development, demonstration, and evaluation of improved techniques and methods of constructing, rehabilitating, and maintaining housing;

(4)to provide technical assistance to nonprofit corporations, limited dividend corporations, and others with respect to the planning, refinancing, construction, rehabilitation, maintenance, and management of housing for low and moderate income families and individuals;

(5)to make loans or grants including grants of interests in housing and related facilities, to nonprofit corporations, limited dividend corporations, and others, in carrying out its activities under subsection (a) of this section; and

(6)to hire or accept the voluntary services of consultants, experts, advisory boards, and panels to aid the corporation in carrying out the purposes of this chapter.

(c)Exercise of powers conferred upon stock corporation by District of Columbia Business Corporation Act

To carry out the foregoing purposes and engaged in the foregoing activities, the corporation shall have the usual powers conferred upon a stock corporation by the District of Columbia Business Corporation Act.

(d)Labor standards

Nothing in this chapter shall have the effect of waiving or otherwise affecting the applicability of the provisions of section 3141–3144, 3146, and 3147 of title 40, or any other law requiring compliance with labor standards, in the case of any construction to which such provisions would otherwise apply.

(e)Maximum combined outstanding equity commitment

The combined outstanding equity commitment of the corporation and the partnership with respect to activities undertaken under subsection (a)(4) may not exceed (1) 7 percent of their total combined equity commitment outstanding during the first 12-month period following October 17, 1984; (2) 14 percent of their total combined equity commitment outstanding during the second 12-month period following October 17, 1984; or (3) 20 percent of their total combined equity commitment outstanding at any time thereafter.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The District of Columbia Business Corporation Act, referred to in subsec. (c), is act June 8, 1954, ch. 269, 68 Stat. 179, which is not classified to the Code. Codification In subsec. (d), “section 3141–3144, 3146, and 3147 of title 40” substituted for “the Davis-Bacon Act (40 U.S.C. 267a—276a–5)”, meaning 40 U.S.C. 276a—276a–5, on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, the first section of which enacted Title 40, Public Buildings, Property, and Works.

Amendments

1984—Subsec. (a)(4). Pub. L. 98–479, § 104(c)(1), added par. (4). Subsec. (e). Pub. L. 98–479, § 104(c)(2), added subsec. (e). 1983—Subsec. (a)(1). Pub. L. 98–181 inserted references to acquisition and financing.

§3936 Purposes and Powers of Corporation