reglab/housing_qa huggingface dataset:
RI Gen L § 42-55-12 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-12 - Procedure prior to financing of housing developments undertaken by housing sponsors.

§ 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.Notwithstanding any other provision of this chapter, the corporation is not empowered to finance any housing development undertaken by a housing sponsor pursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing any housing development under this chapter, the corporation finds:(1) That there exists a shortage of decent, safe, and sanitary housing at rentals or prices which persons and families of low or moderate income can afford within the general housing market area to be served by the proposed housing development;(2) That private enterprise and investment have been unable, without assistance, to provide an adequate supply of decent, safe, and sanitary housing in the general housing market area at prices which persons or families of low and moderate income can afford or to provide sufficient mortgage financing for residential housing for occupancy by those persons or families;(3) That the housing sponsor or sponsors undertaking the proposed housing development in this state will supply well-planned, well designed housing for persons or families of low and moderate income and that those sponsors are financially responsible institutions;(4) That the housing development to be assisted pursuant to the provisions of this chapter will be of public use and will provide a public benefit;(5) That the housing development will be undertaken and the housing sponsor or sponsors regulated pursuant to the authority and within the restrictions provided for by this chapter.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-13 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-13 - Bonds and notes.

§ 42-55-13. Bonds and notes.(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 of its corporate purposes including the payment of interest on the notes and bonds of the corporation, establishment of reserves to secure those notes and bonds including the reserve funds created pursuant to § 42-55-14, and all other expenditures of the corporation incident to and necessary or convenient to carry out its corporate purposes and powers.(2) The corporation shall have the power, from time to time, to issue (i) notes to renew notes and (ii) bonds to pay notes, including the interest on these notes and, whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes.(3) Except as may otherwise be expressly provided by resolution of the corporation, every issue of its notes and bonds shall be general obligations of the corporation payable out of any revenues or moneys of the corporation, subject only to any agreements with the holders of particular notes or bonds pledging any particular revenues.(4) Notwithstanding any other provision contained in this section, proceeds of bonds issued by the corporation may be used to finance any housing development that constitutes a qualified residential rental project under § 142 of the Internal Revenue Code of 1986, 26 U.S.C. § 142, and all regulations promulgated thereunder.(b) The notes and bonds shall be authorized by resolution or resolutions of the corporation, shall bear the date or dates and shall mature at the time or times that the resolution or resolutions may provide, except that no bond shall mature more than sixty-five (65) years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination of bonds. The notes and bonds shall bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the place or places within or without the state and be subject to the terms or redemption that the resolution or resolutions may provide. The notes and bonds of the corporation may be sold by the corporation, at public or private sale, at the price or prices that the corporation shall determine.History of Section.P.L. 1973, ch. 262, § 1; P.L. 1982, ch. 295, § 9; P.L. 1987, ch. 287, § 1.
RI Gen L § 42-55-15 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-15 - Issuance of refunding obligations.

§ 42-55-15. Issuance of refunding obligations.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 to the date of redemption of those obligations and for any corporate purpose of the corporation. The issuance of those obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the corporation in respect of the refunding obligations shall be governed by the provisions of this chapter which relate to the issuance of obligations, insofar as those provisions may be appropriate.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-16 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-16 - Sale of refunding obligations.

§ 42-55-16. Sale of refunding obligations.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 obligations. Pending the application of the proceeds of any refunding obligations, with any other available funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded, and, if provided or permitted in the resolution authorizing the issuance of refunding obligations or in the trust agreement securing the refunding obligations, to the payment of any interest on the refunding obligations and any expenses in connection with the refunding, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States which shall mature or which shall be subject to redemption by their holders, at the option of those holders, not later than the dates when the proceeds, together with the interest accruing on the proceeds, will be required for the purposes intended.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-18 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-18 - Pledge of the state.

§ 42-55-18. Pledge of the state.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 of those holders until those notes and bonds, together with their interest, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of those holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of those notes or bonds.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-19 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-19 - Credit of state not pledged.

§ 42-55-19. Credit of state not pledged.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 shall be payable solely from the revenues or assets of the corporation. Each obligation issued under this chapter shall contain on its face a statement to the effect that the corporation shall not be obligated to pay the obligation or the interest on the obligation except from the revenues or assets pledged and that neither the faith and credit nor the taxing power of the state or of any political subdivision of the state is pledged to the payment of the principal of or the interest on the obligation.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-20 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-20 - Notes and bonds as legal investments.

§ 42-55-20. Notes and bonds as legal investments.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 insurance business, all banks, bankers, banking institutions including savings and loan associations, building and loan associations, trust companies, savings banks and savings associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all other persons who are now or may hereafter be authorized to invest in bonds or in other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them. The notes and bonds are also made securities which may properly and legally be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-21 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-21 - Repealed.

§ 42-55-21. Repealed.
RI Gen L § 42-55-22 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-22 - Annual reports.

§ 42-55-22. Annual reports.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 corporation during that year. The corporation shall cause an audit of its books and accounts to be made at least once in each fiscal year.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-22.2 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-22.2 - Fair housing policy reports.

§ 42-55-22.2. Fair housing policy reports.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 general assembly on the measures it has taken affirmatively to further the policies of chapter 37 of title 34. The corporation shall compile a biennial affirmative action report which will indicate the extent of minority participation in the following corporation programs:(1) Homeownership Programs(i) First Homes(ii) Buy-It-Fix-It(iii) Mortgage Credit Certificates;(2) Home Equity Conversion Mortgage;(3) Home Repair Program(i) Owner occupants(ii) Tenants;(4) Rental Housing Development(i) Family(ii) Elderly;(5) Emergency Housing Assistance.History of Section.P.L. 1992, ch. 442, § 2.
RI Gen L § 42-55-22.3 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-22.3 - Emergency housing assistance.

§ 42-55-22.3. Emergency housing assistance.The department of human services shall administer the emergency housing assistance program in accordance with the Rhode Island housing and mortgage finance corporation rules and regulations and contracts with community action program agencies, as those rules and regulations may be currently in force and effect. In so far as the board of directors may authorize funds for the support of this program, the receipt of those funds shall be deposited as general revenues and appropriated to the department of human services for the support of the program.History of Section.P.L. 1995, ch. 370, art 40, § 165.
RI Gen L § 42-55-23 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-23 - Authorization to accept appropriated moneys.

§ 42-55-23. Authorization to accept appropriated moneys.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 or contingency funds to be available for the payment of the principal of and the interest on any bonds, notes, or other obligations of the corporation.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-24 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-24 - Tax exemption.

§ 42-55-24. Tax exemption.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 well being and prosperity and for the improvement of their social and economic conditions, and the corporation shall not be required to pay any tax or assessment on any property owned by the corporation under the provisions of this chapter or upon the income from the property; nor shall the corporation be required to pay any recording fee or transfer tax of any kind on account of instruments recorded by it or on its behalf. Any bonds, notes, or other obligations issued by the corporation under the provisions of this chapter, their transfer, and the income from them (including any profits made on their sale), shall at all times be free from taxation by the state or any political subdivision or other instrumentality of the state, excepting inheritance, estate, and gift taxes.History of Section.P.L. 1973, ch. 262, § 1.
RI Gen L § 42-55-24.1 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-24.1 - Allocation of tax credits.

§ 42-55-24.1. Allocation of tax credits.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 adopt rules, regulations, and policies regarding those allocations.History of Section.P.L. 1987, ch. 287, § 1.
RI Gen L § 42-55-25 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-25 - Repealed.

§ 42-55-25. Repealed.
RI Gen L § 42-55-26 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-26 - Qualified mortgage bonds.

§ 42-55-26. Qualified mortgage bonds.Pursuant to the provisions of § 103A(g) (26 U.S.C. § 103 A(g)) of the Internal Revenue Code of 1954, as amended by § 1102(a) of the Omnibus Reconciliation Act of 1980 (P.L. 96-499), the applicable limit of qualified mortgage bonds that may be issued by the corporation in any calendar year shall be one hundred percent (100%) of the state ceiling for that year.History of Section.P.L. 1982, ch. 295, § 10; G.L. 1956, § 42-44-28.
RI Gen L § 42-55-27 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-27 - Lead paint removal revolving fund.

§ 42-55-27. Lead paint removal revolving fund.(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 private source, which money is intended to implement and encourage lead paint removal.(b) The treasurer shall contract with the Rhode Island housing and mortgage finance corporation for the administration and disbursement of funding. The Rhode Island housing and mortgage finance corporation shall adopt rules and regulations in conjunction with the department of health and appropriate community groups consistent with the purposes of this section and the Administrative Procedures Act, chapter 35 of this title, which provide for the orderly and equitable disbursement and repayment of funds.(c) All funds placed in the lead paint removal fund shall be made available:(1) To make loans to individuals and non-profit organizations for the purpose of reducing lead hazards in housing units for Rhode Islanders; and(2) To fund improvements to residential property in conjunction with lead paint reduction as necessary to conduct lead hazard reduction.(d) Loans made available under the provisions of this section may be made directly, or in cooperation with other public and private lenders, or any agency, department, or bureau of the federal government or the state.(e) The proceeds from the repayment of any loans made for that purpose shall be deposited in and returned to the lead paint revolving fund to constitute a continuing revolving fund for the purposes provided in this section.(f) The department of health and the Rhode Island housing and mortgage finance corporation, in coordination with cities and towns, shall take any action necessary to obtain federal assistance for lead hazard reduction to be used in conjunction with the lead paint removal revolving fund.History of Section.P.L. 1998, ch. 393, § 1.
RI Gen L § 42-55-28 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-28 - Inconsistent provisions in other laws superseded.

§ 42-55-28. Inconsistent provisions in other laws superseded.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.History of Section.P.L. 1973, ch. 262, § 1; G.L. 1956, § 42-55-26.
RI Gen L § 42-55-29 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-29 - Liberal construction.

§ 42-55-29. Liberal construction.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 its restricted fund balances only (i) for the provision of housing, including, but not limited to, the acquisition, retention, rehabilitation, construction, development, operation, and maintenance of housing units for low and moderate income persons; activities that support and assist the development of housing for low and moderate income persons; and the incidental expenses related to the financing of those activities and (ii) for the general administrative costs of the corporation. This chapter does and shall be construed to provide a complete, additional, and alternative authority for doing the things authorized hereby, and shall be regarded as supplemental and additional to powers conferred by other laws. The issuance of bonds, notes, and other obligations of the corporation under the provisions of this chapter need not comply with the requirements of any other state law applicable to the issuance of bonds, notes, and other obligations, and contracts for the construction and acquisition of any housing developments undertaken pursuant to this chapter need not comply with the provisions of any other state law applicable to contracts for the construction and acquisition of state owned property. No proceedings, notice, or approval under chapter 35 of title 42 or otherwise, shall be required for the issuance of any bonds, notes, and other obligations, any instrument as security therefor, or in connection with the adoption of any bond resolution, except as is provided in this chapter.History of Section.P.L. 1973, ch. 262, § 1; G.L. 1956, § 42-55-25; P.L. 1987, ch. 287, § 1; P.L. 1991, ch. 270, 1.
RI Gen L § 42-55-30 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation|Section 42-55-30 - Severability.

§ 42-55-30. Severability.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, sentence, paragraph, section, or part directly involved in the controversy in which the judgment shall have been rendered.History of Section.P.L. 1973, ch. 262, § 1; G.L. 1956, § 42-55-27.